High-Impact Social Media Marketing Strategies On Revenue and Brand Equity
- Veronica Beguas
- 28 Aug 2015
Your social media marketing means nothing to your business.
“But that’s absurd!”
Realistically, social media marketing is always part of any digital campaign discussions we have with clients. This, of course, is a complicated topic. Though conceptually simple, social media is one of the most misunderstood marketing platforms.
It is, perhaps, not your fault. With stories cropped to 140 characters and conversations abbreviated to emojis, how do you take advantage of social media?
Time to jump away from vanity and face-value marketing to data-driven and conversion-based marketing. As elusive as it may sound, it is never impossible. I have put together commonly snubbed social media marketing strategies. Read on and slither your game plan in place!
Being All Over the Place, But Not Everywhere
The landscape seems endless and there is a persistent uncertainty on where to focus. This can be overwhelming; maybe too much for some businesses to handle.
If you have the ability to leverage your brand through different media, like e-books, podcasts, blogs and other social media platforms, then that is more than awesome! However, more often than not, the truth is much less glamorous.
Imagine this: You sell tissue papers. Would you want to place all your tissue rolls and tissue boxes in every grocery stall and shelf? Say, fruit section, poultry and vegetables. Weird? Very. Same logic applies in social media.
In fact, 23% of brand marketers are developing social media strategies but are still struggling to execute it.
Interestingly, this tactic seemed to be working for some legacy brands. Taco Bell, for one, seems to be all over social media. They’re on Facebook, Twitter, Instagram, Snapchat, YouTube, Pinterest, Vine, Google+ and LinkedIn. All their social media pages send out snarky and fun posts for the public to see and engage in. Moreover, Taco Bell uses a very humanistic approach that even I can connect with as if we were lifelong friends. The question is: why is their “being all over the place” tactic working? It is because they are everywhere, man.
What the…! Yeah, I heard that. Being all over the place does not equate to you being everywhere. Why so? Brands tend to change depending on where they are. Brands spread themselves thin, allowing things to fall through cracks. Assemble yourself into a whole, then go to your audience. Taco Bell exists everywhere and manages to keep their voice consistent wherever. Those humorous banters and snarky posts are what really pulls in their target market. They’re killing it! A 52-year-old fast feeder, serving billions of customers each year, proves that social media is theirs. Keep in mind the taco emoji! Oh, their sales? Solid sales, indeed.
Undeniably, online presence is a lot like your real world reputation—not only will people judge you based on it, but they will greatly disdain you if they cannot find you. Now, you ask, who is “you“? If you are not sure where to invest your money, time, and effort, then ask yourself the following:
- What are my objectives?
- Who are my target audiences, really?
- What is their buying behavior?
- How is their online and offline media consumption?
- What are their pain points?
- What are they saying about my brand, my product, and my competitors?
Let us use different competitive landscapes or business models to illustrate how you can choose the dominant channels for your business.
First, Retail Industry, specifically the food. Let’s take Jollibee, McDonalds, KFC and the likes for reference. Looking at a high level social media matrix for this landscape, Retail Food brands have consistent presence on Facebook, Twitter, and Youtube.
In the Philippines, it is not surprising that Facebook and YouTube top the list.
That is for B2C. How about for B2B?
More often than not, B2B wants to establish credibility and reach corporate audiences on LinkedIn, where peer networking and industry-specific ideas are being shared and discussed. To put this in the right perspective: a staggering 63% of marketers rate LinkedIn as the most effective platform for B2B social media, and that up to 80% of B2B leads come from LinkedIn.
When deciding for your business, you might want to look into the high-level process below. This can help you decide on the best-working platforms for your business model and industry landscape.
As noted above, this is just one step—discovering where industry giants and where tough competition happens. Next, dig beyond pure social media presence and dissect where data, content and creative assets come in.
Preserve Historical Data and Analyze It with Real-time Data
With social media becoming the watercooler and town hall around which people share life events, experiences, grievances, and preferences, it can be used to analyze everyday life and practically every aspect of the community. It is fascinating to see little and ephemeral thoughts being shared on a large scale.
It is not an understatement that data, alongside social media, have helped businesses make rational decisions and take calculated risks from the past. With businesses threatened by low margins, uncertain economic outlook, changing trends and new players in the industry, analyzing data becomes a requirement to effectively and efficiently retain their competitive position in the marketplace. For many, however, analyzing data for its own sake has been a costly exercise with varying degrees of ROI.
At Propelrr, we have developed a data management tool that moves data to business operations — from historical to real-time and descriptive data to predictive and prescriptive actions. To illustrate this in practice, one of our biggest clients, JanSport Philippines, wanted to compare historical data versus present and real-time data. This is to identify optimum strategy, campaign plans, monthly trends, and norms. Findings help the brand develop more timely, relevant and impactful marketing campaigns. These also optimize media expenditures and even geographical touch points.
Now the question is: with the countless data points available, which ones matter most to you? There is no universal answer to it as that depends on your business or campaign objectives. Given massive data, exploiting and creating opportunities out of it are one of the key determinants of future success.