“What Is It Good For Absolutely Nothing!”
Businesses being pressed to spend more money on marketing are anxious to know once and for all:
- Does social media marketing really work?
- Is that where we should be spending?
- If so, how effective is it?
- Is it effective for all industries?
- How much does it cost to implement?
All great questions, all of which we aim to answer here.
Let’s address the most prominent question of all: does social media marketing really work?
The short answer is yes. In fact, as I typed this article, the first suggested line the document offered was “yes”, as I typed the question. (It works so clearly even my writing software can tell you!)
It is true that social media marketing is more immediately and apparently effective for products and events, but that doesn’t negate how significantly social media marketing affects the sales of any company that utilizes it.
Let’s Get Serious; How Effective Is Social Media Marketing?
Data from 2017 shows us that 75% of people buy a product after seeing it in their social media feeds. That was in 2017.
At the time this article is being written, it’s been 4 years, and the amount of businesses vying for social media attention has only quadrupled. You can just imagine how the return has increased as well.
Marketers are always taught that “word of mouth marketing” is the end-all, be-all standard for the very best marketing achieved.
It’s a true statement, so marketers try to affect the words coming from peoples’ mouths by making the company’s PR and advertising worth talking about.
“Social media is the only way to measurably cause, create, and affect word of mouth marketing. “Slava Darozhkin, #lilac Founder
I’ll say it again because it bears repeating. I said: “Social media is the only way to measurably cause, create, and affect word of mouth marketing.”
This is the only thing you need to understand, to appreciate the long term effects of social media marketing.
It’s so meaningful, I could end this article right here and you should have heard enough.
But wait, there’s more!
It’s true that some industries will be more successful than others on social media.
For example, ecommerce and fashion based companies tend to see faster increases in revenue.
The reason for this is because of the platforms’ algorithms being optimized for transactions first. A small product can easily be bought and secured online, but a business-to-business negotiation is an intimate matter discussed in person, with high confidence.
However, older, more traditional, and B2B businesses are also there because social media’s incredible ability to put into motion valuable word of mouth marketing. This will directly affect brand recognition in the short and long term.
“Regardless of what the company is selling, they are selling to humans, and more humans are on social media than any other single place in the world, at any single time. “Slava Darozhkin, #lilac Founder
That’s another line that bears repeating, for its weight, but I’ll let you screenshot it and keep it instead.
The bigger companies that are hesitant to make the migration for prideful reasons like “tradition” will only suffer loss as time wears on (and as we’ve already seen with some decades-old businesses that have gone bankrupt in the recent past).
At minimum, over 95% of Millennials expect a business to have a page on social media. If they don’t, it severely affects their purchasing decision with the company.
So, does it matter what industry you’re in before you go onto social media? No.
Consumers have already completely adopted social media as a tool for authenticating their online purchases. Be there to greet them, or they won’t buy from you.
Fine, I Get It, I’m Convinced. What Does It Cost Me?
Ah, there lies the beauty of it all.
Social media is immeasurably cheaper than traditional forms of advertising. Actually… it’s not immeasurable. It’s measurable, it’s been measured, and it’s so much cheaper, traditional forms of marketing will only survive the length of time their respective creators can push on for.
Don’t believe me? Let’s break it down.
Take, for example, a small-town published magazine that is distributed to 100,000 homes.
For one week, you can be exposed to, potentially and realistically, about 200,000 people.
However, it’s still a local magazine, so most of the people that really read it are looking for the articles they keep up with, or the classifieds. So you’ve now reduced your realistic potential audience back down to about 100,000.
Average cost for a printed ad in one of those is anywhere between $600 and $1,200 for a week’s placement, in full color (as if this is the 1950s and that should be a luxury).
Of that audience, you only know the demographic’s zip code, residence zoning, and any local demographic you can draw based on that. You do NOT have unique insight to the individuals’ specific interests. You are limited in how many people you can effectively influence with your half-page color placement.
|Traditional Print (sizable magazine)||Cost|
|1 Full Page, in-Color Ad||$650 a week|
|1 Full Spread (two pages)||$1,200 a week|
|Graphic Design for Ad||$700 per ad|
|(or if you have) Graphic Designer on Payroll||$50k a year|
Now, let’s look at the social media equivalent of that.
A social media profile allows you to:
- Post photos and “color ads” as many times a day as you want.
- It allows you to make it publicly available to anyone in the entire world.
- It further allows you to customize your captions and settings to more specifically target individuals on an individual basis, not a household basis.
- You can target based on their most hidden interests, most privately kept notions.
- You can target based on their location and household demographics as well, of course, because the software is all-consuming
- It allows you to do paid advertising, which pushes your content to the audience you want and repeatedly presents it to them across all the platforms they visit
$1,200 a week is roughly $4,800 a month.
With $4,800 a month, #lilac can offer your business:
- Presence on 4 platforms (Facebook, Instagram, LinkedIn, and Pinterest)
- 5 posts a week
- 4-6 unique, SEO-rich articles a month
- Customer service (responding to messages and comments on your social media on your behalf)
- Daily engagement (outbound efforts)
- Influencer marketing
- Small PPC campaign on Facebook
And the best part? Our packages are customizable.
|Social Media Marketing with #lilac||Cost|
|4 Platforms optimized and engaged on every day||$1,030 a month|
|1 Post Daily on each platform, caption and optimized per platform (including graphic design AND engagement)||$640 a month|
|Full Article, SEO-rich||$200 each|
|Customer Service (specifically responding to queries and PR)||$300 a month|
|Influencer Marketing||$850 a month|
|Facebook PPC Campaign Fee (for under $12,000)||$250 a month|
That’s only one example, using #lilac prices. Imagine what world awaits you when you expand what else you can do online for your business.
Or don’t imagine.