Social Media Marketing?
Ernie Neve, CPA
August 11, 2020
It’s been a very interesting year for so many reasons besides the pandemic and the ensuing civil unrest. From the point of view of a business owner, though, this might be some of the best times we’ll ever see.
Why would I say that? Simple: Old systems aren’t working, and even those of us who are set in our ways (And almost EVERY CPA I know is like that) are being forced to rethink strategies. Some of those strategies might have been in place a little too long, too.
Now, where is this more apparent than in Social Media and using it as a marketing tool. Right now, as big advertisers discuss pulling their advertising campaigns from companies like Facebook, big social media companies are looking for ways to generate income.
Enter your business.
The truth is, social media marketing has always been reasonable (or free, if you knew how to combine “marketing” and “organic posting”), but now, increasing your reach is even less expensive. Sure, you’ll need the basics like a business page, and you’ll need to think about the overall strategy you’ll use – in most cases, people need to learn more about you and your business before they jump into a purchase with you – but right this second?
Every sale your business has ever wanted in probably “on” Facebook.
The men and women who can introduce you and your business to others is on LinkedIn.
Every “DIY” person you’d like to sell to is looking for hints, tips, and tricks on YouTube.
And on and on.
Billions of people, all looking for the information you know.
Now, I’m not saying this as the person with all the answers – Social Media, as a general rule, is still NOT my favorite place to be.
On the other hand, I AM saying this as an expert in business, and when I see national and international companies pulling money out of a platform, I know that platform is going to: A.) begin to make changes and B.) going to discount advertising to keep income levels up.
Since most – if not all – smaller companies look for local or regional exposure, the ability of Facebook, for example, to drill down into the demographics and location of viewers gives locals an advantage with their marketing.
Is it perfect? Of course not! But the math bears it out: many of the “big” marketers I follow on Social Media average $5 in income for every $1 spent.
That’s pretty good AND doesn’t include the lifetime value of that customer. It’s a remarkable change from what one client recently experienced with their radio advertising campaign. They purchased one hundred ads, to run over ten weeks – roughly $278.
Not one lead came in.
The same company ran a similar campaign on Facebook for one month – they had over 50 requests for services. In all, they spent just shy of $400 on Facebook and currently have made nearly $3,000. No, it’s not quite the average the “big guys” I referenced earlier, but it’s definitely NOT bad for some beginners.
What could your business do with $3,000 in new business this month?
If there was ever a time to rethink about your business strategies, this is the year. The government is keeping money flowing, like it or not, and people are spending it … and not the same way they usually do.
Take advantage of this and find out if you’re been missing something.