Implementation of social media marketing business model
The implementation of a business model helps with one glance to cover the entire structure of the business and to build a decision-making sequence for solving tasks. This makes it possible to find weak points in interactions in order to purposefully apply force for correction in complex interdisciplinary actions; to single out the most important and express it, but more clearly, it forms a common language of communication with partners, equally understandable for all, turning into a single information matrix.
It’s interesting to note that a social media business model and a social media marketing plan have a lot of crossovers. After building Business Model Canvas the company is ready to answer easily for the next questions:
· Why do you want to be on social media?
· Who is your target audience?
· What are you going to share?
· Where are you going to share?
· When are you going to share?
It is the simplest way to create a Social Media Marketing strategy and to implement it the right way. This relates to your social media goals. Is the company on social media to promote its products? To drive traffic to your website? Or to serve customers?[1]
In general, there are nine social media goals you can have:
· Increase brand awareness;
· Drive traffic to your website;
· Generate new leads;
· Grow revenue (by increasing signups or sales);
· Boost brand engagement;
· Build a community around your business;
· Provide social customer service;
· Increase mentions in the press;
· Listen to conversations about your brand.
Once the company has figured out your Why, the next thing to consider is a target audience.
A target audience is a group of people who are defined as a focus for communication, media, entertainment, information, or advertising. A well-defined target audience is used to adapt messages to your audience and to find ways where they can be reached.[2]
Understanding your target audience will help you more easily answer the following questions on what, where, and when we are going to share.
There are many different ways of building marketing personas. One of the main approach is to use the 5Ws and 1H, which was used by the company:
· Who are they?
Women (18 - 55 years), who take about their beauty frequently and men (25 - 45 years), who work politicians, showmen, bankers, and lawyers.
· What are they interested in that you can provide?
Beauty treatments, spa, new of beauty industry.
· Where do they usually hang out online?
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Instagram, Vkontakte, Facebook
· When do they look for the type of content you can provide?
During surfing the internet.
· Why do they consume the content?
Personal care, to stay up to date with new suggestions.
· How do they consume the content?
Read social media posts, watch videos, scroll an Instagram.
Developing a social media marketing business model mode is probably one of the hardest things to do because it requires to step back and look at the big picture. It is necessary to shift a mindset away from daily tasks like scheduling and replying to comments to higher-level thinking.[3]
After the implementation of the business model, the number of clients increased 1.7 times and the number of subscribers by 5400 in six months. That's why it’s greatly rewarding and helpful to have a social media marketing business model so that there is not just posting content just for the sake of posting content. It helps to achieve social media and business goals.
The number of people engaged the social media of the company, basically reflects the success of Social Media Marketing (e.g. number of likes in the Facebook, number of followers in Instagram[4]). So the big amount of work was done to improve the network traffic:
1. Running Contests
A number of Instagram contests were held, which attracted the active attention of users. This greatly helped in obtaining contact details of the bidder, as well as in attracting new customers. When people participated in competitions (“Mark 3 friends under the post,” “Make a repost,” etc.), the list of potential customers was automatically updated at the salon;
2. Testimonials
They are the most powerful form of marketing. Every client was asked to write a review on different platforms. Feedback is important in establishing the confidence of both new and existing users[5];
3. Offers
Offers provide a good tool to drive traffic to the site. The salon attracted new customers with various promotions such as “bring a friend, get a gift”, “2 for the price of 1” and others.
4. Content
Content is the most important driving force for attracting network traffic to a page.[6] If viewers do not find anything attractive, the will not follow the page. That's why the new Instagram design has been developed (PIC.2);
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An affiliate model was used to attract customers from partner sites and other Instagram pages. They were rewarded for each client, caused by their efforts.
Now it is possible to compare the difference between an Instagram of «Millisa» in half a year (PIC. 1 and PIC. 2). The following changes were identified as a result of the implementation of the social media marketing business model:
· The number of clients increased by 1.7 times (110 clients per month in 2018 and 190 clients per month in 2019);
· The number of subscribers increased by 5442 (2740 followers in 2018 and 8182 followers in 2019);
· Improved Instagram page design, the logotype, and the name;
· Created quick access windows.
PIC. 1 OCTOBER 2018
PIC. 2 MAY 2019
The conversation is the key to communication. The conversation leads the audience to the site from social networks. The conversion rate is the number of conversions divided by the total number of visitors. Tracking conversion measure assures the performance of web pages and applications. Understanding what percentage of users achieve the goals that define business allows to gauge the success of website or application and identify areas for improvement.
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= 4%
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= 2%
Сonversion decreased by 2 percent in the background with an increase in the absolute number of customers is not critical and does not affect negatively on the company's activities - the number of incoming customers has increased, which had a positive impact on revenue and other financial indicators.
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