Social media has opened up a whole new world of opportunity for businesses as well…
Social Media Is the New Tv – Social Media Marketing Insights From Kim Barrett
An interview I conducted for my upcoming book was on the topic of social media marketing with Kim Barrett, the founder of Your Social Voice. Kim is an expert in social media marketing, and his company helps businesses get heard on social media, build engagement and generate more leads and sales.
If you’d like to access the full interview, you can find it at http://www.engineeryourbusiness.com.au/blog/.
It’s all about attention.
Kim judges if something is important for business by the number of people utilising it. If you want to promote your business, you need to be where people are attentively looking and interacting, which is why social media is such a relevant platform for business, e.g. Kim attributes 100% of their own success to their social media marketing strategy and experience.
The explosion in the use of mobile devices and the amount of time spent on social media platforms means that it really does represent a significant portion of how and where people spend their time, in an attentive mode.
Kim came up with a great analogy that business is like a game of golf, where marketing gets you on the fairway and onto the green and then your sales team gets the ball in the hole – the two elements have to work together to achieve success in your business.
Kim’s first objective with his clients is to identify their goals, e.g. some companies might want to generate leads, others may want to raise awareness and drive engagement.
Kim’s top five tips for a social media marketing strategy:
- Identify your niche.
- Choose the platform favoured by your customers.
- Identify your message and build a tribe.
- Do video, ideally live.
- Do paid advertising.
Kim says that over 80% of businesses don’t know how to effectively market online. He believes that 5% of people are ready to do business with you right now, and the other 95% want to make a buying decision, but not immediately. So, if you’re not effectively marketing online, you’re not building a relationship, engaging or letting people know you’re there, and that’s why the ‘consistency of marketing’ is the biggest factor. If you do that properly, then you’ll be one of those marketing effectively and staying engaged with those 95% of people, so they come to you when they ‘are’ ready to buy. It’s a long game, so consistently build the relationships and awareness to best serve you when the time is right.
Tracking and targeting are the keys to success.
Kim says that ‘Facebook is King’ when it comes to targeted marketing and tracking your data, not least because it has a million points of data, which means you can get really specific. Kim says this even extends to Facebook now having access to detailed shopper data from Woolworths Rewards, which means Facebook knows what products you purchase. People can be categorised and marketed to not just on their demographics and interests but also their shopping habits.
The ability to really focus on your ideal customer, target your marketing to them and then track your performance with data analytics is absolutely a key factor of your success in social media marketing.
Social media is the new TV.
Kim believes that while printed books still have a place in today’s online-dominated world, other traditional media such as printed magazines and newspapers do not. Instead of going to the newsagent to buy a magazine or a newspaper, he just subscribes and reads online, because it’s easier and more convenient. He holds similar views on traditional TV, in fact, he doesn’t even have an antenna – all his viewing is streamed over the internet, and he goes so far as to say that, “Social media is the new TV.”
Social media platforms such as Facebook, Twitter and Snapchat are moving into the TV landscape, signing up rights to live stream sporting events and creating original programming. Falling viewer numbers and advertising revenues are putting serious pressure on traditional TV networks, a prime example being the recent collapse of Channel 10 in Australia.
Kim believes that people still need to advertise and grow their business, but they need to be smart and go where people are and where their attention is, which means moving away from ads on TV and radio that can’t tell you who’s tuning in. Compare that to Facebook, where you can tell with a high degree of accuracy who’s seeing your ads and key information on them such as income, location, age, interests, habits and more.
What’s your ROI?
Return on Investment (ROI) is a common financial metric used to assess marketing spend. Social media marketing allows a high degree of tracking and traceability, so you can track the ad views and conversions and really identify where your advertising dollar is going, what’s happening, what’s working and then adjust and improve your marketing over time.
A common measure of advertising success is Cost Per Thousand Impressions (CPM). Research shows that social media campaigns have the lowest CPM of all forms of advertising, which makes it the front-runner in terms of ROI on marketing spend.
In Kim’s experience, marketing spend is generally able to be decreased by 50% to 100%, or their ROI increased by 100% to 200%, with the goal being to generate anywhere from $4 to $10 in return for every $1 invested.
In a nutshell, social media marketing is all about deploying your marketing dollars more efficiently and effectively to maximise your returns.
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