I speak to a lot of people in this business on a daily basis. Whether it is online, in the social graph, on the phone, video chat or in person, many businesses using social media have a hard time getting to revenue. You know cash, money, moolah. Making any kind of revenue from their efforts, regardless of whether it is profitable or not seems to be a missed focus that means everything for your business.
Let me clear here, whether you’re a social media agency, a start-up, an author, a small brand or anyone else using social media for marketing, you need to just get to revenue. There is no more important reason for spending the time, effort and resources in ANY medium if you don’t generate revenue. Though branding, relationships and a host of other reasons are valid for maintaining a social presence, none of them trump revenue.
If you are not yet seeing revenue from your efforts or are not focusing on revenue FROM your social media management, you are missing out on four important points:
1) Revenue tells you what’s working
If what you are doing in your social media marketing is actually working, it will generate sales, clients and revenue. If it is not working properly, you will be focusing your time on watching metrics of clicks, follower counts and engagement. All of these are important, but only when they are achieving the net results of revenue.
2) Revenue gives you resources
If you are generating revenue, you are gaining resources. When you are gaining resources you have more options to expand what is working, add valuable tools and get more support from others within the organization. Everyone wants to be involved with something getting results. Nobody wants to be associated with something that is failing or only sucking resources.
3) Revenue gives you momentum
Along with additional resources, obtaining revenue with your social media marketing builds momentum, both internally and externally. When customers start buying, they also start talking about it. This adds to the revenue momentum.
4) Revenue gives you the best measurement of real results
Nothing better than revenue will confirm real results. By getting to revenue with your social media marketing quickly, it will confirm you have the right message, target audience and strategy.
So those are just four of the reasons you really need to get to revenue with your social media marketing right now! HOW to get to revenue is a very different question that has so many variables which include industry, audience and products. Since these are totally different for every single person and company using social media for marketing, it is nearly impossible to give a company specific plan of action in a blog post.
Here are a few points and a process that may focus your efforts in the direction you need to go.
1) Provide Selfless Value – in the content you create and curate. Earn the right to pitch your products and services by being selfless.
2) Be Consistent – with your content posting, engagement and responses.
3) Target Audience – Be sure you know your target audience and what they are interested in.
4) The Right Relationships – Focus your time, effort and conversations on your target audience, not with your peers.