Social media: your big break or money pit
One concern when launching a business may be based around the social media strategy and how to best utilize social media to attract an audience and spread the word about this new company. Even though having a social media presence can be very beneficial to many companies, I would argue that it is not always necessary, especially when the platforms become a money pit for the business.
There are
many reasons for an organization to situate itself on social media. Based on
information from the National Institute for Social Media, having a strong presence
on social media can inform the company on what customers are saying about the
organizations products and social media can provide an efficient way to communicate
with customers and make improvements based on consumer feedback. Additionally,
social media can provide a platform of involvement, where organizations can
share pictures of their products in use, repost photos of their customers using
the products, and host “giveaways” of their products to grow their following of
users interested in their products. Constistancy is vital, as it will make the
cost of social media presence worthwhile and keep the organization at the forefront
of customers minds since they are constantly seeing the company’s posts.
Regardless of all of the positives reasons to have a social media presence, not all companies should be focusing their effort towards these platforms. According to the Online Marketing Institute, companies who work B2B and whose target audience is not on these platforms may not benefit from social media. The employees of the company which the main organizations sell to may be present on social media, but the other business is the customer, not the individual employee. Additionally, an article on Marketing Land states that if the organizations' target audience is not using social media due to age, ability, or socio-demographic, then money is being wasted marketing in the wrong direction. The social media platform needs to be communicating with the public about a product, service, or issue that could benefit various different groups of people, in order to make marketing to the vast void of people on social media cost effective.
Furthermore, some companies simply do not have the means to have a social media presence. The company’s target audience may be on social media but the cost needed to obtain an ROI is not available. The Online Marketing Institute claims that social media is the “DIY” of marketing; you can choose how much to spend and make it cheap. I would argue that if a company wants to have content that is worth engaging with, it cannot be cheap and large amounts of time and or money must be put towards the platforms. If the budget is not available there is not a justified return on investment (ROI) to make the costs of social media valuable
Social media is a great tool for companies whose audiences reside on social media. However, companies who use social media must have the tools, means, and time to create content, post frequently, construct a visually appealing page and engage with their community. If the company’s means or audience are not present, then the ROI will not exist and having a social media presence is simply a waste of time.