In the realm of the business world there are other priorities placed above social media marketing. There is only so much time in a work day and, as the old saying goes, time is money. However, time is running out to incorporate a social media marketing strategy into your overall marketing mix. Here are a few reasons why your organization needs to get on board sooner than later.
YOUR COMPETITORS ARE ALREADY THERE
Depending on your industry, you might find some competitors that aren’t active on social media. However, I bet that at least one or two of them are already engaged online. Do you want to be the last one being active through social media marketing? Further, don’t you want to know how your competitors are engaging with your potential (or maybe current) customers? It’s too big of risk to not know what your competitors are doing.
There are great tools that let you not only keep an eye on your social networks but help you track your competitors as well. Sprout Social lets you compare your Twitter account with that of someone else, allowing you to get a visual comparison of your acitivty versus theirs. You can also schedule HyperAlerts to notify you when users posts to competitor’s Facebook pages. It’s a nice way to gauge how much activity your competitors are seeing on their Facebook page and what might be the most engaging content for their social media marketing.
MANAGEMENT OF YOUR ONLINE REPUTATION
Say you are a restaurant with excellent food but terrible customer service. Don’t you want to know if people are complaining about you online? You think you’re doing well because you have a lot of customers, but most of them are leaving and complaining on social media, likely not to return for another meal. It is only a matter of time until the number of customers starts to decline and revenue begins to suffer. Many large companies use social media marketing simply to engage dissatisfied customers in an attempt to help their online reputation and keep those customers for future business. In a past blog post we dig deep into how to use social media marketing to improve customer service and give your online reputation a positive bump.
GIVING YOUR COMPANY A VOICE
Social media marketing is how companies are reaching their audiences. Through social platforms companies are having conversations with current and potential customers. These interactions, or engagements, give the company a “voice” that they otherwise wouldn’t have. These one-on-one interactions can be invaluable when it comes time to purchase for those consumers. It may be as simple as a blog written by the CEO or a Facebook page that you post on three times a week. It doesn’t have to be elaborate. The point is that it exists and is actively being used.
A study by Domo and CEO.com found that 70% of Fortune 500 CEOs have no presence on social networks. This is a scary statistic. Especially considering the disservice they are doing to their company by not being engaged online. If they aren’t participating they likely do not see the overall benefit for their company to participate, either. It will take time and an overall change in thinking for this statistic to be lowered. In the meantime, let’s hope CMOs and other marketing professionals understand the importance to incorporate social media into their marketing mix.