Where to Start My Social Media Strategy?

Business owners are busy people pursuing their passions, which isn’t always marketing or social media. But, in today’s economy, social media is one of the most effective ways to spread your message and curate followers of your business. The more people following and engaging with your posts, the more opportunities to sell and grow your business; but one of the questions we get the most from our potential and current clients:

Where do I start with social media? What’s one thing I can do RIGHT NOW to help my business?

While the answer is always slightly different, the one thing most companies have in common is the desire to see a Return on Investment (ROI). And while it may seem difficult to understand an ROI for social media, we try to break it up so that it’s easy to comprehend. First thing first is understanding the return you want from social media. We’ve simplified things because sometimes math is annoying and we need to start somewhere. An easy equation to visualize is:

Time Spent + Money Spent = Cost

Cost divided by Number of New Inquiries = Cost of Acquisition

For example, say you spend 4 hours per week writing blog posts and 2 hours per week posting on Facebook. That totals to 6 hours per week and you value your time at $50 per hour. That’s $300 worth of your time going into social media per week, or about $1200 per month.

6 hours (x $50/hour) = $300/week or $1200/month

Now say you bring in Schmooz for support and you spend an additional $1250 per month on whatever service- ads, graphic design, help with a client interview- whatever.

Money Spent = $1250/month

The total cost?

$1200/month in your time + $1250 for Schmooz services = $2450.00/month

How does this social selling affect your business? There are lots of ways to measure success:

1. You’ve gotten more inquiries.
2. The inquires you are getting are more valuable to you or are worth more
3. You’ve reduced how much it costs to get new business.

When you start anything new, it’s important to understand where you’re starting from. How much does new business cost for you now? Is Social Media helping you get that new business? The first thing you can do for your social media is understand what it’s getting you now so you can understand how your time and money is impacting change for your business!

Schmooz Media is a Full Service Social Media Marketing Business, helping small-mid size businesses get the most social ROI possible. We’re passionate about giving your business actionable, measurable and meaningful results.

If you need help figuring out what benefit you’re getting from social media today, and how new activities can impact your results next month, contact us for a free consultation.