Pub. 16 2019 Issue 4

Issue 4 • 2019 13 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S integral part of their overall marketing. After all, social plat- forms can help you connect with your customers, build rela- tionships, increase awareness about your brand, and generate sales leads. All good things, right? If you’re not convinced, consider the following: Why Social? The quick answer? It’s both efficient and effective. Social media marketing can be implemented for a fraction of what more traditional media such as television and outdoor boards can cost. Second, social media marketing is measurable, which means you can refine and realign your messaging as you go. A benefit that traditional marketing tactics such as print and direct mail can’t offer. Third, this type of marketing facilitates interaction that others don’t; interaction equals engagement, engagement equals relationship, which eventual- ly — hopefully — leads to loyalty and increased revenue. So, what’s next? Right now, you’re probably experiencing that “pre-social media euphoria,” a feeling that social media marketing is quick, cheap, and easy. Unfortunately, making the most of so- cial platforms isn’t quite that simple. A successful social media marketing campaign, like any successful endeavor, must start with a plan … a SMART approach. Social media marketing. It starts with a SMART plan. The secret to successful marketing is, of course, planning. Before you spend a dollar, you want to have a comprehensive picture of your market. Who are your potential customers? Where will you find them? What should you say to them? What are your competitors saying? When is the best time to reach them? And, how can you get your message to them in the most cost-effective manner? As a critical component of your overall marketing plan, social messaging deserves the same consideration as any marketing initiative. So, before you even consider posting to Instagram or opening a Facebook account, here is what you need to do first: Set SMART goals Step one of any planning process is always goal setting. What are you looking to accomplish? Perhaps your goal is to build brand awareness. To generate qualified leads and drive sales. To cross-sell new products or services to existing customers. Or, to improve customer retention. This is where a SMART goal-set- ting framework can be of tremendous help. Establishing such a framework will help you create meaningful, measurable, and achievable social media goals that will support your business in the long run. What does SMART mean? • Specific Specific goals are more readily measured, making it easier for you to track your success. • Measurable Make your goal measurable. “Reducing costs” is a worthwhile goal, but it’s vague. “Reduce payment and deposit processing costs by 20%” is a goal that, by contrast, is not. • Attainable Sometimes, you won’t be able to determine the achiev- ability of your goal until you’ve begun your efforts to accomplish it. If you set a goal to reduce your process- ing costs by 20% and reduce them by 10% in the first month, you need to re-think that goal. • Realistic Is your goal a realistic one? A 20% reduction in cost seemed, initially, like a realistic, attainable goal. Adjust as needed. Keep your goals attainable, but give yourself something to aim for. • Time bound Every goal needs a start and a finish. Without a com - pletion date, you can’t measure success. Now that you have an idea of how to set goals, we’re going to talk about social media channels and what they have to offer in terms of helping you grow your business. On your mark, get set, get social! You know that you need a social media marketing plan; you just don’t know where to begin, right? Which platforms make the most sense? Well, here are the ones that should be at the top of your list. As you’ll see, each one is unique, offering its own unique opportunities. Facebook The oldest and by far the most far-reaching of all social chan- nels, Facebook boasts over 2 billion users around the world. This platform has gained popularity among businesses not just The secret to successful marketing is, of course, planning. Before you spend a dollar, you want to have a comprehensive picture of your market. Who are your potential customers? Where will you find them? What should you say to them? What are your competitors saying? When is the best time to reach them? And, how can you get your message to them in the most cost-effective manner? n SOCIAL MEDIA MARKETING continued on page 14