SOCIAL MEDIA STRATEGY: WHERE DO YOU START?
On the first two posts of this blog series about social media, we have tackled what is social media and its value for your business. Now that you have the idea on how social media channels can help you with reaching out to your audience, you will now ask yourself – how should it be done and where do you start?
Well, there is no straightforward answer to that. There is no exact formula for a social media marketing strategy that works. It depends on your goals, marketing challenges, and the resources that you are willing to invest on social media. To know if you really need social media and to help you in framing a strategy suitable for your business, ask these few questions first:
WHAT DO YOU WANT TO ACHIEVE?
Generally, there are two main goals in using social media for marketing purposes, first is to increase brand awareness and second is to increase sales. However, we have pointed out on our previous post that there are other uses of social media apart from marketing, such as in product development, customer services, etc. While you may want to do social media to use it in two or more of the functions that we have mentioned, you have to pick one main goal for your strategy and the rest are just minor goals.
You should also make sure that your goals are measurable. For example, you may opt to use social media to gather more followers and also to use it as a source of feedback regarding your products. You can then set a goal of 50-100 followers a month while ensuring that all product feedbacks are recorded.
WHAT ARE THE CHALLENGES YOU ARE FACING?
Before you start with your strategy, you should also outline the different problems that you are facing in line with the goals that you are trying to achieve. For instance, if you want to increase your revenue but you are not hitting your sales targets, you may be at a disadvantage with your competitors as your brand may not be well known by your target market. You can then look into how social media can help you increase brand awareness. By stressing on the problem, you can formulate a solution that is doable through social media.
WHAT RESOURCES ARE REQUIRED?
Next is to know how much money, time, manpower and other resources are needed for your social media marketing to roll out and eventually achieve your goals. If you are new to this, this part may indeed be difficult, but with a little bit of calculation, you can get the right figures.
The important decision to make is to whether hire a social media agency or do the thing yourself or “in-house” (Don’t worry as we will be giving your some do-it-yourself tips on social media in the succeeding posts on this series). If you choose to hire an agency, this is easy as you’ll be charged with a recurring fee that is easily to compute. However, if you are willing to hire experts or do the social media strategy yourself, you should plan out how you would divide your time for the tasks involved or how you would go about hiring an employee to do it for you.
One thing more that you may want to consider in calculating the funds needed for social media is the paid social ads that you might need. Most, if not all, social channels nowadays are somewhat easy to penetrate through paid ads, especially in the case of new businesses or brands.
HOW MUCH RESOURCES ARE YOU WILLING TO INVEST?
Let’s face it, not all businesses have the luxury to spend more for marketing. This is true especially for small businesses. And honestly, making decisions on how much you are willing to shell out – which depends on the size of your bank account – indeed can affect your social strategy. But this doesn’t mean that you won’t be able to achieve your goals without enough funds. It still depends on how you are able to find ways on making the most of what you have. All you have to do is prioritise the main ticket items and be creative or resourceful with the rest.
As we have mentioned, there is no exact formula in creating a social media strategy that will perfectly work for you. It depends on your answers to the questions we have mentioned above. Now, take time on answering these questions as next week we will be talking about the best practices in doing social media so you can complete your strategy. If you want, you can subscribe to our newsletter to always be updated on our posts and other stuff about branding.