The Social Media Stock Market – Part 1
Social Media strategy often operates a lot like gaming the stock market. Each social media channel is an investment opportunity and the market changes daily. Financial advisors agree that the best strategy is to begin early, diversify and plan for the long term. This holds true with social media marketing.
Time to make a plan. Here are 3 first steps
1. Determine Your Audience/Investor – As a business owner, you already know who your customers are. In most businesses, however, customers don’t fall so neatly into one category. Like earning new investors in your portfolio, you need to carefully define and segment your social media audience to earn new followers. For example, if you own a car dealership, you might sell:
- An inexpensive used car to a 16-20-year-old
- An economy car to a 20-25-year-old
- A minivan to a young couple with children
- A 4×4 pickup to an outdoor enthusiast
- A luxury car to an executive
Most social media marketing experts agree that targeted campaigns provide the best return on investment (ROI).
2. Find Your Audience – Everyone has heard of Facebook and Twitter, but they might not be the most effective channels for you. Just as there are thousands of mutual funds, stocks and bonds to invest in, there are hundreds of social media networks. It’s important to spend time determining which ones your audience frequents. Insurance executives and skateboarders are probably not hanging out together on social media.
How do you determine which social media channels to choose?
- Start where you already are. If you’re on Facebook or LinkedIn, it’s likely that your prospects and customers are as well.
- Ask your customers and clients. If you’re just getting started on social media, they’ll often be interested and willing to connect with you.
- Find competitors and complimentary businesses. Your potential customers are likely to follow both of them and you should too.
3. Create High-Quality Content – Think of your content as currency on the social media market. Excellent content that is educational, interesting and relevant to your targeted audience is going to produce the best ROI.
The foundation for an effective social media strategy is a well-written business blog. Help your readers get to know you by telling your story. Blog about the very best aspects of your business and the benefits of working with you. Make sure you have pillar content that tells your readers:
- What you do
- Who you help
- Why you do it
- What makes you different
Remember that your goal is to educate, engage and entertain your social media followers. Your blog should be more about them than it is about you. Position yourself for success by including quality content that you can promote and link to repeatedly.
We will have Part 2 of the social media strategy soon. In the meantime, fill out the form to the right to get a free review of your website.