There are several ways that social media can be good for your business, but let’s start with the assumption that small business’ primary goal for engaging in social media is to get customers and make more money. This is a goal for all business, or we wouldn’t survive. Though participation is digital marketing is not a necessity for most business survival, it may be key to the company’s strength and growth potential.
There are a lot of resources to help people make goals and different goal setting models. The most popular one is the SMART system, where your goals need to be Specific, Measurable, Attainable, Realistic (or Relevant), and Timely. This is certainly a good method if it suits you. There are also other systems, such as OKS – Objectives and Key Results, BSQ – think Big, act Small, be Quick, or BHAG – Big, Harry, Audacious Goal. A good description of how to use these paradigms related to social media can be found in this article from Buffer. Any of these, or other structure for organizing your goals, can be used. The main thing is to organize, write down, assess, and revise your goals as a tool to set and measure progress.
Before embarking on any goal setting journey, you would do well to have a good sense of your WHY. Referencing our blog from August entitled “Know Your Why“, grounding in your purpose will shape your best actions toward achieving your goal. Knowing your why is more than setting goals, it is keeping the focus on the big picture as a framework for achieving what you want.
Assuming that your overarching social media goal is to increase revenue, let’s look at some of ways social media objectives can support that goal, albeit sometimes indirectly, but still related. Though revenue is the main goal for business to engage in social media, it is not the only or even necessarily the best. Because inbound marketing is not advertising, establishing a plan of action as if it were may lead to disappointment. Goals related to, for example, maintaining a dynamic online presence so when people check you out online, you look professional and impressive is a legitimate, but not direct income generating goal.
Objectives/Actions – here you get more specific about how you are going to accomplish your goal. Your objective establishes the answers to What, Who, When, and Where. This is the foundation for your action plan.
Why; We want our business to have an impressive presence online, to be a clear and public reflection of the best we have to offer, add value to our audience, and create a community around us.
Goal: Engage on industry-appropriate social platforms to increase business opportunities, referral sources, client base, and revenue by 20%.
- Set up social media platforms and manage with regular posts of interest to target audience (as defined from the last week’s blog on “Developing a Kick-Butt Marketing Strategy for 2016“)
- Identify key referral sources, connect with them on platforms = like, share, retweet, and comment on their posts
- Reach out specifically to those new connections to meet, exchange business, and/or create opportunities based on synergy
- Establish a social media advertising campaign and budget to increase page reach to identified audience
- Measure success of ad campaigns and adjust message, targets, or budget accordingly
- Develop a social media mindset which includes healthy bragging about the company, engaging with customers through images and reviews, asking for people to engage on social platforms, and take every real-life connection online to and work it there.
There is little doubt that if the objectives were carried out consistently and effectively, the goal defined above would be achieved. The details of the plan should include elements like who is going to be responsible, how are they going to get content, what type of specials to promote, what to offer when you ask for connections, etc.
If you aren’t getting the results you were hoping for, it is important to do an analysis before determining that social media doesn’t work. For example:
- Look at the goal to make sure it is reasonable. In the example above, the goal was set to raise revenue by 20%. Is that realistic for an initial social media campaign, in that industry and business?
- Are there enough funds dedicated to advertising to get that return?
- Is the offer being promoted compelling enough to capture interest and bring customers in?
- How is the revenue tracked on the back end to make sure all leads coming from Facebook are tracked?
- Has there been adequate outreach both in and online?
- Are there any other areas on social networks that could be improved to get a better result?
Goal setting for social media can be as simple or complex as you want. You can get very detailed with editorial calendars and checking insights daily, or not, based on your business approach. The important thing is to have a plan based in reality, get a sense if it is working, be flexible to adjust as needed, and be dedicated and consistent with your efforts. I always caution people not to get too focused on a goal of “get more revenue”, without also giving value to the other benefits of having a rocking internet presence. Those things cannot be quantified with a dollar amount of return, but their value can be immeasurable.
Please let me know if you would like some help with setting actionable goals on social media.