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Social Media Management as a Business Opportunity

  1. SOCIAL MEDIA MANAGEMENT The New-Age Marketing Mantra By Vikas Sharan
  2. WHAT IS SOCIAL MEDIA MANAGEMENT? Today, blogs, forums, emails, social networks/platforms like Facebook, Twitter, LinkedIn, Flickr, Yahoo Messenger, Skype, etc. have become an integral part of our lives. Social Media Management is the thought, strategized efforts put in by brands to reach, interact & influence people.
  3. WHY SOCIAL MEDIA MANAGEMENT?  Today, information on the internet is more conversational and more powerful.  Also, with India already having more than 121 million active internet users (IAMAI & IMRB report, 2011) the online space is adding a new dimension to the word, 'Influence'.
  4. People blog, download stuffs, chat & share with their friends, peers & family on the various social media platforms.  Brands & their marketing managers realize that these social media networks offer a vast, very effective opportunity for marketing & branding.  Social media marketers, consultants, social media marketing agencies are some ways to tap in.
  5. Lastly, because it is, perhaps, the easiest business to start.  Some Numbers:  Seed Capital – Rs. 50, 000  Resources – None (can begin at home, on your laptop)  Complexity – Sourcing clients  Licensing required – none  ROI (Return On Investment) – Immediate
  6. THE INDUSTRY  Social media marketing forms a part of online marketing & is highly underdeveloped as a service.  There are many small SMM firms; plus the big advertising/branding/online marketing agencies have formed smaller SMM teams.
  7. WHAT’S MISSING?  The industry remains a cluttered one with exceptional potential of branding & enhancing brand loyalty among consumers.  The sheer vastness of the social space makes it an unknown territory for the marketers.  The potential of Social Media Marketing remains, largely, untapped.
  8. SO, HOW TO GET IT RIGHT?  The best part about SMM is that you can start it right from your home, all you need is PC/laptop, mobile, landline phone & a fast, effective internet connection.  Reach out to prospective clients through calls, emails & references.  Have an impressive website, blog & swanky presence on prominent social media networks.
  9. Select a particular industry that you have prior knowledge about; this will help in understanding the market, it needs, & other fundamentals.  Have your client define its social media marketing goals. It can be anything from increasing fan base, to have more interaction with the fans, to introduce new products, enhance brand value, etc.
  10. Work out a way of judging success/failure with the client. This is most critical & can be a matter of disagreement. So its better to predefine.  Do not be afraid to ask for recommendations from clients who are pleased with your work. Surprisingly for this digital business, personal recommendations are highly valued.
  11. THE BUSINESS MODELS  Social Media Management firms are the link between fans/consumers & the brands.  Some SMM business models are:  Consultants, Individual social media marketer, online marketing agencies, dedicated social media management agencies, etc.
  12. FINAL WORD  Stay alert to opportunities – always remember that SMM is spread across advertising, digital marketing, PR & hence present opportunities & competitors from all these fields.  If done rightly, the possibilities are limitless in terms of revenue generation & business growth.
  13. THANK YOU!