The Short Answer? It’s not
Ever wondered what the return on investment (ROI) is for social media?
Wanna know exactly how the math works?
Are you ready to start using social media?
How Do I Justify Spending Money On Something My Son/Daughter/Niece/Nephew Can Do?
That’s simple: You stop thinking it’s something your son/daughter/niece/nephew can do. The heart of the matter is that social media for business is marketing. Actually, social media in general is marketing, but that’s a whole different matter.
Social media is a serious (although new) field of marketing. It’s important to understand that when someone says: “You need to be on social media”, they’re not saying: create a page for your business, enter your contact information, and post a status update every now and then. What they’re saying is: you need to be creating or curating (ideally both) content that is valuable to your audience (customers), build a relationship with them by interacting with them (comments, likes, tweets, retweets, messages, etc.), create and promote ads, and network to find opportunities that can be mutually beneficial.
That’s how you justify spending money on social media. The same way you justify spending on any sort of marketing: the Cost To Ignore (CTI) and value of hiring a professional to do it for you, the right way.
Well That’s Great, But How Is This Going To Make Me Money?
More likes = More followers = More visits to your website or store = More sales = More money in your pocket.
This is a basic layout for how it works, but there it is. This is also what’s called a “sales funnel”.
Social media is stage 1. It’s letting people know: you have a business, you sell a product/service, it’s a good product/service and they should buy it, and this is where you can buy it.
Am I Ready To Use Social Media?
Yes you are. It’s never too early to start building an audience. It’s one of those things where if you don’t, you’ll look back and wish you had started building it months ago. If you start now, you’ll reap the benefits from building a long lasting customer relationship that will ultimately mean more money in your pocket.
In addition to that, if you start now you’ll be a lot better at it in three months because it’s all about practice practice practice.
In one of my first posts I said I wanted to make my blog series actionable. So I’m going to start that this week with your first homework assignment and my challenge to you:
- Draw your sales funnel out on a piece of paper (especially if you don’t have one, it’s a good time to make your first one) and take a picture of it.
- Ask yourself how 1000 likes/follwers (leads) will convert to dollars using your sales funnel and write that answer down.
Although relatively basic stuff, we’re beginning to get into some deeper stuff that takes a while to understand if you’re new to it. So ask questions, send me your sales funnel, and get help. Whether it’s from me (email: firstname.lastname@example.org) or from Google. There are a ton of resources out there and it’s all available to you if you just ask for help (“Ask and ye shall receive”).
Have a happy Thanksgiving!
– Matt Higa