How To Create A Solid Social Media Marketing Plan
Social media marketing plan is an integral part of every business unit. What most people do not understand is that there are several steps needed to attain or build a successful one.
Most companies may do one or two of these correctly. Few will go the extra mile and implement all of the four steps needed.
Whichever you decide to focus on will depend on the immediate needs of your company and how much you may need to meet your KPIs.
What are these strategies?
How To Create A Solid Social Media Marketing Plan
1. Social Listening
Social listening involves monitoring mentions about your company on the web. It can be both positive and negative. It is in your best interest to monitor all of these and keep track of it.
Note that there ae several ways to fail on social media. One mistake can bring down your reputation like;
- Not answering your social telephone on time and
- Responding to your audience.
This stage (known as the customer service or reputation management) in your social media marketing plan is pure;
- Foundational and filled with
As a company, focusing on social listening will enable you;
- Solve customer complaints
Many customers are now taking to social media to get solutions to their problems. Statistics proves that they get a quicker response from social media than through traditional emails. Setting up a unit to cater for this should be a top priority in your social media marketing plan.
- Reducing refunds and increase retention
Solving customer complaints and satisfying them will help to reduce returns and improve retention (a satisfied customer is most likely to remain and continue consuming your products than a disgruntled one)
- Manage the reputation of the company
Reputation management, in particular on the web, is on the rise. The size of your business does not play a role here. People will always talk, tweet or share information about you on the web. Comment on your post on Facebook or your blog. It is your responsibility to respond and not avoid them.
- Identify Product & Content Gap
If you carry out the above 2 points, you will realize product gaps from the mentions. What do I mean?
You own a restaurant and have lots of customers. They may like your place but need a few more improvement or a few more dishes added to your menu. If you are listening to your mentions, you will pick up these complaints or discussions.
To be able to retain these customers and satisfy them, introducing these products or meals ( the ones they talked about) will not only satisfy them but encourage them to recommend you to others)
We have discussed conducting social listening as part of your social media marketing plan. How do you do that? Use tools like;
2. Social Influencing
As part of your social media marketing plan, social influencing helps you establish yourself as an authority through targeted shared content. This indirectly affects your sales and your business metrics in several ways including;
- Engagement on your social channels
Social influencing is more about using the content your content team creates (or your social media manager) to spread around the information that will lead to authority and trust in your brand.
- Increasing traffic to your sites
Creating and sharing relevant content that interest your audience will result in the subsequent increase in traffic to your sites. This could be both from your social media platforms and through the web (if it is SEO optimized).
- Increase product awareness
It involves a proper use of content that enables your followers to understand more about your goods and services. It could be a new product that you want to introduce to the market or an existing one.
Performing product awareness campaigns may spark conversations across the web that will lead to increase awareness of your brand. It also helps people to understand what your company is about and enhances your branding.
- Contribute To Grow Your Retargeting List
Retargeting is a real game changer to business owners. Those who have embraced this technic can market targeted goods and services to those who visit specific pages on their website. This is the most targeted way of engaging with your audience and often leads to high conversion.
Your business is about cooking. You have written a few blog post about Vegan meals. It is possible to place pixels on these particular pages or post and later target (with an offer of Vegan meals) all those who read about Vegan meals on your site.
These are the most targeted Ads which marketers use, and they always have a high conversion rate…why? Because you are targeting people with offers that will most likely interest them…Vegan Meals.
Have you ever visited a site and later on get Ads from this site when you log into Facebook? Some tools to measure your Influencer rate are;
3. Social Networking
Are you growing your network online? Partnering with influencers and earning mentions on the media? This is all about finding and associating with authoritative individuals and brands to establish strategic partnerships. It is about mass media, and that includes;
- Radio shows
- Youtube Interviews
- Authoritative sites & Brands
I know you might be asking…why should I do this? ( My introverted mind will ask this too)
The reason why you should be doing this is that networking creates connections ( I learned the hard way) The more influential people you connect with, the more you increase your network and expose your business to more people.
There are several tools that can assist you to find and connect with influential people. Some of these include;
- Authoritative sites relevant to your niche
- LinkedIn ( assist you to find journalist for media mentions)
Media is anything that aggregates the attention of a definable market segment into a compelling
4. Social Selling
Sadly most business owners focus more on this and tend to neglect the other aspects that make up a compelling social media marketing plan.
So how do you sell on social media? Well, the answer is, you dont…atleast not directly!
When done right, social selling can assist you to generate leads and sales from social media.
The trick is taking people away from social media to your email list. Moreover, you can achieve this by;
- Leading with content
Everyone consumes content on social media. You want to communicate with them using relevant content to spark their curiosity. It could be on any of your social media channels like Facebook, Pinterest, Instagram, Twitter, LinkedIn, and Youtube.
Use powerful lead magnets to encourage more to get into your funnel and email list.
Also, consider placing retargeting pixels on your blog post to pixel or cookie those who are interested in specific posts on your website.
So why bother about social selling?
- It helps to generate leads for your business,
- Grow your email list,
- Bring more customers to your business and build your brand.
There are several tools you can use to achieve your social selling goals like;
Email marketing tools to grow your list,
Landing pages and Optin Forms
To conclude, having a social media marketing plan is one thing and generating leads and attaining your marketing goals is another issue.
However, you will bear with me that it helps you move your customers or audience from the;
- Awareness stage …People who do not know you and have just discovered your brand on social media,
- Evaluation stage… They know about you and are now considering buying or engaging your services and finally,
- The Conversion stage… They now know and trust your brand and are ready to join or buy from you.
Evaluating this process will give you more insights on what types of content to create for your social media platforms that will move your audience through this customer journey till they buy from you.
Sizing up Strategic Beta
Interest in strategic beta ETFs is rising. A few simple guidelines can help investors pick from among the often-bewildering number of options.
The number of strategic beta ETFs has grown at 20% a year, consistently in good markets and bad, since the year 2000. With good reason: Strategic beta ETFs offer a more thoughtful passive option than cap-weighted indexes—and they can do so with a more transparent process and lower fees than actively managed funds.
Bright future, dim past
All well and good, but how should investors assess any particular strategic beta ETF? Close to 40% of these funds have been in operation for less than three years. This lack of an established track record can make it hard to validate their claims. ETF sponsors may try to make up for that shortcoming with back testing, running simulations of holdings they might have had against actual past market performance, but that has its limitations:
Back testing doesn’t always account for fees, liquidity or transaction costs.
Back tests are “selection biased”—that is, back testers have a tendency (conscious or not) to engineer positive outcomes. Live outcomes are therefore likely to be inferior.
Too great a focus on recent history can lead to “driving in the rearview mirror.” While an index or ETF may solve the problems of yesterday well, an investor’s focus should instead be on solving the potential problems of tomorrow.
Three steps to an informed judgment
Because the indexes tracked by strategic beta ETFs are by design somewhat exotic, effective assessment of them calls for some digging:
- Investors first have to understand who the index designer and asset manager are (they may not be the same people). They should have a clearly expressed investment philosophy and the expertise to enact it in practice.
- The properties of the portfolio should reflect the investment philosophy. Not only does the transparency of ETFs allows examination of the holdings to ensure that this is the case, it also measures such as active share relative to a cap-weighted benchmark or turnover can indicate whether an ETF is performing as designed.
- Performance can also be used to confirm that an index is doing its job. While short-term results shouldn’t be given too much sway, the index designer should be able to explain when and why an index will perform and when it might not.
One key aspect of performance shared with traditional passive management is tracking error. Like earlier cap-weighted index tracking funds, strategic beta ETFs should have minimal tracking error to their own indexes. Beware, though, the tracking error to the benchmark can be large and dynamic, it is by this differentiation that strategic beta adds value.
Made to measure
Strategic beta does not defy analysis, despite its novelty. Indeed, it has a lasting advantage over standard active manager due diligence. Strategic beta, after all, is rules-based. What an investor sees in straightforward, well thought-out index composition rules is what the investor will get. In that sense, strategic beta is relatively immune to the personnel changes, style drift and index hugging that can challenge actively managed mutual funds.
Learn more about ETF due diligence here.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation.
Opinions and statements of market trends that are based on current market conditions constitute our judgment and are subject to change without notice. These views described may not be suitable for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Past performance is no guarantee of future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. ETF shares are bought and sold throughout the day on an exchange at market price (not NAV) through a brokerage account, and are not individually redeemed from the fund. Shares may only be redeemed directly from a fund by Authorized Participants, in very large creation/redemption units. For all products, brokerage commissions will reduce returns.
J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. J.P. Morgan Exchange-Traded Funds are distributed by SEI Investments Distribution Co, One Freedom Valley Dr., Oaks, PA 19456, which is not affiliated with JPMorgan Chase & Co. or any of its affiliates.
For additional disclosure
For a longer discussion, please see our recent publication Strategic Beta’s due diligence dilemma (J.P. Morgan, April 2017).
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