Jul 5 Posted 4 years ago
Two problems associated with opportunity cost as far as the article and subsequent comments go.
1. There's no mention of how much social media brings in per year, everything is purely a cost. Social media nor any other designated cost is a one-way street. How much do the leads social media brings in create in revenue for your firm?
2. Outsourcing social media to a third-party just means that I connect with them, not you. For the small business owner that highlights personal service I want to connect with them, not with a social media company. For larger companies I realise I'm dealing with a department within a multinational but I'd still like to think one customer is worth more than a scripted reply or worse, someone that has no ability to deal with the issue.
Jun 9 Posted 4 years ago
I love that you're focusing on dollar signs associated with social media. Too many people forget that the time they spend has real revenue implications and needs to be appreciated from that perspective!
It's important, however, to not only look at the cost side of the equation. The entire reason that a business would spend time on social media is to earn revenue, not simply for fun. Therefore, we should really be looking at social media investment from a total ROI perspective. If your time spent on social media has a positive ROI, there's no need to reduce it!
The trick in doing this is attributing revenue to social media. How you do this depends on what kind of business you are. A good place to start is social media conversion tracking on your website, but you should also attribute offline revenue as well. Once you know how much revenue you're taking in from social media you can begin to make good decisions on how to spend your time!
Jun 5 Posted 4 years ago
That's why it can definitely be worth it to hire a professional to take care of your social media marketing. Not only does it free you up to work on your business, they often have much better results. I know at The Content Factory (www.contentfac.com), you can work with them to figure out which services you want, which can save you money (and put your social media in the hands of people who have lots of expertise).
Jun 4 Posted 4 years ago
"Sign up for an app which automatically sends a direct message to your followers and/or automatically follows back whoever follows you"
Doesn't that sound like spam?
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