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Social media marketing plan
- 1. Social Media Marketing Plan DARIAN RIGGS JR. MK5129 – ELECTRONIC BRANDING/STRATEGY DR. KAY GREEN DECEMBER 6, 2018
- 2. Introduction A Social Media Marketing Plan & Strategy for the company. Social Media Marketing plan is the basic requirement to work on digital marketing. It helps in reaching the right prospective customers. It enables the marketer to have a qualitative and quantitative reports to analyze the productivity of marketing. The marketing plan should have the strategy, tactics and metrics to verify the success of implementation.
- 3. Strategy The Porter’s Five Forces should be included for the SMMP:- Threat of new entrants – Potential threat because of new market for the entrants or the competition from existing competition or market response it should be evaluated. Threat of substitutes – When replacing a product/service or existing business there are many possible threats which should be evaluated because market is same but response from market may vary. A brand would get better response if substitute is from same product line. Bargaining power of customers – This helps in understanding who is in power, when the supply is more than demand, than the customers have the bargaining power. Bargaining power of suppliers – Suppliers have the bargaining power when they have a differentiated products or higher demand than supply. Competitive rivalry – Competitive rivalry is important to understand as it helps in understanding that where the company can be positions or stands amongst the rivals.
- 4. SWOT Analysis SWOT analysis ensures that the business can identify the Strength, Weakness, SWOT analysis helps in formulating the marketing strategy. Strength – Strength of business such as having patent of a technology, or strong financial support, or it can be the skilled resources in organization. Anything that adds value to the organization is strength. Weakness – Anything weak point of the company is a weakness, such as high attrition rate. Or high resistance for change.
- 5. SWOT Analysis (Continued) Opportunity – Exploring new market, or possible increase in market size. If the competition is less then also it is considered as opportunity. A business should take advantage of opportunity. Threat – These in most cases are the possible risks to business and plan, therefore all risks should be identified and a mitigation plan be prepared to avoid those risk. Strength and Weakness are internal factors, whereas opportunity and threat are external.
- 6. Tactics Tactics should be applied to implement the plan and strategies. Tactics helps in defining that what all tools should be used for implementation of SMMP. Implementation is important to bring the plan into action. Implementation with tactics can help in generating the results.
- 7. Metrics It is important to evaluate the success of the plan. It should be quantifiable and therefore important to evaluate return on investment. If the evaluation results do not support plan, the necessary changes must be done.
- 8. Implementation Digital asset should be E-Newsletter as it will help in increasing the reach to customers. We will use the mail chimp services to email customers in bulk and promote offers. YouTube – A viral video which can be shared through YouTube, and various social media apps and sites to promote the brand. It should be focused on the social service or cause to attract people to it and they should share it. A Facebook page is very important for customer engagement and have a connection with customers. We would be using pay per click using google AdWords to get more new customers. We will also be using the Facebook ads to generate more business and reach new customers.
- 9. Advantages Both Google AdWords and Facebook ads helps to track the reach through reports. Reports can provide that how many customers were reached and how many clicked the link. It also helps in tracking the customer behavior. The report can be used for customization and improving the reach based on market segment.
- 10. References Evans, D. (2010). Social media marketing: An hour a day. John Wiley & Sons. Hanna, R., Rohm, A., & Crittenden, V. L. (2011). We’re all connected: The power of the social media ecosystem. Business horizons, 54(3), 265-273. Thackeray, R., Neiger, B. L., Hanson, C. L., & McKenzie, J. F. (2008). Enhancing promotional strategies within social marketing programs: use of Web 2.0 social media. Health promotion practice, 9(4), 338-343. Tuten, T. L., & Solomon, M. R. (2017). Social media marketing. Sage.
Editor's Notes
- A Social Media Marketing Plan & Strategy for the company. Social Media Marketing plan is the basic requirement to work on digital marketing. It helps in reaching the right prospective customers. It enables the marketer to have a qualitative and quantitative reports to analyze the productivity of marketing. The marketing plan should have the strategy, tactics and metrics to verify the success of implementation.
- The Porter’s Five Forces should be included for the SMMP:- Threat of new entrants – Potential threat because of new market for the entrants or the competition from existing competition or market response it should be evaluated. Threat of substitutes – When replacing a product/service or existing business there are many possible threats which should be evaluated because market is same but response from market may vary. A brand would get better response if substitute is from same product line. Bargaining power of customers – This helps in understanding who is in power, when the supply is more than demand, than the customers have the bargaining power. Bargaining power of suppliers – Suppliers have the bargaining power when they have a differentiated products or higher demand than supply. Competitive rivalry – Competitive rivalry is important to understand as it helps in understanding that where the company can be positions or stands amongst the rivals.
- SWOT analysis ensures that the business can identify the Strength, Weakness, SWOT analysis helps in formulating the marketing strategy. Strength – Strength of business such as having patent of a technology, or strong financial support, or it can be the skilled resources in organization. Anything that adds value to the organization is strength. Weakness – Anything weak point of the company is a weakness, such as high attrition rate. Or high resistance for change.
- Opportunity – Exploring new market, or possible increase in market size. If the competition is less then also it is considered as opportunity. A business should take advantage of opportunity. Threat – These in most cases are the possible risks to business and plan, therefore all risks should be identified and a mitigation plan be prepared to avoid those risk. Strength and Weakness are internal factors, whereas opportunity and threat are external.
- Tactics should be applied to implement the plan and strategies. Tactics helps in defining that what all tools should be used for implementation of SMMP. Implementation is important to bring the plan into action. Implementation with tactics can help in generating the results.
- It is important to evaluate the success of the plan. It should be quantifiable and therefore important to evaluate return on investment. If the evaluation results do not support plan, the necessary changes must be done.
- Digital asset should be E-Newsletter as it will help in increasing the reach to customers. We will use the mail chimp services to email customers in bulk and promote offers. YouTube – A viral video which can be shared through YouTube, and various social media apps and sites to promote the brand. It should be focused on the social service or cause to attract people to it and they should share it. A Facebook page is very important for customer engagement and have a connection with customers. We would be using pay per click using google AdWords to get more new customers. We will also be using the Facebook ads to generate more business and reach new customers.
- Both Google AdWords and Facebook ads helps to track the reach through reports. Reports can provide that how many customers were reached and how many clicked the link. It also helps in tracking the customer behavior. The report can be used for customization and improving the reach based on market segment.