Social Media Costs and Benefits
Advertisers and companies have realized that social media marketing is a simple yet trendy way to expand their marketing. Many of these social media sites offer FREE memberships. Unfortunately, those memberships do not include the cost of running social media marketing campaigns.
The Costs Involved
You have to compare the social media costs and benefits in order to determine if it is going to benefit you and your business. The true cost of any social media marketing campaign will typically be determined by the reach and the size of that campaign. The factors below all need to be considered when comparing social media costs and benefits:
Advertising â€“ although the phrase â€œif you build, it they will comeâ€ was effective in the movie Field of Dreams, it is a complete myth where social media marketing is concerned. Just having a Facebook, LinkedIn, or Twitter profile is not going to guarantee an ROI. It takes advertising to accomplish this and it isnâ€™t free.
External fees â€“ if you do not have a marketing department in-house, should you outsource your social media marketing needs? You will need to consider the costs involved in hiring an outside service.
Staff costs â€“ if there is a staff person who handles your marketing needs, then you have to consider what it will cost you to have them on your payroll. Without an actual social media marketing campaign manager, other employees will have to be involved in your efforts which will pull them away from their regular job responsibilities.
A recent survey of over 2,000 organizations that was conducted by the Harvard Business Review Analytics Services and researched the benefits of social media marketing revealed that 79% of them have been utilizing social media venues as part of their marketing efforts.
The following is a list of the benefits that were revealed by this study:
iconAbility to develop targeted marketing campaigns
iconBetter understanding of brand perception by the customer
iconEarly warning of possible product/service issues
iconFavorable brand perceptions
iconIdentification of comments (negative and positive)
iconImproved insights about target audience
iconIncreased company awareness
iconIncreased new business
iconIncreased website traffic
iconMeasuring brand discussion frequency
iconMonitoring discussions about the company
iconNew product/service opportunities
If you would like help with your social media marketing, UNB GLOBAL can provide you with the professional services necessary to driving more traffic to your website which in turn will result in increased sales and profitability for you and your company.
Contact us today for a Free Website Analysis Report
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