When I meet with business owners to pitch our services, I am forced to inevitably jump through hoops with most of them for a number of reasons. I knew what I was getting into with social media marketing. So don’t take that as an insult or complaint. I can assure you it is not. But, it is a reality I face time and time again.
To be honest, social media marketing is still very much an afterthought for many business owners. It is still so new therefore it is like the black sheep of marketing strategies.
One of my clients is a chiropractor and that is what I compare it to in a sense. Most view chiropractors as an afterthought in the medical field much like many business owners view social media as an afterthought in the marketing field.
Many of the business owners I talk to understand they need it. The hoop for many of them in my experience is they have been burned on the concept before.
For the ones who are weary, I think their hesitation stems from the fear of not understanding how it all works…understandable. It is hard to invest money when you are unsure of your return.
That being said, here is a look at social media compared to other platforms in terms of CPM, which is cost per thousand impressions. This is how much you are spending for every thousand who see or hear your advertisements according to LYFE Marketing.
- Direct Mail $57
- Television $28
- Magazine $16
- Newspaper $16
- Radio $10
- Billboards $5
- Social Media $2.50
In full transparency, I think that $2.50 is looking through rose colored lenses based on the average across all social platforms. It can be that low for some businesses. However, that number is likely floating somewhere around $6-7 if you take into account the standard across all industries.
Despite that number being slightly higher than billboards, it is a much more effective strategy. In fact, there is a major difference between social media marketing and all of those strategies listed.
None of those strategies can be measured by who is responding to your advertisements. All those strategies can deliver is a total number of people potentially seeing it.
That is the beauty of social media. We can see the reach (total potential) and we can see the impressions (who actually saw it).
If you’re sending out mail, putting ads in magazines or utilizing newspapers, you will know how many people those are reaching. You have no idea how many people just trash them immediately.
With TV and Radio, you can get the number of viewers the station may carry. However, you have no idea how many fast forward through the commercials thanks to DVR in television or how many change the station when the commercials start.
With billboards, sure that 1.4 million that see your billboard every week may sound great. But how many actually respond to the billboard? How many are going to utilize your business that see the billboard? Those are open ended questions that don’t have an answer. Unless you are some hot shot auto accident attorney like Morris Bart or Alexander Shunnarah, you’re going to spend thousands for possibly no return.
We not only can get you a low CPM on your ads. We can refine your audience and tell you who is responding based on their demographics. We can give you the numbers on how many people clicked and responded to your ad. We can generate leads for your ads. We can do everything those other strategies can’t.
That being said…
A major fundamental problem in this line of work is a lack of transparency. I have three clients right now who utilized other social media companies before Do It All. All of which left those companies disappointed because they felt like they wasted their money. When I first with them, I had to find out their hesitance and what those other companies told them.
Unfortunately, many companies in this field will lead you to believe falsehoods. They over promise on the leads they can deliver and the new business they can bring to you. That is exactly what happened with the three clients I am referring to. One of them I met with on multiple occasions before that person was finally ready to pull the trigger. I understood the hesitance. That business was burned before by someone like me.
They not only didn’t get the service they were promised. They felt like an afterthought to the company. I don’t ever want my clients to feel that way. They trust me with their business so I want to deliver effectively and with the best intentions.
So far, we have delivered. We do our best to keep our clients in the loop on the strategies we are using and how they are performing. I am big on transparency. I don’t like when people blow smoke at me so I pride myself on full disclosure with our clients. If they ever do decide to leave us, I want it to be on good terms.
The reality is no marketing strategy is a sure thing nor is it a quick fix. We tell our clients that some months are going to be better than others. Sometimes you may have a month that booms when you least expect it.
One our clients recently obtained 30 new recurring clients of their own in what is by their industry standard, a slow month. When we can help deliver that for them, that is a huge win.
Like other marketing strategies, social media is 100% an investment in your business. Through advanced targeting and audience customization, we can help you define who is buying your services or products. That is something no other strategy can deliver.
If you would like to know more, please contact us through the link in the top of the page.