Is your current strategy Profitable For You?
Welcome back! This Lesson we’re looking at your Social Media exposure, and how sustainable (and profitable!) your current strategy is in relation to the stage of business you’re at.
More Content Doesn’t Equal More Cash.
Conventional marketing wisdom dictates that it’s better to be everywhere as opposed to only a small handful of places. It’s all about ‘more’…more social media platforms, more content…more time & money!
And I wholeheartedly agree IF you have the long-term strategy and hefty budgets to sustain dedicated cross-channel marketing campaigns. If you don’t, then this post is for you.
However, this may not always be the right approach for every brand.
This Lesson breaks down this idea, and shows you the smartest way to get attention, depending on the stage of business you’re at.
I’ll never forget the day I was presenting the results of a marketing audit for a well-known, multiple seven-figure agency based in central London.
It was a 1:1 with the new Director who was under huge pressure to perform. They had essentially put all their marketing eggs into the social media basket. And it just wasn’t working.
This agency was once on fire, but now their growth was stagnant. Competitors were overtaking them left, right & centre. The investors wanted answers. Everyone was stressed.
My meeting was destined to be a sensitive one: their social media marketing was truly letting them down.
As we worked through the findings of my audit, the results were worse than they feared. Little did the Director realise that their public-facing brand – the one that was working for them 24/7, 365 days a year – was potentially doing more harm than good.
Their social media content strategy was straining their resources, and the quality of their content was suffering. Changes had to be made – instantly.
In an effort to be everywhere and appeal to all markets, across all platforms, they were in actual fact scrambling for content to keep up with ‘demand’.
What’s your Sweet Spot?
Perhaps – somewhere along the line – you too have been told that the ideal frequency to post on social media is between 1 and 10 times a day.
That can absolutely be sustainable depending on the size of your budget, your team, your ability to create new, targeted content AND if your Fans are wanting more, more, more.
Without this combination of factors, you will most likely run into problems that may be damaging your profit potential AND your reputation.
The sweet spot in your social media marketing is where your unique message strikes the right cord with your audience, in the right tone for the particular platform you’re using, and in turn inspires your audience into action.
Do you start to see the problem with the conventional wisdom of being everywhere, for everyone?
Are you winning?
Let’s get back to my story: the marketing team at the centre of my London agency audit were busy. You can’t fault them that.
But do you know what?
In their attempt to ‘win’ on multiple networks at once – and keep up with the posting styles and schedules of their competitors – the quality of their marketing message was untargeted at best, dangerous at worst and significantly, it wasn’t boosting sales.
Their social media content was alienating their core audience (think: pictures of cats in pajamas when their target clients were £200k+ corporate executives) and making their brand somewhat of a laughing stock online among their peers and potential customers.
Being everywhere trying to appeal to everyone had made them so busy and task-oriented (“Must post here twice today, once here, over there, etc.”) that they only had time to judge their success internally, according to marketing actions on a to-do list.
In fact, their attention would have been infinitely better focused outwards, where they could assess their marketing message and its effectiveness for their target audience.
It doesn’t pay to be a busy fool…
It’s so easy to set yourself up with a huge posting schedule, across multiple social networks and then struggle to consistently put out quality, customer-focused content.
Tell me, does this look familiar:
Creating unique, high-converting content on social media takes time, MONEY & EFFORT
- FACT #1: More social networks (and marketing activities) equals more time and resources. It requires a lot of work, and it costs money.
- FACT #2: A successful social media strategy requires specialised content and knowledge about each platform. Content is diluted, quality suffers.
- FACT #3: You should apply the 80:20 rule to your social media marketing: that 80% of your results should come from 20% of your efforts
- FACT #4: A competitor’s posting & content strategy may not work for you
Work to your strengths
Working to your strengths…so what does this look like in practice?
This will look different for each of you but it may mean that you choose to focus on fewer social networks.
Perhaps for your business that’s just Facebook, Instagram and Twitter. Or just LinkedIn. Or Facebook and YouTube.
You’re starting to get the picture. This doesn’t mean you have to completely close down the rest of your social portfolio: just choose the channel/channels that yield you the best results for your efforts.
Your time is valuable, and clarity equals power. Work smarter, not harder.
With a narrower focus, you’ll have more time to create quality content that converts fans into customers:
Looks a lot calmer and more strategic, doesn’t it?
So, if you’re protective of your time and budget you’ll start to see that hammering out a presence on every single social media platform without a clear strategy is almost always the wrong path when you want to enjoy premium positioning in your market.
Instead you should look at adopting a narrower focus, getting the right message in front of the right people, at the right time.
This will mean different things for different brands, but will typically start with an unwavering focus on one to three platforms – where your target audience is hanging out – and forgetting the rest (for now).
A note on competitors…
Just because your competitors are ‘everywhere’, doesn’t mean you have to be as well. Just because some players in your industry are posting 5 times a day, doesn’t mean you have to as well. Sure, you can get to that point, but only when the return warrants the investment….FOR YOU.
So, how to get started…
First things first, give yourself permission to pull back on some of your ‘surplus’ social media posting activities.
Permission may mean different things to different people.
You may need to get stakeholder permission to alter your strategy (and provide backup as to why), or perhaps you need to give yourself permission to let go of FOMO (fear of missing out!) if you don’t ‘keep up with the Joneses’ as they say!
Here’s a simple step-by-step on how to narrow your focus on social media, and start working smarter, not harder:
- Look at all your social profiles: see which sites are performing best, and why. You’ll want to head straight to the sites where your customers are most active. Choose the path of least resistance.
- Pull back your strategy on the sites that don’t get you great results. You don’t need to close them down, rather don’t spend energy in spaces it’s not being reciprocated.
- Improve your content on your high-converting sites: look at the type of content that’s performing best (and getting the most engagement, website clicks, etc)…and do more of what’s working.
- Constantly check your analytics: this will tell you which direction to go in in regards to post content, timing, etc. Embrace your Insights and use them to inform your approach.
- Keep going! Consistency is key with social media, so choose a sustainable strategy and keep at it. Your efforts will pay off 🙂
Remember, pulling back on your strategy doesn’t have to be forever…just until you can start to make your marketing more profitable.
You’ve got this!
In the final part three of this social media profit clarity series I will share ‘5 Psychological Triggers to Influence Buyer Behaviour’.
Look out for it in your inbox – truly powerful stuff.
To your marketing success!