The importance and benefits of social media marketing is understood by many businesses, and for…
Importance Of Social Media Trends Depends On Your Target Market
Guest Post By David Anderson
If you sell t-shirts, Instagram may be a better social media platform for your business than Facebook. But if your business promotes world peace, keep racking up the “likes” — because your Facebook presence is crucial, recent research suggests.
Teens are bored with Facebook, but investors in social ventures remain avidly interested, according to reports from Business Insider and Harvard Business Review. It makes sense, then, to spend your social media dollars where your target audience spends its time.
Facebook acknowledges its teen problem in its February report to the Securities and Exchange Commission:
“We believe that some of our users, particularly our younger users, are aware of and actively engaging with other products and services similar to, or as a substitute for, Facebook.’
Teens Love Social Media, but Infatuation with Facebook Fades
Albumatic, a social photo album app, failed to impress teens because of its reliance on Facebook. Adam Ludwin, founder of Albumatic, told Business Insider that his test audience declared themselves bored with Facebook and disinterested in an app that forced them to spend more time on the social media platform.
On the other hand, investors in social ventures look very closely to a company’s Facebook presence in determining what businesses to bankroll because companies with a solid Facebook reputation make more money than those that don’t.
Facebook Presence Nearly Doubles Revenues
Annual revenues among companies with dedicated Facebook accounts measured $142,000, compared to $77,000 among ventures without accounts, according to a study reported by Harvard Business Review.
Ventures with active Twitter accounts earned more revenue — $149,000 — than those without — $69,000. Companies actively engaged on Twitter also raised more investment money — 147,000 compared to $67,000.
“A larger Facebook network suggests that a social-venture idea has legs” and a voice for directly communicating with its audience proves a critical success factor, Peter W. Roberts wrote in the March 4 edition of HBR.
Planning Your Social Media Strategy
It’s difficult — but vital — to keep up with social media trends. But read beyond the headlines to find out if the latest information is relevant to your company.
Do your homework, which includes becoming a student of social media and regularly testing your efforts. Ask yourself questions such as these:
- How does my social media presence impact my goals?
Look beyond your number of fans or followers to find out whether your social media efforts are delivering desired results, which could include things such as increased traffic, sales or email signups.
- How do my efforts compare to those of my competitors?
Find out what social media platforms your competitors are using. You don’t necessarily want to match the efforts, but you can study other companies’ strategies and adapt the best ones.
- Am I allocating my social media budget wisely?
After analyzing the results of your assorted campaigns, consider whether you want to spend more on some campaigns, less on others or eliminate some campaigns entirely.
As you’ve probably figured out by now, social media is very labor intensive. Sometimes it’s better to do a few things very well than a lot of things inadequately. A lot of social media platforms are clamoring for your attention — and your marketing dollars.
David Anderson Wealth