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Social media outreach is essential for small businesses in America, and according to business experts, it should be a priority in a business budget.
“Many clients have told me that having a strong social media presence can make a significant difference when it comes to building and sustaining a small business,” says Derek Ellington, head of small business banking at Wells Fargo. “So, in my opinion, spending on social media should be a priority even during times of tight budgets.”
Ellington tells FOX Business that a well-planned and well-executed social media strategy can lead to substantial financial returns.
“Social media aims to engage small business customers, and it can serve as a real-time window into customer preferences, driving positive business outcomes and strategy,” he explains.
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What are the essential elements of social media in today’s business environment?
Social media encompasses various platforms and content. Here are some strategies to help you get started.
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Define your social media objectives
Ellington suggests that businesses should determine their goals for using social media and which platforms they want to focus on. Then, consider the desired outcomes.
“Do you want to drive more traffic to your store, increase sales, or raise brand awareness? Whatever it is, make sure you clearly define your top goals and identify the platforms that will help you achieve them,” Ellington explains. “Establish measurable goals that can be evaluated later to determine your success.”
Create a social content calendar
Develop a calendar that outlines engaging and action-oriented content to be posted each week, says Ellington. This content should resonate with current and potential customers and align with your core goals.
Encourage customer engagement
Monitor your social media platforms and actively engage with your audience, recommends Ellington. This will help you understand your social audience better. Additionally, he suggests using compelling imagery, customer testimonials, and creative hashtags.
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Audit and analyze your social media efforts
“Measuring, auditing, and analyzing your social media activities regularly is crucial to determine what type of content works best,” says Ellington.
Why is social media so powerful for growing a business?
According to Jeremy Knauff, founder of Spartan Media, social media can be a powerful tool for business growth if used effectively, consistently, and if performance is properly measured and adjusted.
“I see social media as a combination of networking, public speaking, and sales, all rolled into one, and on steroids,” Knauff explains. “It gives you the opportunity to reach a large number of people, build an audience, and generate new business.”
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Knauff also emphasizes the importance of playing the long game with social media.
“Social media is crowded and noisy, so building an audience usually takes longer than expected, and building trust to convert them into clients takes even longer,” he continues. “That’s why it’s crucial to start now, because every day you delay allows your competitors to gain a larger advantage over you.”
Furthermore, Knauff highlights that social media is not a one-way conversation.
“You need to engage with your audience, respond meaningfully to their comments, and acknowledge those who share and promote your content,” Knauff advises.
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What about the cost of implementing a social media plan?
The good news is that you don’t need to spend a fortune to effectively leverage social media, according to Knauff.
“Managing your social media in-house is relatively low-cost. You can start with just a few thousand dollars for equipment and a modest advertising budget,” he explains.
When it comes to creating content, Knauff suggests using your smartphone’s camera and investing a few hundred dollars in basic lighting and a good microphone if you have a tight budget.
“Although there are no limits to your budget, you can get a quality camera, microphone, and three-point lighting for around $2,000, which meets the needs of most businesses,” Knauff tells FOX Business.
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If you decide to hire a social media professional, Knauff advises considering the costs.
“Outsourcing will be more expensive, with initial costs starting at less than $10,000, and ongoing costs ranging from a few thousand dollars per month to hundreds of thousands, depending on how aggressively you want to approach it,” he explains.
Furthermore, if you lack experience in creating effective social media content, you may need to hire a social media strategist to develop a plan, which could cost between $2,500 and $10,000.
“Getting this part right is critical because it creates the foundation for everything else and determines your success or failure in your social media efforts,” Knauff adds.
