Social media marketing is a powerful way to reach your target audience, build relationships, and increase brand awareness. But it also requires time, resources, and expertise to do it right. How do you convince stakeholders to invest in your social media budget and support your strategy? Here are some tips to help you make a strong case.
Before you ask for more money, you need to know what you want to achieve with your social media marketing. What are your specific, measurable, attainable, relevant, and time-bound (SMART) goals? How do they align with your overall business objectives and marketing plan? How will you track and report on your progress and results? Having clear and realistic goals will help you justify your budget request and show how it will contribute to your bottom line.
At the end of the day, social media, just like any other content distribution channel such as podcasts, blogs, events, is all about being able to tie it back to business goals. For a profit-driven business, align on your north star metric and think about how your social media strategy might impact your ultimate north star metric. Toss away vanity metrics like impressions, reach, followers and look at metrics that make an impact to a business (such as inbound leads, brand perception over time, new clients won from social media touch points). Once you start speaking this language, stakeholder investment and buy-in will follow soon.
Swaying stakeholders to up the social budget takes skill like an entrepreneur on Shark Tank. Present competitive research and platform demographics. Share metrics and growth projections tied to business objectives. Relay success stories of engagement and leads generated. Get buy-in from internal partners benefiting. Emphasize it as a long-play, not just quick returns. Socialize the vision for taking your presence to the next level. With compelling data and strategic vision, they'll be begging to invest. Now get your Deck ready as you hook those Shark Tank dollars!
Stakeholders want to see the return on investment (ROI) of your social media marketing. How do you demonstrate your value and impact? You need to use data and metrics that matter to them, such as leads, conversions, sales, revenue, customer satisfaction, and retention. You also need to benchmark your current performance and compare it to your competitors and industry standards. Show how your social media marketing helps you gain a competitive edge and solve your customers' problems.
It's not as challenging as you think. You can be proactive by documenting the small victories throughout the year. But if you're just getting started, showing value to stakeholders is all about the numbers. Track leads, sales, and customer satisfaction. Benchmark against competitors, and see where you stand. Finally, highlight how your efforts solve customer problems. In simple terms, it's showing how your social media hustle leads to real-world results.
Stakeholders also want to know how you will spend your social media budget and why. How do you break down your costs and allocate them wisely? You need to consider the essential elements of your social media marketing, such as content creation, distribution, promotion, tools, platforms, ads, influencers, and analytics. You also need to factor in the human resources and skills you need to execute your strategy effectively. Explain how each cost item supports your goals and how you will optimize your spending and efficiency.
Stakeholders may have some doubts or objections about your social media budget and strategy. How do you anticipate and address their concerns and questions? You need to be prepared to handle common challenges, such as lack of understanding, unrealistic expectations, budget constraints, risk aversion, and internal politics. You also need to be flexible and open to feedback and suggestions. Show how you can adapt your plan to different scenarios and contingencies and how you will communicate and collaborate with your stakeholders.
Most concerns arise because stakeholders don't understand the ROI digital marketing has or can provide the company. Lack of transparency can be the simple problem. Start by preparing for the common hurdles: misunderstandings, sky-high expectations, tight budgets, or being too risk-averse. Keep an open mind, welcome feedback, and adapt your plan as needed. It's about showing them how you're capable of juggling different scenarios and making sure they're part of the conversation. Keep it flexible, keep it open, and always be ready to adjust your sails.
In the dynamic realm of digital marketing, stakeholders often seek assurance before investing. The beauty of social media marketing lies in its adaptability. Unlike traditional channels where funds are committed upfront, social platforms offer real-time control. If a strategy doesn't resonate or underperforms, adjustments can be made instantly, ensuring alignment with our objectives. This flexibility, combined with immediate feedback, not only mitigates risks but also empowers us to optimize for success at every step.
Stakeholders may want to see some examples of successful social media marketing campaigns and best practices. How do you inspire and persuade them with real-world cases and stories? You need to find relevant and credible examples that showcase how social media marketing can help you achieve your goals and overcome your challenges. You also need to highlight the key lessons and takeaways from each example and how you will apply them to your own situation. Provide examples that resonate with your stakeholders and their needs and interests.
Stakeholders may be impressed by your social media budget and strategy, but they may not be ready to commit or act on it. How do you ask for their support and approval and move them to action? You need to be clear and confident about what you want from them and what they will get in return. You also need to emphasize the benefits and opportunities of your social media marketing and the risks and costs of not doing it. Ask for their support in a way that shows your respect and appreciation and that invites their participation and collaboration.
This is when FOMO can be a strong motivator, showing stakeholders the kind of traffic competitors are generating through their social media efforts. Linkedin even has a built-in feature to show you how your page growth compares to your competitors which is an easy starting point to understand where you stand compared to the competition.
But if you find stakeholders still reluctant to invest in social media, it could be because they lack confidence in their product, pricing, packaging, etc. If these aren't dialed, your stakeholders might be reluctant to pour gas on the marketing because they don't want more eyes on a defective offering. Asking questions up front to understand how confident they are in their product/market fit is important before you spend too many resources developing a plan for them.
I would add that creating MVPs mini viable pilots(I know hahaha it’s really minimal viable product) oh such as a tip of the day or X (formerly known as Twitter) thread about lessons, learned or best practices and your industry and boosting that or creating an ad based on that MVP there’s showing the stakeholders how the brand benefit it and impressions and click through and hopefully actually game possible customer acquisition through email or SMS from landing page data could impact the stakeholders in a positive manner.