At ANZ we know we’re surrounded by social media. We all use it and the latest Sensis survey gives us an overall picture of use by small to medium-sized enterprises.
Let’s not forget being on social media is not a business achievement in its own right. It needs to justify the time and resources devoted to it. SMEs need a return on investment – just like with any form of marketing.
The key then, as with all marketing decisions, is understanding and measuring what you are out to achieve so you can optimise your return.
Facebook may be the world’s most pervasive social platform but is it the best marketing tool for a local business? I spoke recently to a customer with three dry cleaners. For him a more old-fashioned collection of emails and sending out targeted special offers was the best return.
Some business do well with a simple website but for them a critical element is understanding search engine optimisation (SEO) in order to drive traffic to the website.
There is a distinction between those individuals making a living off Facebook or Instagram – being paid for clicks - and a business making sales or marketing on social platforms.
We get back to that crucial issue for SMEs - how do you best spend your time and marketing dollars?
In rural areas we are seeing some very competitive and geographically targeted advertising packages being offered on television which have worked well for some customers of ours. Another, with a boat yard, makes his own low-budget but authentic Youtube videos.
For me the key questions are really quite familiar ones:
- Where is your customer base and how do you get in front of them?
- Are you delivering the right content on the right platform?
- How do you measure the return you are getting on your investment?
Guy Mendelson is ANZ General Manager Small Business Banking