. . . UNLESS . . . you can justify it, financially.
I just love it when a brilliant mind takes on a topic that’s so inviting of opinion that a clear conclusion seems highly unlikely. Drew McLellan did that in a recent post on MarketingProfs.com and it’s inspired this post from me.
As a result, they set up social media profiles, create a facebook page, a LinkedIn profile, etc.
But when I ask them, “So, is social media working for you?”, they often can’t say.
If I then suggest that maybe they shouldn’t do any social media, they come back with, “But if I don’t . . . it’s going to cost me. Look, maybe I can’t say that being on social media has made me money, but I’m concerned that not being on it will cost me money”.
So, as a purely defensive position, they engage in social media for their business but they’re not able to justify their time online in terms of real sales or value to their business.
Sorry, but that’s unacceptable.
How To Tell If You Should Invest Your Time on Social Media
If you can MAKE or SAVE money by being on social media, DO IT. If not, DON’T.
Drew McLellan actually suggests a number of ways to assess if you’re getting value from social media.
Is Social Media MAKING You Money By:
Allowing you to stop doing something you’re currently doing?
Allowing you to extend or expand something you are currently doing?
Lowering your customer acquisition costs?
Connecting you to existing customers in an efficient way?
Creating a community specifically for your customers?
Making it easier for your customers to rave / create positive word of mouth?
Making you look ‘in tune’ with the times to my customers if you’re there?
Introducing you to new potential customers at a low lead-generation cost?
Making you easier to find (within the social network or on search engines)?
Improving your search engine results (so you don’t have to buy results)?
Is Social Media SAVING You Money By:
Shortening your sales cycle?
Creating credibility and trust faster among prospects?
Establishing you / your firm as THE expert?
Shortening customer service response time?
Creating a sense of accessibility for my customers?
Increasing trial of my products or services?
Allowing me to connect with more prospects at once?
Increasing repeat sales?
Will it increase upsells?
Helping me collect or leverage testimonials?
Social Media is never ‘free’. The time you must spend online has a definite ‘cost’. If your cost/benefit ratio is not attractive, don’t do social media until you figure out how to make it make or save you more than it costs you to use it.