Social media is a great tool for marketing yourself and your business. The realms of possibility are endless for making connections, interacting with potential clients and creating credibility. But, it can be a little addictive for some!
I often find myself scrolling the pages of my favourite social media platforms, with no real strategic direction. Before long I have wasted an hour that could have been better spent on earning income, or revenue generating tasks.
Perhaps you’re a bit OCD with your brand visuals and spend hours curating the perfect Instagram grid or scripting the perfect Facebook Live. We’ve all done it. Me included.
So, it’s time to ask the tough question of yourself. Is the time you spend on social media really worth it?
As a lover of all things numbers, I’m going to help you look at time spent on social media marketing from a financial perspective. Specifically, is it a cost or benefit to your business?
Let’s step through the process together.
- Work out how much time you spend in the social media space
On average, how many hours a week do you spend on social media doing any of the following: commenting, promoting yourself and coming up with ideas for theme days in Facebook Groups, creating, sourcing and scheduling posts for Instagram and Facebook, crafting ideas and scripts for Facebook Lives, commenting and liking other business posts? Be truthful here! It may be less daunting to work out your daily figure first!
- Write down how much of your sales or income comes through social media
In the last week, what benefits came to you as a direct result of social media? For example, email list signups or new client sales.
- Use this spreadsheet to work out the financial return of using social media
Complete the spreadsheet with the details you have gathered from step 1 and step 2. It will then tell you which is worth more to you, with a recommended course of action. ‘STOP’ means that you should consider whether your time investment is wisely spent on this type of task as your cost is greater than your benefit. ‘GO’ means that the return on investing your time in this activity is worth the effort.
- Spread the risk
Remember, that social media platforms are ultimately owned and controlled by a third party. As such, not only should you consider how you utilise your precious time on them, but whether you should perhaps diversify your avenues for leads and promotion of your business. Think optimising your website, SEO and building your mailing list.
We all have a finite amount of time, and that time needs to be spent wisely. By identifying where you spend the least amount of time for the greatest return on investment allows you to focus your efforts in that space. This will keep your business moving forward, increases productivity and reduces the likelihood of you feeling overwhelmed and overworked.
If you would like more tips and tricks to increase the financial health of your business, sign up to my newsletter over on the right (under the About section), where you’ll receive free resources like my budget planning template and financial training video.