10x your Business by Investing in Social Media
Let’s get straight to the point. Businesses big, small, franchise or family run, are not spending nearly enough time or money on social media.
I’m not talking about getting together to have a practical meeting on Snapchat filters (whilst I think that would be super fun). I’m talking about internal and external ads, specifically through the use of Facebook, Instagram, YouTube and Google.
Most are either ignoring or not understanding the land-grab that is available today. The attention on these platforms is ridiculously underpriced (for now) and like it or not, it’s where the future of your business clients and customers are hanging out, sharing content and expressing their two-cents on business X’s reputation.
Don’t get me wrong - this is 2018 - a lot of businesses are catching on, but they are making the mistake of being headline readers and attempting to dip their feet in everything, without having the patience to find out what is really working. They are focused on going as wide as possible, when they need to be going deep.
And those of you that feel confident that the platforms are showing a ROI, then why have you not gone all in? If it’s working even a little, that means there’s so much more potential under the surface you’re scraping.
“But it doesn’t fit our business model…my customers aren’t on Facebook…it’s not very professional.” All good points, yet all wrong. It’s impossible for social media to not fit your business and here’s why: Social media is just the current state of the internet. The lines are so blurred between the ‘big corporate machine’ and ‘social media’ that it’s frankly ridiculous to keep these two separate.
There’s new businesses popping up and making amazing growth with their roots solely grounded in social media. Forget tech startups, we’re talking Real Estate, Law Firms, Gardening Services, Recruitment…these small businesses are utilising the power of social media, and they don’t have nearly the same sort of marketing budget that big, established businesses have.
Imagine what Coca-Cola could do if they tripled down on their social advertising, or in the reverse, where Amazon would be now if they stuck to TV adverts and billboards. You get the point.
As for your potential clients or customers not being on these platforms, it is both wrong and naïve. Everyone and their mum is at least on one of these platforms in some capacity. Recruitment company? You better believe your graduates are spending 90% more time on Facebook and Instagram than they are on LinkenIn and Reed attempting to find a job.
Are you a Marketing Agency that is looking for major clients? Imagine the impact of producing amazing informative video content that shows off your capabilities, backed up by testimonial interviews, with ads run against the ‘employees of X.’ You may not reach the CEO of that business, but the associate, head of department, the PA to the COO…they’ll see it, potentially share it in an email to the CEO and bam, you could have a new client contacting you. Can you see how powerful this is?
Influencers and small businesses are taking the most advantage of this because 1) as a younger company they are more native to the platform and understand where customer attention and consumption is and 2) their budget forces them to stick to these underpriced platforms vs a radio advert, in order to get the word out against the big players.
O.K. so you get the point, you’ve accepted that you should spend some money and time at least getting to know the platform. But how do you do it? Simple, you change your mindset into becoming a media business first, then whatever business you are, second. This means building your brand, your reputation.
Become the leading authority and expert in your community and industry. As a recruitment company, you could be the content people turn to if they want to know about nailing key account interviews. As a high-ticket law firm, you could produce content surrounding the UK yacht scene, as that’s a demographic client base. As a local gym, you could have mini-docs on YouTube of all your coaches that include their background, why they started and what they specialise in.
This coaxes people into talking about you and your company. It will make you stand out from the crowd in a competitive market. It will build your reputation which you can later bank on regardless of the state of economy.
If you want to get serious about it, then this is where you hire/intern a video or written word or social media guy or gal (or someone who can do all the above!). Let them get to know your business, who your customer/client base is and start churning out content both externally and internally, organically and paid. There’s an unbelievable amount of people willing to take on these roles with genuine promise of creative freedom and responsibility growth.
Use them to bring value to people – film employees, important meetings (with sensitive data redacted), client testimonials, local businesses. Strip the audio from these and create podcasts. Have them transcribed into killer copy for LinkedIn, Medium or a blog. Run ads against this content in addition to your marketing and build what we’ve already discussed is and will be your greatest asset; your reputation.
The land grab is now. You’re looking at £5-£8 CPMs on the high-end for these platforms, expect them to rise to £25-35 in 3-5 years. Same happened with Google Adwords between 2001-2005, where single-words were priced in the pennies, but are now appropriately priced in the double figure pounds. Big companies clocked onto Google even though it took them a while to do so. When they finally figure out what’s actually happening with social media platforms and they start diverting their multi-million pound budgets into the system, it’ll be much harder for the rest of us.
Invest in social media today and it’ll 10x your ROI in only a few years. The time is now.