Reasons Social Media Marketing
Is Still Underrated
The numbers on social media marketing are impressive.
More than half of small businesses in the United States are planning to increase their social media marketing budgets in 2017, and the number of businesses using social media marketing has increased, year over year, for more than a decade.Still, social media marketing remains underrated. Business owners and marketers frequently treat it as a second thought—something for an intern to handle, rather than a strategically deep mode of building your reputation and attracting new traffic. Some have even abandoned the idea altogether, refusing to spend any time or money on a strategy that nets a positive ROI for up to 92 percent of businesses that use it. So what’s the deal? Why isn’t everyone on board with the strategy?
The "fad" angle.
Believe it or not, some people still believe that social media—or its use as a marketing strategy—is still a fad just waiting to fizzle out. This is an argument I could have understood back in 2007 when social media platforms were only in use by a small percentage of the population. But now that Facebook has reached more than 1.2 billion users and is still growing, with a corporate foundation that rivals those of Apple or Google, it’s a hard argument to defend. Users have gotten used to the idea of socially interacting online, and platforms keep evolving in new ways to maintain their interest.
You get what you pay for.
Psychologically, people tend to place more value on things that cost more money. For example, in a blind taste test of identical wines whose only difference is price, people claim that the more expensive (yet compositionally identical) wine tastes better. Take this principle to social media marketing; it’s free to claim and build a business profile and to post regularly (as long as you aren’t leveraging paid advertising). Because of that, people don’t value it as much as they do paid advertising. They’re also less likely to pay a professional to work on a social media campaign, knowing that—technically—anyone could do it for free (even if they never actually do it).
Unmeasurable effects.
The return on investment (ROI) of social media is hard to measure, and I’ll be the first to admit it. One of your biggest goals is attracting a large following of people who are enthusiastic about your brand, and improving both your brand’s reputation and brand awareness. These aren’t as objectively measurable as on-site conversions, but they can and do lead to greater consumer interest, which manifests as sales eventually. Trying to pin down an exact value for all these benefits is next to impossible, even for the pros, so the value of a social media campaign is almost always underreported.
Anecdotes.
People also use anecdotal evidence as a basis for their opinions about the strategy. For example, they may know of another business who used social media and didn’t see any results, so they stay away from it in the present. However, these anecdotal examples often don’t examine the types of tactics these businesses used, and they certainly don’t represent the average across multiple businesses.
Apples and oranges.
Ironically, these same business owners often cite the fact that anecdotal evidence can’t prove a strategy’s effectiveness for everybody. They point to major influencers or big businesses in the social media world and explain that social media works for them because it fits naturally with their industry, or because they have the resources to invest in a heavy campaign. It’s true that some industries may be naturally inclined to perform better on social media than others; tech companies and consumer-facing businesses are two good examples. However, social media marketing can be used by practically any company—it may just require an adjustment to your approach.
Poor targeting.
Some businesses look at their own results and use those results as a gauge of the long-term potential of their campaign. But they may not realise that their strategic targeting is interfering with their results. For example, if you buy 1,000 followers using some super cheap follower-adding service, but only 4 or 5 of them ever interact with your posts or visit your site, it could be that the remaining 995 don’t belong to demographics relevant for your business, or that you haven’t been using the right engagement strategies to cultivate interest. Don’t underestimate the potential of a well-researched, strategically focused campaign.
Lack of investment.
Effective social media marketing can’t be done on a whim. It needs to be planned, researched, and strategically executed. That means you’ll need to spend a significant amount of time or a significant amount of money to see results; and since many business owners aren’t willing to make that investment, they never see a fraction of their potential results. By that point, they’ve seen what a small investment does, and they’re unwilling to make the jump to a larger investment.
Social media marketing isn’t an “underground” strategy; it’s talked about heavily (and I should know), and there’s no shortage of content covering its feasibility and best tactics. But the perceptions of marketers and business owners are still lagging behind the evidence, and they’re only hurting themselves in the process. The more you learn about the effective implementation of social media marketing, the more plainly beneficial it seems—but you have to treat it as a legitimate marketing strategy if you want to research it appropriately.
Chuck Reynolds
Contributor
Alan Zibluk – Markethive Founding Member