When you think of an asset of your business you might list things from your balance sheet such as:
- cash on hand
- furniture & equipment
Or qualitative items such as
- strong team
- great product
- environmentally friendly
What about your Online Presence? Your Brand? Your Digital Imprint?
I was working with a company recently that went through selling their business. I assisted in preparing reports showing analytics from their Website and Social Media Platforms - and because of their strong Online Presence the valuation of their business was HIGHER. They literally sold their business for more money because of their excellent website & social media.
The work that goes into a professional consistent online presence not only assists your business grow, reach it goals, attract talented employees it also becomes part of the GOODWILL of your business therefore a very important ASSET of your business.
Every single positive action that happens online about your business ADDS to the goodwill of your business.
Every single negative action that happens online about your business SUBTRACTS from the goodwill (value of your business)
How important is your Online Strategy? How important is Reputation Management? How important are your Social Media Efforts? How up to date is your Website?
If you are a physical business how often do you clean....how often do you count your inventory......
See where I'm going with all of this?
Social Media Succeeds Long Term, Not Short Term
I just can't stress this enough. A social media strategy is a long term ongoing function of your business which should be treated just as important as any other asset of your business. Success on social media is the result of consistent long term efforts. Your social media accounts should grow month over month in conjunction with your business.
Short term efforts on social media, if abandoned will actually damage your business. Inconsistent posting, abandoned social platforms, and random posting is just a recipe for failure....overall.
"For businesses today, there are two digital elements they need to get the most exposure for their audiences: a website and a social media presence. While there are many other marketing outlets that could be as important as those two, we’d argue that those are the two must-haves. Think about it: there are 1.96 billion people who have at least one social media account, and there’s a very good chance that some of them are your audience. "
So how do you actually put a value to your social media efforts? What is the value of a like. Here is a very handy & interesting Calculator powered by Hubspot:
I did a quick calculation on my own business - Dufferin Media, which is looking for Business to Business Leads and came up with a whopping $350 per LIKE wholly crap. That means I should be willing to invest up to $350 to achieve one new follower or connection on my social media channels.