Is social media still important for businesses?
Over the last decade, businesses’ reliance on social media has dramatically increased. Meaning, the short answer is yes, social media is important, however, many businesses aren’t utilising it as well as they should. At BUSINESSNAV we place a large focus on not only helping our clients get the most out of social media but also teaching them how to manage their socials for long term success. One of the main pieces of digital marketing advice that we give businesses is to make sure they are setting realistic social media goals.
Why is goal setting important?
Goals hold you accountable – Being able to physically define what is necessary for the business through specific steps that are easily referable.
Guiding your budget – Approximately 1/3 marketers struggle to secure an appropriate budget for social campaigns. In other words, this outlines how goals can assist with sticking to a plan and delegating in order to see results.
Pay attention to data – Social media objectives/goals are contingent on quantitative metrics and key performance indicators (KPIs). Determining what is and isn’t working for the business’s social media can be understood through this data: making it vital.
Where do you start?
Begin with a broad objective – As a small business owner, determining the big picture objective makes the goal-setting process simplified. For example: as a small business, they could want to engage local followers and increase community presence. This is then streamlined into specified goals that will guide day-to-day social actions.
Identify goal metrics – As discussed, there are KPIs, and metrics attached to every goal, which also take place on specific social media platforms. Some of which include:
- Impressions (page and post)
- Response rate and time
- Share of voice
Tracking results overtime – The monitoring of data shows whether or not the business’s goals are being met. Data allows no room for interpretation and is the sole indicator of whether a goal is successful or not. It is also vital to maintain a realistic approach to goal setting, making sure they are easily attainable.
Here are our top 5 realistic goals for your small business
1. Increase brand awareness
Relevant KPI’s: followers, impressions, traffic, reach and tone of voice
Raising brand awareness is one of the most essential goals for today’s businesses, despite being the broadest. It can be considered one of the first steps in the marketing funnel, a process that will eventually acquire and secure customers. Brand awareness encompasses giving your brand personality, through strategic and relevant content that will target the proposed demographic. Essentially it is the way in which consumers recall and recognize your business, which is then measured through the metrics and KPIs.
2. Generate sales/new leads
Relevant KPI’s: Revenue, follows & lead conversation rate
Organisations typically use lead generation as a way of warming up potential customers and placing them on the pathway to buying. Although the concept of a ‘lead’ is broad, it essentially means the consumer has provided a piece of information (name, phone number, email postcode etc). The business then uses this data to generate a sale through social media marketing.
3. Strengthen community engagement
Relevant KPI’s: clicks, ‘likes’ shares, comments, mentions
The encouragement of conversation with a target audience goes hand in hand with building a relationship with them. Research suggests that consumers are more inclined to interact with organisations if there is a sense of personalisation. Real-time social media components such as images, feedback, incorporation of Q&A’s and testimonials are ways businesses can create this personalisation.
4. Prioritising consistency
Relevant KPI’s: Engagement, likes, shares
Alternating between varying platforms such as Facebook, Instagram, LinkedIn or Twitter can prove difficult for marketers. Being able to maintain consistency throughout these platforms ensures the brand is recognisable, which ultimately increases credibility among consumers. Additionally, it is important to determine the top-performing content of the business: whether this be certain images or polls, posts, tweets or hashtags. The content can then be use for the purpose of analysis, through the use of metrics such as engagement, likes and shares.
5. Effective social customer service
Relevant KPI’s: Share of voice, comments, messages
Finally, the notion of customer service is still applicable even within the context of social media. People believe that the only important online interaction is getting consumers to engage or buy from the organisation. However, effectively measuring sentiment is valuable for brands in order to understand consumer needs. Elements such as a quick response time, surveys (external or on social media platforms) and follow up emails lets the consumer know that the business cares, ultimately increasing brand loyalty.
It is clear that the use of realistic goal setting on social media is vital. While particularly important for small businesses, it is also a universal must. Setting goals not only holds the business accountable for the allocation of time and budget while placing the importance back on data. Social media’s production of metrics such as likes, engagement, reach, shares and leads are all extremely interactive and useful to marketers. Therefore, it is imperative for small businesses to utilise realistic goal setting for social media marketing.
Want to incorporate realistic social media goals into your small business? Contact us via the form below to find out more about BUSINESSNAV and how we can help navigate your business to growth: