First Off, Happy Birthday Mom!
Social Networks are the new channels for sales and marketing and have been for at least 10 years. They are finally getting the recognition and money. Social media advertising budgets have doubled worldwide over the past 2 years—going from $16 billion U.S. in 2014 to $31 billion in 2016 and could surpass $35 billion this year. Social Networks are the new channels for sales and marketing and have been for at least 10 years. They are finally getting the recognition and money. Social media advertising budgets have doubled worldwide over the past 2 years—going from $16 billion U.S. in 2014 to $31 billion in 2016 and could surpass $35 billion this year.
The number is a far cry from the $532 billion in total advertising spend last year, but more money will shift as more attention is paid and more sophisticated ways to display ads is achieved. What agencies are realizing is that the pie to reach potential customers is only getting larger.
1. With Twitter, over 80% of U.S. marketers were using promoted Tweets, and last year total Promoted Tweet engagements were up 91% year-over-year—much higher than traditional banner ads
2. Instagram has over 500 million active monthly users, most of whom are under 35 with ad recall from sponsored posts on Instagram was 2.9x higher than Nielsen’s norms for online advertising
3. On Facebook, desktop ads have 8x higher click-through rates and mobile ads have 9x higher CTR than normal web ads
4. The 100 global brands (all of them) have run YouTube ads in the past year and over 70% percent of marketers plan to increase their use of video ads next year
5. And the dark horse, Pinterest has 150 million active monthly users. Pins with prices on them get 36 percent more likes than those without, driving average orders of $50 – higher than any other social platform.
However, social engagement is not just about marketing, it’s about sales and service and building relationships. The cycle may be longer, but the payoff is much greater. The great marketer Chet Holmes used to talk about a best buyer strategy. With social, you can target best buyers by the dozens, if you’re willing to pour through the data with the right strategy and tactics.
You don’t need another tool, you need people to “pound the pavement” Search Twitter, Instagram, Facebook in the same way you search Google and then go deep into the profiles of people that are talking about. Here’s where it gets fun: Listen.
In the old days when cold calling worked, the best sales people listened, asked the right questions, and provided value first. The same rules apply, and while the timeline from starting the conversation to closing a sale socially may be longer, the potential to reach more people directly is definitely there.
All of your staff should be selling socially, and rewarded for doing it successfully. Common engagement metrics for your social channels, include:
Facebook: Organic Likes, Paid Likes, Unlikes, Mentions, Impressions, Post Engagements, Links Clicked, Reactions, Comments and Shares.
Twitter: Organic Impressions, Links Clicked, Mentions, Direct Messages, Retweets, Replies and Likes.
Instagram: Likes Received (Including Live and Stories), Comments, Engagement per Media and Most Engaged Hashtags.
LinkedIn: Impressions, Clicks, Likes, Comments and Shares.
Of course, the biggest metric is cash. Did your activities produce more money for your company, how much, and what was the ROI over time?