Traditionally, brands spend their money creating awareness and consideration and then the conversion to buyer drops off. Traditional solution: keep creating awareness until your budget is exhausted.
Arguably, the biggest waste in your budget is communicating to people who are aware of what you offer but on their way to dropping out of the funnel. All they are getting from you is the same message that made them aware in the first place.
The longer that goes on, the bigger the waste.
Social media offers new ways to understand where consumers are in the funnel and potentially to intervene in new ways, tailoring messages according to need.
Social Media…. Buyer Beware
You’ve probably heard some extraordinary claims made for social media and yes, much of it is wishful thinking. Facebook will NOT let you retire early. Unless you are Mark Zuckerberg.
Social Media: Be Aware of Buyers
But…social media uncovers pure marketing gold – people who are showing an intention to find out more about your category and possibly choose you. It also reveals customers who are unhappy with their experience of your brand and are sharing their feelings with others.
By exploiting it as super-efficient way of connecting directly with people who have demonstrated an interest in what you (and even your competitors) offer, you can set about building loyalty by solving problems, meeting their needs and helping them choose you and spread positive word of mouth.
We’ve included some interesting and authoritative reference sources to expand this theme. Each link opens in a new window.
Social media and the marketing funnel, is a very good animated audio presentation from McKinsey on the new marketing funnel. It’s in three parts and takes about eight minutes but worth every second.
Who is responding to this change? This survey is one of many that shows that brands are shifting attention and budget to social media.
But while the strategic opportunity looks clear there is doubt about the best way to evaluate social media and gaps opening between what clients want to measure and what they are being offered as measures.
Which is why we offer a service based around minimal wastage and in-built efficiencies.