3 Reasons Why Your Social Media Strategy is Costing You Money
The overall potential of social media is still new and proves to be an untapped resource for many businesses. While more businesses everyday are jumping on social media and putting out content, they aren’t using social media effectively.
Meanwhile, they’re throwing away money because they’re either paying someone to manage their social media accounts or they’re posting themselves, which means they’re sacrificing time and opportunity cost.
Basically, instead of making money via social media, which should be the primary objective for a business owner, they’re instead throwing away money.
This isn’t uncommon. In fact, it’s unfortunately the norm. In this article I provide you with the 3 main reasons your social media strategy is hurting you and what you can do to fix these issues.
YOUR CONTENT SUCKS AND IS INCONSISTENT
We’re blunt. It’s for your own good.
One of the major reasons your business is on social media is to gather attention and build an audience that might be interested in your product or service.
But what if you’re not getting any attention?
I hate to break it to you, but it’s likely because your content is either so unappealing that no one’s engaging with it or your strategy doesn’t involve a posting schedule that makes the platform’s algorithm happy.
For many businesses, the true issue lies somewhere in the middle and they have neither good content nor a consistent schedule which leads to disaster.
Understand that it’s not enough to post every once in a while or only when it's convenient. The algorithms are designed to reward users that are on the platform consistently and cause others to stay on the platform consistently (by scrolling through their content, liking content, sharing it, watching it, etc.).
What’s the remedy to this problem?
First, create content that would be suitable to your niche audience. Are you a personal trainer or gym trying to draw in new clients? If so, post videos providing workout and nutrition tips. Try both videos and photos and see which does better. Do you own a restaurant? Post appealing images of the food or behind the scenes videos of events you organize in your establishment. Second, check your analytics to see who is responding to your content and when they’re responding to your content. If you notice your content has it’s highest engagement on Monday, Wednesday, and Friday, consider posting a bit more high quality content on those days and scaling back on the less popular days.
YOU DON’T ANSWER YOUR COMMENTS OR DMs
This is a major one I see. Many businesses have a page that gets checked infrequently. On platforms like Facebook and Instagram, the users want an immediate backdoor to have their questions answered or to speak with someone to solve their problems. Not responding at all or not responding in a timely manner will cause a potential client or customer to get discouraged and leave.
While you might think you’ve only lost one customer, remember that word travels fast online. It only takes one bad review or one unhappy visitor to spoil your reputation in a way that’s tough to repair. There have been so many times when I’ve seen a business with an interesting product, inquired on the platform in the DMs, and waited for a week with no response. As a side note, I do check messages I’ve sent and if it hasn’t even been marked read, that’s a strong indicator that no one is checking the page’s DMs.
Don’t be the business that doesn’t check it’s DMs or private messages.
Understand that in the modern era of customer satisfaction, potential buyers want results fast, on their terms, and with as little friction as possible.
Satisfy them by giving them what they want. A key concept to consider is that conversions happen in the conversations. If you’re not willing or able to converse with a potential customer, they’ll take their money to someone more willing.
YOU DON’T HAVE A COMPELLING CTA
Nothing ventured, nothing gained. It’s great to provide value and post content for free. However, there’s no honor to you or your business when you don’t ask for the sale.
Now, the sale doesn’t need to be the most expensive product that you have. It doesn’t even need to be something you’re monetizing. It can be something as simple as giving away a coupon to increase foot-traffic into the store. However, if you don’t have a Call to Action, your audience will likely never take action, leaving you with a social media page that’s great to look at but provides little to no value to the business otherwise.
As a side note, I want to share a quick story just to illustrate why it’s important to give a call to action.
Almost 100% of the content I consume comes from YouTube. At the time of writing this article, I intentionally don’t own a TV and I don’t watch cable.
Despite being in the marketing world for several years and frequenting YouTube on a daily basis, I almost always forget to hit the Like Button, even for channels I’ve been watching for years and love to support.
To this day, the only time I hit the Like Button is when the person in the video asks me (that’s the call to action).
To further emphasize this point, a few months ago I recently subscribed to a YouTuber I’d been watching for years. At this point I’ve purchased his merchandise and even invested in his courses and online programs. However, I never remembered to subscribe until he started including a Subscribe icon in his videos.
Always include a call to action.
These are the main three problems that I often see so many businesses make when it comes to social media. If you need any help creating a strategy that drives traffic and revenue to your business, please don’t hesitate to book a strategy session using this link or send me an email at: email@example.com.