Let’s Get Social
This time of year, I always find myself thinking two things….”Holy Hell, it’s already 4th quarter” and “Holy, hell… this year flew by.” The seasons change, summer fun is coming to an end, the kids are back in class and the holidays are upon us. As I sit here and reflect on the state of our economy in 2023, I have found that a few things seem to be ringing true.
We are in a full-on recession, whether we want to admit it to ourselves or not.
Everything is expensive. I am surprised, as business owners, we aren’t having to charge for guests to breathe the air to cover our expenses.
Post-COVID: Price inflation is an understatement.
And…the expenses to run a business always trickles to the consumer. Every dollar counts.
That being said, the biggest takeaway is that now, more than ever, it’s just downright expensive to live. We are all, what I like to call, “Balling on a budget.” The cost of operating for business owners has sky-rocketed from product costs to employee wage increases to electricity, just to keep the “lights on”.
Why am I leading with this to start a conversation about the importance of social media? Because now more than ever, businesses HAVE to get creative with their marketing strategies to not only save on costs but engage with their customers.
Few Fun Facts & Numbers:
In 2023, there are estimated to be 4.89 billion total social media users worldwide.
53% of the world’s population is now active on social media. (We Are Social)
The average person bounces between seven different social networks per month.
The amount of time internet users spend on social media is now higher than ever — 151 minutes per day.
Social media recently overtook paid search as an advertising channel, growing 25% YoY and exceeding $137 billion (just edging out search’s $135 billion).
13 new users are starting to use social media for the first time every second (Hootsuite).
90% of Instagram members follow a business or official brand account (Instagram).
Facebook reaches 59% of the global social media population. It’s the only social media platform that’s in the hands of over half of the world’s social media users.
Numbers don’t lie. Being “social” used to mean physical interaction, business meetings were in-person, you had to drive to a brick & mortar to buy your groceries, clothes or any other of life’s necessities. Technology & the introduction of the internet have changed that game. We now have more live-time access to each other and products than we ever have. Whether it is something as simple as “sharing your location” on your phone or needing to buy something as simple as milk in 30 minutes because you need it for dinner and didn’t realize you were out. We literally know every single move each other make and so do retailers.
The one thing that hasn’t changed, and if anything, has grown is that we as a society depend on each other to provide facts, opinions, experiences and we trust our closest friends/family’s stories/interactions with a company way more than a pretty picture on a page of a magazine. “Word of mouth” is and always will be the cheapest and most effective form of advertising. Social media has enhanced it. Now, more than ever, consumers trust real people, not brands. They value authenticity over canned ads. (This is not a knock on traditional advertising. The best marketing plan will utilize multiple vehicles of communication as part of their approach. It is never a good idea to put your eggs all in one advertising basket.)
So, with the economy as rough as we have seen it in decades, disposable incomes at an all-time low, marketing budgets being cut down as slim as possible (I don’t know why, but for some reason marketing/advertising is the first thing business owners cut. Which is the worst idea ever, but that is a blog for another time…..) it is no doubt going to affect a business’ ability to gain new customers, retain existing customers & create/keep their brand loyalty.
Now, more than ever, social media is where brands & their customers are engaging, and there is no better marketer of your business than your most loyal clients. Kay and I have always said our end goal as marketers is to have our followers marketing for us.
Here’s a few of the many key ways social media can be crucial to your business.
Build Brand Awareness. Social media gives businesses the opportunity to share their story across multiple platforms, describe why they provide the services or products they offer, and is the quickest way to provide live updates on events, sales, or new products.
Enhance Your Brand’s Authenticity. Again, “word of mouth” is key in communicating whether it is to gain customers, build business to business relationships or find talent/employees. This is especially true when using socials to allow others to promote your brand. A consumer is 3-4 times more likely to trust advice or recommendations from people they feel like they know/trust than an official brand channel.
Improve Search Engine Results. Social media activity is now impacting search engine rankings (google searches) The pandemic changed these algorithms since business information was more accurate and reliable on a businesses’ page than on their websites. (Some business websites are still months behind….Another pet peeve for a different time)
Measure your metrics. Social media management tools and platforms provide the most accurate data of any advertising medium in history and can enable you to see the monetary value of organic posts. It can give you the data you need to adjust strategies & campaigns, tells you not only the demographic of your followers but also their psychographics (habits, hobbies, personality).
Stay connected. Social media allows you to engage with your customers directly & is the BEST way to track customer service. They will post exactly what they want, what they love and what they hate (more often than we’d like to hear). It will allow you to engage with your customers quicker and more often.
Be Active. Whether we love technology or loathe it, not being active online could lead to your potential customers going elsewhere for a product, service or event, or even worse to a competitor who is active, listening and punctual on social media.
Advertising is cost effective. Social media advertising allows you to reach a larger audience at a lower cost.
Summary:
It’s never too late to start your social media strategy or to change it, but regardless, it is crucial you get started! Aside from IT, marketing is the fastest growing and evolving industry in the world. Marketers are the most sought after employees, second only to programmers & engineers. If your marketing game isn’t strong, it will not matter how much you spend on building an amazing venue, how amazing your product or service is, or how helpful your business can be to your community if you are the only one you tell…..
“Owning a business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does.” - Stuart Henderson Britt
