Social Media Accounts are Business Assets Too!
Social Media Accounts are Business Assets Too!
“It is only by recognizing all of the benefits delivered by Social Media Marketing that the complete value of these efforts can be understood.”
– FORRESTER RESEARCH
Social Media Accounts are Business Assets Too!
When you think of your business’ assets what do you think of? You may find yourself listing the QUANTITATIVE items of your balance sheet, items such as:
- Available Cash on Hand & Petty Cash
- Current Inventory & Supplies
- Land & Building(s) Owned
- Furniture & Equipment
- Goodwill
Or QUALITATIVE items such as:
- Strength of Management & Key Employees
- Marketing & Sales
- Products & Services
- Industry & Markets – Opportunities for growth
- Safety & Environmental Procedures
If business success is measured with checks and balances and tangible assets, how do you evaluate and measure the worth of your business’ Online Presence? How do you quantify the online representation of your business’ Brand? Do you know what is the digital imprint of your business is? There is value in your business’ Social Media presence and your website. There is much value in knowing how to qualify it.
As a case in point, I once helped to prepare reports that documented the analytics of the Website and Social Media Platform performance. The documents were in support of the sale of business. Due to the strength of that business’ Online Presence the business valuation was ranked HIGHER and the business was sold at an increased price. The business literally sold for more money because of their excellent website and social media presence.
What are the Business Assets of Social Media?
Assets include the platform accounts, pages, followers and content that makes up your social media presence. All of these items have business value. The work that goes into a professional, consistently-tailored online presence not only assists with business growth, but also supports the reach of business goals, helps to attract talented employees and becomes essential to the GOODWILL of your business. Therefore, the website and social media is a very important ASSET of your business.
What is GOODWILL in Business?
Goodwill in Business is an intangible asset that is often associated with the purchase of one business by another. The value of a business’ brand name, solid customer base, online presence and audience, good customer relations and good employee relations represent some of what goodwill is in business.
Every single POSITIVE action that happens to your business online ADDS to the goodwill of your business.
Conversely,
Every single NEGATIVE action that happens to your business online SUBTRACTS from the goodwill of your business.
Social Media Succeeds as a Business Asset Over the Long Term, Not Short Term
I can’t stress this enough. A social media strategy is a long term, ongoing operation of your business and deserves to be treated just as important as any other asset of your business.
Success on social media is the result of consistent long term efforts.
Consistent, long term efforts assist with growth, month over month, in conjunction with your business.
Consistency helps to build familiarity and trust between the business and the audience.
Short term efforts on social media, if abandoned, will actually damage your business. Inconsistent posting, abandoned social platforms, and random posting are a recipe for failure….overall.
Businesses today require two digital marketing elements to get the most exposure for their business from their audience; a website and a social media presence. There are 1.96 BILLION people who have at least one social media account, there is a very good chance that your audience is among them. A solid and consistent Social Media Marketing Plan and Strategy is paramount to the growth of a business, and will further strengthen the value of your business. Truly, Social Media is a valuable business asset.
Social Media Engagement adds to your Social Media Assets worth. To learn more about Social Media Engagement take a look at one of my previous article; 20 Questions To Ask on Social Media.
Social Media’s Value as a Business Asset?
I sourced a very handy and very interesting calculator powered by Hubspot. I did a quick calculation on my own business, Dufferin Media, which is seeking new Business to Business Leads and came up with a whopping $350 per LIKE. WOW, was all I could say. This figure gives me the assurance that I should be willing to invest up to $350 to achieve one new follower or connection on my social media channels.
To check your standing, check this link to the Value of a Like on Hubspot:
