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Chapter 3 – Social Media Marketing Strategy

Chapter 3 – Social Media Marketing Strategy NOTES
Course

 Social Media Marketing (MKT 3320 )

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Students shared 13 documents in this course
Academic year: 2019/2020
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University of Houston-Downtown

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MKT 3320 - Social Media Marketing Chapter 3 – Social Media Marketing Strategy LEARNING OBJECTIVES After reading this chapter, you should understand the following components of a social media marketing strategy:  Identifying a target market and creating personas  Conducting a social media audit  Establishing goals, objectives and metrics  Determining resources, roles and responsibilities  Establishing a tone of voice  Creating and optimizing social media networks  Creating a content and distribution strategy  Creating a social media content calendar and scheduling posts  Analyzing, tracking and tuning SOCIAL MEDIA MARKETING STRATEGY  We live in a world that is constantly changing. With technological advancements and the evolving social media landscape, businesses not well equipped to deliver better customer experiences will be left behind. Social media allows businesses to gain competitive advantage through the creation and distribution of valuable, relevant and consistent content to attract and retain clearly-defined audiences. MKT 3320 - Social Media Marketing Unfortunately, many companies are not preparing for the future of social. It may be surprising to hear that most companies do not have a formal marketing strategy in place, let alone a social media marketing strategy. A social media marketing strategy outlines the tactics for how a company will incorporate social media into its business. The social media marketing plan is a living document that outlines an organization’s social media goals and guides the actions needed to achieve these goals. Being active on social media without having a proper strategy in place can be detrimental for brands. Without a formal plan in place, social media efforts can be haphazard, to say the least. It is essential for every company, large or small, to have a detailed social media marketing strategy in place before launching any social media activities. Following are the steps needed to create a solid social media marketing strategy. STEP 1: IDENTIFY A TARGET MARKET AND CREATE PERSONAS The first step in any social media marketing strategy should be to identify the target market. A company’s social media target market should be the same target MKT 3320 - Social Media Marketing 3 (Source: Kudler) MKT 3320 - Social Media Marketing 3 STEP 2: CONDUCT A SOCIAL MEDIA AUDIT MKT 3320 - Social Media Marketing listening should be included in the social media marketing plan and can be used to generate ideas for future social media content. Next, create a spreadsheet or table of the company’s existing accounts. Include information such as  Social media networks the company is active on  If the social media profiles are fully optimized (profile picture, cover images, bio etc.)  Number of followers on each account  Posting frequency  Average number of engagements, reach, clicks, video views, brand mentions  If the posts are on-brand and properly optimized across all social media channels  Types of content being shared on each platform  Examples of great posts and content that is working well  Examples of poor posts and content that is not performing well  Which platforms perform best and why  Number of reviews/testimonials: note if they are positive, neutral or negative  Customer inquiries (list the topics and kinds of questions being asked)  Average response rate to customer inquiries Next, create a spreadsheet or table showing all competitors along with the information included above. Additional information such as how quickly their numbers of followers are growing, what competitors are doing well and not so well and potential opportunities on which to capitalize should be included. Also include screenshots of competitor posts. MKT 3320 - Social Media Marketing Finally, conduct a SWOT analysis (strengths, weaknesses, opportunities and threats) of the company’s social media accounts. Note that strengths and weaknesses are internal, and opportunities and threats are external. The below sample SWOT analysis should serve as a guide for the information to include: Strengths  Strong brand presence across multiple social media platforms  Social media posts are consistent with brand guidelines  Social media profiles and posts are properly optimized for each platform  High number of followers  High posting frequency  Executive buy-in on company’s social media marketing efforts  Strong Facebook and Instagram strategies  Staff is enthusiastic about improving company’s social media strategy Weaknesses  Company lacks a social media management tool to manage social media marketing efforts  Company’s actions do not often result in desired outcomes on social media  Low average engagement per post despite high number of followers: indicates the need for higher quality content  Content not catered to target demographic MKT 3320 - Social Media Marketing  Partnering with other organizations to support local charities  Easy-to-use tools readily available to create a variety multimedia content for social media: videos, gifs, animations etc.  Social media advertising offers a targeted way to reach buyer personas   Threats  Lots of competition with strong social media presence  Competitors pursue aggressive social media advertising strategy  International competitors taking away market share with more locations and a larger demographic Success of emerging competitors on Instagram and Facebook particularly  poses a threat Competitors’ product/service offerings are superior, perform well on social  media  Slow adaptation to new social media technologies due to small budget and lack of resources  Facebook organic reach for brands is declining  Overall market demand is decreasing STEP 3: ESTABLISH GOALS, OBJECTIVES AND METRICS MKT 3320 - Social Media Marketing Social media marketing goals and objectives will guide the company’s social media marketing strategy and help gauge the success of social media efforts.  Before jumping right into establishing social media marketing goals, though, it’s important to note that the social media marketing plan is just one component of a company’s larger marketing plan. That means social media marketing goals should be tied to the overarching business and marketing goals for the company. For example, if an organization's business goal is to increase brand awareness, then the social media team’s goal should be increasing brand awareness through social media. Each and every goal must have quantifiable objectives and metrics. Let’s take a look at the social media goal of increasing brand awareness online. What specific objectives can you set to reach this goal? The more people that interact with and see the company’s social media posts, the greater the brand awareness will be. So, quantifiable objectives for brand awareness could include growing social media followers by 100% or increasing the number of engagements per post by 50%. Once established, each objective should have an accompanying measurable metric. For example, growing social media followers by 100% could require a 10,000 increase in followers. Increasing the engagement per post by 50% could require 40,000 likes, comments and shares on posts. Example goals, objectives and metrics can be seen in the image below: MKT 3320 - Social Media Marketing 3 (Source: Ellet)  Specific - stating exactly what needs to be accomplished.  Measurable - including a target metric to be met.  Attainable - the goal is challenging, yet achievable.  Relevant - goals are consistent with other established company or marketing department goals.  Time-based - including a time limit for achieving the goals. When creating a content strategy and posts for each social media platform, text and call-to-action links should always be tied to the social media marketing goals and objectives. For example, if the social media marketing objective is to increase website views, the social media posts should always include a call-to-action link to the company website. MKT 3320 - Social Media Marketing STEP 4:  DETERMINE RESOURCES, ROLES AND RESPONSIBILITIES  Refer to the social media marketing goals and determine the resources and budget needed to accomplish these goals. First, determine the tasks needed to accomplish the goals, then allocate appropriate personnel and, lastly, assign each team member specific responsibilities to meet those tasks. Personnel resources could include social media marketing specialists, writers, graphic designers, video producers, customer service representatives, sales professionals and more. Some companies choose to bring these resources in-house, while others choose to outsource these resources. Whether outsourcing or not, a budget must be established to fund all of the resources needed. A good strategy is to determine the budget needed for social media marketing activities first and then craft a social strategy to fit the budget allotted. To determine the budget, make a list of tools and software needed. Such tools may include social media publishing tools, monitoring tools, reporting and analytics tools, graphic design or video production software, social selling software and more. Don’t forget to include a projected social media advertising budget for paid social media activities. Create a formal budget proposal and include the annual projected cost next to each item. STEP 5: ESTABLISH A TONE OF VOICE  MKT 3320 - Social Media Marketing For each question, create a brand voice chart and list 3-5 characteristics to determine the brand voice that will be used when creating social media post copy and when responding to customers online. List all of the do’s and don’ts when posting or responding to customers online (as seen in the image below). 3 (Soure: Heald) Wendy’s took a risk that paid off by establishing a voice that is sassy, funny, sarcastic and very entertaining. Wendy’s new image was created when the company’s leadership team decided it was time to not take themselves too seriously anymore. They changed the company’s tone of voice to something completely different from what they had used before, and customers were very receptive to it: MKT 3320 - Social Media Marketing   3 (Source: Twitter) 3 (Source: Twitter) MKT 3320 - Social Media Marketing STEP 6: PLATFORM SELECTION Just because a brand may already be active on a social network does not mean it’s the best network for its audience. Whether accounts have already been created, or yet to be created, businesses need to assess and select which networks their brands will be active on. It would not make sense for a brand that sells healthcare to the elderly population to be active on Snapchat. Nor would it make sense for a brand that sells teen apparel to be active on LinkedIn, which would be a considerable waste of time and resources. The industry the company operates in will also determine the most suitable social media networks to be active on. The image below represents the top social media network for a variety of industries.  MKT 3320 - Social Media Marketing 3 (Source: Spredfast) Each platform has its own language and audience, and how those audiences share and communicate on each network differs. Chapters 4-10 of this textbook provides a detailed overview of the key demographic information for specific social media platforms. Companies can also view the account metrics of their existing social

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Chapter 3 – Social Media Marketing Strategy

Course:  Social Media Marketing (MKT 3320 )

13 Documents
Students shared 13 documents in this course

University: University of Houston-Downtown

Was this document helpful?
MKT 3320 - Social Media Marketing
Chapter 3 – Social Media Marketing Strategy
LEARNING OBJECTIVES
After reading this chapter, you should understand the following components of a
social media marketing strategy:
Identifying a target market and creating personas
Conducting a social media audit
Establishing goals, objectives and metrics
Determining resources, roles and responsibilities
Establishing a tone of voice
Creating and optimizing social media networks
Creating a content and distribution strategy
Creating a social media content calendar and scheduling posts
Analyzing, tracking and tuning
SOCIAL MEDIA MARKETING
STRATEGY
We live in a world that is constantly changing. With technological advancements
and the evolving social media landscape, businesses not well equipped to deliver
better customer experiences will be left behind. Social media allows businesses to
gain competitive advantage through the creation and distribution of valuable,
relevant and consistent content to attract and retain clearly-defined audiences.

Students also viewed

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