Mark Zuckerberg is many things, but he’s not a dummy. He’s also a multi-billionaire. He also holds (and pulls) the strings on a social media platform very important to us and our clients.
So it’s been no surprise as Facebook has become more focused on money. Since going public, Facebook is looking for a steady steam of revenue. And, frankly, for too long we’ve been able to leverage content on the site, especially promotional business content, to a captive audience without ever having to pay a penny to Facebook.
That all changed at the beginning of this year, when Facebook turned around the rules of what kind of reach sales-driving content got for free. The answer: Zero.
Boosting posts and buying ads in order to improve reach is now a must for all businesses. And for people sitting in our seats as strategists, so is the importance of understanding the nuances of just what they are getting for that money. This is not a matter of throwing tons of money at a platform and all your problems are solved. Like everything with social media, there are a lot more intricacies to that, especially if you are looking to reach very specific audiences with very specific messages.
This is where we can put into play what seems to me to be the Moneyball aspect of social media strategy work. For those of you nerds who haven’t been plugged into sports for the past decade, “Moneyball” is a best seller written by Michael Lewis, about how the Oakland A’s used data to make decisions about the players they would add to their team rather the gut instincts of their scouting department, because it allowed the A’s and their limited payroll to compete with teams like the Yankees who were able to stock up on talent with big-money contracts.
This Moneyball idea has since spread to many other sports teams and businesses, who are looking to analytics in order to draft the best players and make their personnel dollars stretch when it comes to competing with other, often larger and more revenue-rich, organizations.
As someone who works with small and medium sized business, and is part of one myself, this Moneyball philosophy has a lot of appeal. But I’ve also seen the idea of precise targeting of dollars in social media spending be trampled by a run-away elephant of brands who are throwing cash at agencies, who in turn throw it at the platforms with no real strategy in place. Aside from the strategy of SPEND!
This is the New York Yankees plan, and I guess works at times, but it becomes a battle only the most bloated powers can fight. A big enough company could, in theory, buy so many ads on so many platforms to make any targeting unnecessary. They want to reach everyone, and indeed they will reach everyone. But then does that reach turn into transactions, or by then are people so sick of the brand buying its way in front of their eyeballs that they want nothing to do with them?
And on the agency side, is there any effectiveness in taking loads of money to buy a wide reach when none of those customers are going to have any relationship with your brand. It’s like we say about follower and fan numbers – you can get a billion Chinese people to like your page if you pay enough money, but unless your small business in Edmond needs a billion Chinese customers it doesn’t do you any good. Anyone who has done and continues to do this sort of unfocused cash dump for clients is only interested in their piece of the cash dump.
Now let’s get back to Moneyball. What does that look like in the digital marketing space? It looks a lot like targeting to a very nitty-gritty audience in order to make $5 or $10 a day into a potent weapon, while at the same time using great content to continue to service the audience who are sticking with your brand every day on social media. Fortunately, the platforms continue to provide us in the social media strategy building world with metrics, statistics and data that shows results, often in real time, just as the originators of Moneyball had at their nerdy fingertips when they were determining the real value of players who got on base or were efficient with each at-bat.
In a world of online marketing, where every dollar counts, where every piece of content is a doorway between your brand and a potential sale, and where the rules can be changed from day-to-day on the whim of a young billionaire, it pays to be agile and able to make smart moves instead of big ones.