In the last decade, social media has proven itself to be the biggest disruptor, to the way we consume various forms of information.
In the last decade, social media has proven itself to be the biggest disruptor, to the way we consume various forms of information. No longer do we rely on the television or newspapers to find out trending news, instead most of us instinctively turn to social media news feeds to be kept in the know. With a large and ever expanding audience, marketing and advertising efforts on social media are on the increase, vying for a slice of this lucrative pie.
Countless books, courses and seminars covering the benefits of social media, package social media as the one-stop advertising tool that can be used to address any company’s marketing needs. However, that is not always the case. Here are 3 reasons why jumping on the social media bandwagon, might not be for every company.
Dependent on Target Audience
In an annual research conducted by We Are Social this year on digital adoption, shows that slightly less than a third of the world’s 7.395 billion population, are active social media users. Defining your target audience before taking the plunge into a marketing campaign is paramount, but more so for social media.
Target audience demographics directly affect its effectiveness. If your target audience predominately comprises of the less technologically savvy, it would not matter if you have a comprehensive social media marketing plan in place. If so, you may be better off using traditional media like the newspapers for your marketing campaign, instead of Facebook.
The Real Cost of Social Media
Most companies think of tapping on social media because it is a “free” marketing and advertising channel. It may be so to a certain extent as an account is free, but there are other hidden costs along the way. Take for an example, the man hours needed to draw up a strategic marketing plan, time to constantly make new posts and sponsored advertisements on social media. These are implicit costs which may add up to quite a sizable amount.
Return of Investment (ROI)
ROI is defined as “a measure of profit earned from an investment”. In this case, advertising and marketing on social media would be termed as the investment. In doing so, how does one measure profit accurately from these efforts?
A Like, Comment or Share is not directly or indirectly, a business objective or tangible metric to measure ROI. Unless a clear business objective is defined, proper metric measuring system is in place and tangible profits are made for your company, social media marketing might end up being a liability instead of an asset.
