One of the marketing challenges that all businesses face, is how to leverage their time and money for the best possible return on investment (or ROI). There are so many things we all could be doing, yet these are not of equal value to us.
For example, there’s an interesting debate along these lines over at my ideas blog. It’s about whether people ought to spend more of their ’social media time’ providing content for their blogs and less of that time providing content for social media sites like; Twitter, Facebook, Linkedin etc.
Marketing puzzle
Part of developing the best marketing mix for your business, is to build a marketing strategy that focuses all your efforts in the most profitable way possible. This is why it’s so important to monitor and measure your marketing feedback. This will show you where your time and money is best invested, as well as any areas where you are not seeing a worthwhile return.
Why not take a moment to review your marketing activities. Look at what you are doing and what each activity is costing you in both time and money. Then, measure your marketing return for each of these activities. The results are often illuminating and extremely valuable.
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I also believe that some business owners must consider whether or not they are even ready for social media. I’ve come across plenty who cannot articulate the felt need of their customer. If you can’t answer this question, social media won’t help you.
Jim:
Good points as always. I’ll be honest with you, I have NO time to devote to this area, whatsoever, unless you include reading and contributing to blogs a part of it.
And the only reason I force time for the blogs is because they are truly valuable and I always learn something.
I’m so busy managing my PPC, working on the website, SEOing the site and working with clients, that there’s no time for a facebook or twitter “strategy” so to speak.
I think you have misunderstood the post. It’s about taking time to see if you marketing is working and if you are getting the results you want.
Social media in here in Balkan has one targeting problem. The only target that it can reach is – young users. Why? Because there is very small amount of “older” users then age 23. But, companies targeted to youth are not interested in social media marketing.
It’s interesting how in different communities, the profile of social media users seems to change.
Where did you get the data about people under 23 being social media users? If the data is from a trusted source, like Nielsen Online Research or Forresters it’s worth considering. There’s also a LOT of miss-information and inaccurate data online.
Jim – just found your blog. You make a good point about prioritizing your resources. I still have some issues with that myself! For alot of small buisness owners, it’s hard to analyze the ROI for social media.