Social media marketing is a double-edged sword. Brand managers no longer control 100% of a company’s brand image. It encompasses both the company’s actions and consumers’ voices. Social sites, forums and blogs are avenues for people to voice their likes and dislikes about certain products.
But with all that said, is social media marketing worth pursuing? Or would it be better to stick with the traditional guns? I will discuss 3 aspects to explain why social media can be very well worth it. But bear in mind that this is a very general discussion and does not apply to any industry in specific.
1. Impact
We previously wrote that each negative comment might cost 30 potential customers. With that statistic in mind, let’s assume that each positive review would add 15 potential customers. But of course, these comments must be genuine. Any artificial buzz found out might have an adverse impact instead.
Let’s make a comparison with traditional media. A hundred views on each media message would give the following results:
Social media: 100 views x 30 = 1,500 potential customers
Traditional media: 100 views x 10% = 10 potential customers
For experienced marketers, a 10% response rate on traditional media is considered a gift. But you may argue that a TV commercial or print ad on popular channels have huge reach and would increase the exposure of your advertisements. I totally agree with that but what if I told you that social media can do it at half the price?
To get 1,500 potential customers using traditional media, a marketer would need 15,000 views at a 10% response rate.
But bear in mind that social media could also cause a disaster.
2. Investment
Social media marketing can be costless. But for traditional advertising in general, designing and distribution both incur costs.
If you think social media is where your target consumers are, a small investment is enough to get you started. It would not hurt much if you realize that it does not work for you, but if it works, the returns can be amazing.
3. Longevity
Whatever that is said on the web, be it good or bad is indexed and searchable on the web. A good comment never dies unless it is deleted by the user (likewise for a negative one). Traditional media on the other hand has an expiry date. You can’t run a commercial the whole year round without paying a ridiculous amount of money.
Check out the screenshot below. I googled “is dell laptop good?” and I got a Yahoo Answer page as the first search result. Interestingly, this comment was made a year ago but still remains searchable on the web. Believe it or not, the comment, though outdated, has some impact on our purchasing decision.
Who wins?
You win if you can make both social and traditional media work for you. There are so much more to look into when deciding how much of each to use.
For example a pastry business might require 80% traditional and 20% social media. An online based company might need 90% social and 10% traditional media. It depends on where your targeted customers are, your business model and also your marketing budget.
It is sooner or later, maybe sooner
Social media is a fundamental shift in the way we communicate. Any form of social media usage could help you improve your business – by using it as a customer service tool, buzz tracker or a promotional tool. Sooner or later, the competition is going to force your business to start using social media. But don’t go into it without a strategy. Choose the media that works for you and your consumers (it does not need to be Facebook). Have a goal and plan wisely.
(P.S To make this post more complete, consider other online channels like SEM and banner ads in your marketing portfolio. Putting them at the right place works wonder too.)
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