In a recent survey conducted by Linkedin and Cognet Research it was determined that nearly 90% of the mass affluent-defined as people with investable assets between $100,000 and $1 million are active social media users. Although this survey was in a financial planning magazine, it brought forth the point that social media is not just for “kids”.
From a financial prospective, those surveyed used social media to learn about financial trends, companies and products, as well as to seek advice and further information to evaluate what they’ve learned.
To me, this survey once again shows the importance of having a “correct” presence on social media, no matter what type of business you have. The enormous potential that social media offers mandates that it becomes an integral part of an overall marketing program. Please note that I said “a part of an overall marketing program”.
Marketing in social media is a specific skill; spending 15 minutes a week in random posting will not yield the desired results. Unless you are an expert in the social media market, this function should be outsourced.
Although it’s difficult to find people that specialize in the field of “social media marketing”, I predict that this is a field that will grow as businesses realize its power. Many of my small business clients would be willing to pay for someone to handle that portion of the marketing.
My recommendations are as follows:
- Hire a social media marketing person to spend 2 hours per week on your business,
- Ask for references.
- Ask for an update every two weeks or monthly.
- Ask for a general outline of how they will implement your social media marketing.
- Ask specific questions as to what social media vehicles they will be using
- As a starting price I have found that a monthly fee of $200 and $300 is reasonable.
- Increases in the monthly fee can be based on increased sales.
Like any marketing program, don’t expect immediate results, it will take time. I recommend a 6 month trial with frequent conversations with your social media marketing person. At the end of that time you will either continue because you have seen results, or you will be looking for a new person to represent you.
I believe enough in the future of such a business that I would like to mentor either an existing company or a start-up.
Opportunities abound in our business lives; take a risk on your beliefs…