July 5, 2012
The main goal of a new business or an existing company is to drive business and improve year over year profitability. What happens in an ever changing world is complacency and stagnation. Key factors needed in the business world today are a clear strategy which incorporates social media driving business back to the company.
When considering improving business, a winning strategy involves driving traffic. Before a business can begin to use various platforms, the business must understand the key performance indicators and how to analyze what drives traffic. The key performance indicators relates to the reputation and awareness of the brand, the efficiency of the marketing campaign and the effectiveness of lead generation. Additional indicators include customer return in the form of satisfaction and increased sales efficacy.
The framework of any strategy involves analyzing the historical trends and current trends. The analysis, both basic and advanced, involves:
* The number of new and existing customers
* The social reach of the brand
* The social engagement, e.g. likes, tweets, retweets and shares
* The number of new leads
* Profitability related to social channels
* Positive and negative feedback
After the analysis phase, a business must learn from the collected data. The data received must be current and up-to-date. Untimely information will not benefit the company. Dissect the information to the specific demographic, determine the audience and monitor the results via social media.
The numbers of individuals engaged in some type of social media platform exceeds more than 1 billion people. Facebook is the king with close to 900 million users, with Twitter a distant second. Social media start-ups Instagram and Pinterest are gaining traction as verifiable platforms. Both keep the conversation going and the customer base engaged. When a business wants to maximize the conversation, the key is to engage the customer base. Ask for their respective thoughts and feedback.
When the business receives the feedback from the customers, then the business can proceed with the top brands which will pull in additional customers as well as satisfy the existing base. Use this information with existing social media analytics.
The numbers for social media are staggering. Even more impressive is the number of individuals utilizing mobile devices to communicate and engage. Utilizing mobile technology is more than just structuring a campaign; it involves refocusing an entire business strategy.
Business should utilize mobile platforms because of the niche marketing aspect of media. Platforms which reach in excess of 50 million are an ideal solution. Research the demographic the platforms reach as well. If a business focuses on customers under 34 years old, a platform such as Tumblr is an ideal solution. The mobile platform depends on the type of marketing strategy and what the business wants to state about the brand.
Capitalizing on the Trends
With information in hand, how does a business capitalize on the trends in the market? A business must analyze the trends of the marketplace in order to align business strategies. Engage the customer base after analyzing the trends. Without customers, a brand is nothing. Utilizing all social media platforms is not only smart, but necessary. Remember do not just use one platform, use them all.
With the emerging mobile market exceeding 270 million devices, strategies should be aligned to embrace smartphones, laptops and tablets.
Social media is not going to fade away. In fact, social media integration is a force stronger than any business in the industry. The way businesses will win is to capitalize on social platforms, mobile platforms and the trends of an emerging market.
Joseph Baker has worked in the business world for over 10 years, specifically in management. He has led development and management teams, and implemented budget reductions both professionally and as an independent contractor. In addition, he has led strategic planning and systems of implementation for six organizations, both public and private, and worked extensively with small businesses. He is also an avid blogger with published topics ranging from social media trends to search media metrics and algorithmic trends. He is always looking for new writing opportunities. You can reach him at his blog http://www.professionalintern.com or sign up with http://www.goodmorningbloggers.com.