Integrating social media into the overall marketing strategy of a company can bring huge success, however, the success of a brands overall marketing strategy cannot be guaranteed by success in social media alone. Both social media and conventional marketing must complement each other in an effort to ensure success of a brands overall marketing strategy.
Not every aspect of the success of social media can be measured and not every success of social media can contribute to the success of the overall marketing strategy of a brand. It is necessary to understand the aspects of social media that count.
The way a business uses traditional media is different from the way it uses social media. Because both types of media serve different purposes and because companies cannot communicate on the same content, a balance must be achieved in the use of both media.
On the other hand social media has its own shortcomings. Primarily, social media marketing is not as widespread as traditional marketing owning to its newness. Thus launching products using only social media can affect the reach of the product to a wider audience.
Setting Realistic Goals and Targets
To make social media marketing efforts count, it is necessary to set realistic goals and targets for social media. This may be reaching a certain number of new followers, lead conversions, re-tweets etc. One measure of success of to access where the conversation began and at what point it resulted into a sale.
Social media is one of the best tools for saving marketing costs. Most of the social media is free. However, companies cannot entirely rely on social media. An optimum amount of cost saving must be arrived at wherein the use of social media and conventional marketing can help companies reach a cost efficient marketing plan.
Determining Right Platforms
Determining the right platforms for marketing requires identifying the target market. E.g. the target market for a product may be people who have access to social media and those who do not. In this case it will be important to use both traditional and social media platforms for marketing.
The real value of social media initiatives is in developing and strengthening a relationship between a brand and its consumers. Traditional ROI measurements and attempts to analyze direct impact on sales are futile and misplaced.
Use Attribution Models
Advanced attribution models, like Agent-Based Modeling (ABM), are the best ways to predict how social media efforts might drive offline user activity that meets business objectives like increasing sales or decreasing call center volume.
Many a time’s brands rush to build a social media presence but lack a cohesive strategy that aligns with overall business goals. Social was and for many still is a silo, but it’s critical to align social media KPIs with specific business objectives. Brands should establish goals before the start of a social media campaign and determine what kind of tracking measures they need to implement upfront. Goals may include generating revenue, reducing customer service costs, shifting brand sentiment, improving operational efficiency, cultivating customer relationships or gleaning insight into target markets.