What types of businesses get a high return on investment in social media marketing?
Alright, so I've made my case as to why it's critical for every legit business to have a social media presence in 2020.
And no, I don't actually think it's critical for everyone to invest time and money into full-scale social media marketing productions.
On the other hand, there are a lot of businesses that benefit from a higher ROI in social media marketing than traditional marketing efforts.
What types of businesses get a high return on investment in social media marketing?
1. B2C businesses. Business-to-consumer businesses are companies which market directly to an individual customer who will use their product/service. (As opposed to a B2B, business-to-business, company such as one that sells circuit boards to electronics manufacturers)
If your target customers are checking their own personal social media platforms regularly, and the average American apparently is doing it more than once daily, then you've got a perfect platform for putting your product/service in their face as they scroll.
2. Personal businesses which sell easily via word-of-mouth and referral. Great examples are pet businesses, fitness trainers, family products, services for children, salons, house cleaning and maintenance, etc. These are the types of personal services that people are more comfortable knowing that their own friends recommend them. Social media is a great place for tagging and sharing referrals quite easily. "Hey @Tina Fey, this is the pizza company I was telling you about!" For example.
3. Low-cost impulse-buy products and gifts. Instagram is particularly good for selling these types of products. There's something about zoning out of reality for 10 minutes while you're waiting for your child in the school pickup line...you're scrolling through image after image of people living their best lives in their elegant homes and offices...you instantly let your regular cynicism down just enough that if you see a product that speaks to your current fantasy, so you're much more likely to snag it at the touch of a button than being confronted with marketing in any other situation. Inexpensive jewelry, personal comfort products like slippers and robes, self-care items, self-help guides and programs, etc. Pizza.....
So what's the right balance of time investing in DIY social media marketing vs outsourcing it to a pro? Let's save that for next time. After all, blogging isn't a high ROI for my own business, so while I love to answer questions for my ladybosses, I gotta get back to my own grind!
In the meantime, you can ask over in The Ladyboss Nation - we've got over 200 self-employed small business owners. You can even use our database to find some gals who are in similar industries to yours and tag them in your question to see what their experience has been with social media management vs DIY on their business growth.
It's as easy as "Hey, I'm considering my budget for social media marketing in 2020. My business is ______ - can anyone else give me their experience with do-it-yourself vs switching to professional management? How much time did you spend doing it yourself, and how much do you pay for professional? Has it helped make more money in the long run?"
(you can even copy/paste that if you want! Click here to go to The Ladyboss Nation free Facebook group)