The first step in creating a social media strategy is to identify competitors in your industry. You can accomplish this in a variety of ways. A straightforward way is to perform a Google search for key phrases or keywords that relate to your niche. Once you have identified them, look at how they use the various social channels. While you shouldn’t try copying them, you can learn from them and apply this to your campaigns. For this purpose, competitive analysis tools can be beneficial.
Stay present and test other relevant platforms.
When creating a social media marketing strategy that delivers results, you should focus on your target audience. Many businesses need to learn why they’re there to make a splash on social media. Setting goals for your strategy is an essential first step.
Set KPIs based on average sales data from all of your other marketing channels
KPIs are important for analyzing sales funnels and determining the most effective strategies. For example, establish a KPI that measures sales rep productivity. A sales KPI measures the percentage of sales reps who convert leads into customers and can be used by sales teams to prioritize activities.
KPIs are important because they provide context for your sales process. Set KPIs that match your business goals. For example, a sales KPI may measure how many inbound and outbound calls a sales representative makes daily. It may also track revenue per rep and the number of demos or onboarding sessions booked. You can also measure the performance of individual representatives.
A sales KPI will help you determine whether your efforts are making progress. Revenue rates are almost always included in KPIs. But remember that only some things will directly affect your sales. For example, giving away free merch may help boost brand awareness and generate viable leads.
Benchmark your strategy
Benchmarking your social media marketing strategy will help you identify where to focus your efforts. In addition, it will help you set goals for your social media marketing campaign. For example, you might want to focus on increasing your engagement rate and posting frequency. Benchmarking will also help you demonstrate ROI and explain your performance to others.
Benchmarking will provide insight into your competitors’ performance, which can lead to improvements in your messaging. If your competitors are marketing to the same demographic, you will better understand what to include in your campaigns. Without benchmarking, you will waste time trying to hit your target.
Benchmarking your social media marketing strategy allows you to determine how your current content strategy is compared to other brands in the same industry. It also allows you to identify any trends in the industry and subsequently strategize about your future campaigns. However, if you’re an independent business, don’t benchmark against Starbucks or Target. Instead, try to look at your competitors with similar target audiences and social presences. Competitive analysis will also help you pinpoint competitors on which you should focus your efforts.