How Efficiently Are You Using Social Media Marketing For Your Franchise?
Do you know that 77% of consumers are more likely to buy from brands they follow on social?
In today’s time, social media is a must to stay relevant in this competitive market. There is no questioning the value of social media. Social is a venerable powerhouse, supporting nearly every marketing objective from brand awareness to consumer interaction over the past decade.
Social media marketing has become a vital element while establishing and running a franchise business. As per reports, 39% of franchisors dedicate 35% of their budget on digital marketing as it one of the top lead generation tools for them. Approximately 63% of consumers who search for businesses online are more likely to become consumers of brands with an established online presence.
2.3 billion people use social media, as almost every single person is familiar with social media in today’s time. In fact, in the last six months alone, 44% of consumers reported an increase in their personal use of social media platforms.
This showcases that, social media platforms allows the business owners to market their business by just spending a little amount of money for the same, 87% of the marketers use social media.
There are a few things to consider before jumping into social media as a franchisee, which is vital for your business to grow & survive.
Define Your Objective
Social media is used for various marketing purposes, you need to decide beforehand what you want to achieve from social media marketing. According to a report, 99% of social marketers agree investing in social media has a direct impact on their business revenue. Below are the top goals of franchises from social media.
Leverage the Right Platform
There is an inundation of social media platform over the internet. Choosing the perfect platform for the marketing of your franchise is a crucial step. Decide your social media platform according to your consumer base & their behaviour. For instance, if you are likely to more customers on Instagram, you would be wasting time & energy of you are leveraging on Facebook. Below is the ratio of the most used social media channel to consumer behaviour.
(source: sprout social)
Social Media Platforms
If you think presence in one social media platform is enough, then you can’t be more wrong. Multi-channel marketing is the trend of the hour. Franchises are leveraging on as many social media platforms they can. However, shooting in the dark and hoping anyone or two social media will give you the result isn’t going to work, you need to prioritise social media platforms to invest in. While cost remains a major consideration for 47% of people, approx 53% franchisors are primarily interested in how many people they can reach on a specific platform.
For example, promoting your page on Facebook will cost you INR 69 per day for getting the engagement of 31-89 likes. While boosting a post, will cost you around INR 100 for 10 days which assures a reach of 51-150 people.
On the other hand, Instagram assures an estimated reach of 120-310 people with a budget of INR 40 daily.
Define engagement to measure social success
After you have successfully launched your marketing strategies over social media, it now time for the results. But how do you define success over social media? With Like & Comments, reach or engagement?
As such important it is to select the right platform, it is also vital to define the metric to decide the success. With franchises focused on increasing awareness, it’s easy to assume they would prioritize reach and impressions to meet their goals. But, ironically, 63% leverage engagement metrics. Less than half (41%) use amplification and brand awareness metrics, like reach and impressions, and 50% focus on conversion and revenue metrics. One of the most common methods of defining engagement to measure the success of their social strategies is by likes and comments, as well as shares, retweets and interaction with consumers.