The latest metrics show that it takes all of 17 points of contact for a person to trust us enough to spend money with us in this crowded media market.
-Brian Kurtz, Senior Copywriter & Founder of Titans Marketing, in his presentation at LaunchCon 2017
Why you need to have year-round social media for the most profitable product launches—and what you can do to make it worth your money.
Social Media program begins with clear objectives that are then we develop specific strategies to accomplish key objectives. Metrics we measure include revenues, email capture, and engagement.
- Revenues: Promote Launch Products
Social media campaigns greatly enhance engagement and enrollment for product launches. A key component If Authentic Presence is just doing product launches, an average launch takes about 4 weeks, and our clients launch usually no more than 5 products in a given year, what about the other 32 weeks? Why are you paying for social media service when you’re not in the middle of a launch?
There’s no question that social media advertising makes a big difference during a launch. Whether it’s generating optins to PLC videos, sales webinars, or directly promoting the product, our social media service has demonstrated an average of 1500% return on ad spend (RoAS) for our clients during product launches in the past year. That’s right: for every $1 spent on social media advertising, we have returned an average of $1500 in gross revenue to our clients.
What is less visible is what it takes to maintain that kind of profitability. Over the course of the year, during non-launch times, the role of social media is two-fold:
- Grow your email list. On average, a contact is worth between $9 and $20/year. Your email list is your goldmine!
- Keep your audience “warm.” Every time your audience sees your name or brand attached to a piece of content, it contributes to those “17 points of contact” that Brian Kurtz talks about. If the only time they see your name or brand is during a launch, not only will they tire of seeing you only sell to them over and over, but they are missing out on getting to know you and therefore getting to trust you.
As you can see from the Value Journey Canvas above, there is a long and winding road between an individual discovering you for the first time and purchasing your product for the first time. The steps of “Awareness,” “Engagement,” “Subscription,” and “Excitement” are all directly fueled by social media campaigns.
Given that, you can start to understand why just turning on a social media campaign to promote your new product for 4 weeks is not the most effective way to capture your market. If an individual only becomes aware of you for the first time when you are launching, and then doesn’t hear from you for three months, you basically have to start from square one with them the next time you launch.
If, on the other hand, you have a constant stream of quality content associated with your name or brand, then whenever during they come into your Value Journey, they will always be one step closer to spending money on your products. Plus, with a warm audience the RoAS is fantastic (remember: 1500%)—and with a cold audience not so much: average=70%.
The bottom line is that product launches don’t exist in a vacuum. Getting a solid social media strategy professionally tailored to your upcoming product launches is a responsible part of a holistic digital marketing strategy that allows your product launches to really take off.
So what can you do to help?
- “AP keeps bugging me for ‘content’—don’t I have enough content already, and can’t the social media team figure out what to post without me?”
All platforms of social media are bursting with content. In order to get noticed, you need to provide your audience with authentic, relevant content that they will be interested in consuming on a regular basis just because it’s coming from you.
Creating and distributing social content can be complicated. Some of the variables to take into account are:
- When is your audience online?
- What medium of content do they most like to consume (video, audio, image, text)?
- How often do they like to hear from you (daily, weekly, monthly)?
- Are they interested in the content of people you admire and respect?
- Once they follow you, how likely are they to subscribe to your email list?
- If someone opts into a webinar or lead magnet on one topic, how likely are they to purchase from you versus someone who opts into something on a different topic?
The answers to those questions are often surprising, and it takes time, calibration, and expertise to be certain of them. That’s one reason why it is essential to the success of your year-round social media effort that you provide AP’s social media team with regular content so that the data they come up with is useful and current.
Another reason to provide content for the social media team to post is that it keeps your audience engaged with your brand. As you saw above, a warm audience results in significantly higher ROI during your launches. The key point here is that it is in your hands whether or not your audience is warm and ready for your product launch. The more content you can deliver for the social media team to post, the better off your product launches are.
A final word about the importance of strategy in social media: posting content is good. Posting the right medium of high-quality, engaging content at the right time with a relevant call to action and a followup email and ad-retargeting sequence in the backend as well as a thematic relationship to your upcoming launch—that’s great. Our team works very closely together to make sure that social media content posting and advertising efforts are strategically coordinated year-round so that time and money is utilized very efficiently in making your product launches successful.
- “If social media is so important to product launches, why don’t I have more fans/followers, and why is AP’s social media team not posting on every platform available (Twitter, Instagram, LinkedIn, etc.)?”
It is important to keep in mind that at the end of the day, the only thing that AP is really concerned with is revenue for our clients. If a system is not contributing to our ability to put more money in your pocket, we get rid of it. The number of fans, likes, and followers your page has can be an ego boost—and at the end of the day, unless those fans, likes, and followers are spending money on your products, they are irrelevant to the success of your product launches. Key point here: don’t be fooled by “vanity metrics” either into thinking that your page is unsuccessful because it isn’t growing or thinking that your business will be wildly successful because 250k people “like” it.
What matters is engagement and conversion. That’s why we are so interested in tracking the content your audience consumes and shares. That’s why we so interested in how well your social media following creates new website traffic for you, rather than how many people you reach with a single post. That’s why we are so concerned about the lifetime value of a contact who joins your email list through social media. What we are after here is quality, not quantity of traffic.
The measure of a success of a social media strategy is how much money it makes you. The profit is not always visible up front because of those 17 points of contact a customer must have with you before spending their money on your product. Putting out the right social media content, and doing it strategically in coordination with your product launch efforts is a highly technical and creative task and can feel burdensome, like a waste of time, or yield counterproductive results if not implemented correctly. What’s more, the game is constantly changing, and so rapidly that our social media team is always studying and innovating just to stay on top of the best practices.