The biggest failure I have witnessed by these companies is that they start doing activity - frequently focused on social media, because it is "free" - but they don't have any strategy.
The most important rule is "just because you can, doesn't mean you should." I recently consulted for a SMB which was doing Facebook advertising because their email marketing solution 'made it easy.' Okay...there are wasted dollars and time. In addition, that company is expecting and building sales and financial projections, thinking this might generate business...an expectation that won't be met.
Just because you can, doesn't mean you should
For this and so many other organizations, they have missed the fundamental steps of defining personas, mapping the buyer's journey, having a follow-up and lead nurturing plan, or knowing how to attribute and quantify spend and value of social media interactions.
In few cases, will social media be the only channel by which someone interacts with a brand. Knowing what to promote to whom, up to what cost (including overhead), and how to track initial sales, lifetime value of customer and referrals - this is more involved than simply running a Facebook ad campaign.
So before starting to promote on social media, think about how social media will fit into a broader strategy and plan. How will you track? What constitutes a successful campaign?
Once you define these, then you can test what is most effective for your target buyer to determine what social media works and doesn't for YOUR business.
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