BSocial

The Social Media Management Firm That's Giving Small Business A Big Voice

Helping your brand flex it's social muscle to increase visibility, a loyal fan base, lead conversions and business growth.

   

How Much Is Social Media Actually Costing You To Manage Yourself?

Is your business on Facebook, Twitter, LinkedIn?  Do you spend a fair amount of time updating your posts and pages to inform and connect with customers?  Then it may be time to assess how much participating in social media is costing your business and whether it’s a good use of your time.

Social Media is Free, Isn’t It?

If you’ve hired a social media professional  to handle your business’s presence on the most popular sites, you know the hard costs of promoting your products and services, or establishing your brand and expertise, online. But what if you handle social media yourself?  Most small business owners and entrepreneurs do, but that doesn’t mean social media is free.

Social Media’s Opportunity Cost to Your Business

Remember when your economics professor covered the concept of opportunity cost? Everything we do has a cost, even social media. One way to determine that cost is to access what your potential earnings would be if you used the time you invest in social media to focus on activities that will drive revenue for your business.

Ironing Shirts and Opportunity Cost

The best way I ever heard opportunity cost defined was listening to two business associates argue about whether or not they should iron their own dress shirts or send them out to the laundry.  One guy insisted that ironing his shirts himself was well worth his time, since he liked the way they felt when he wore them much better than the stiffer laundry-ironed variety.

But his peer asked him a few simple questions:  1) How much does the laundry charge to iron one shirt? Answer:  $3.00 per shirt.  2) How much do you earn per hour?  Answer:  $43.00 per hour. 3) How many shirts can you iron in an hour?  Answer:  3.

Doing the math, it was costing the guy who ironed his own shirts $14.33 per shirt based on the fact that he could be spending his time – and valuable time at that – doing other things.  If he’d sent his shirts out to the laundry, three shirts would cost him $9; but doing them himself cost him $43 – almost 500% more.

Evaluating the Cost and Worth of Social Media for Your Business

So what does all this mean for your business?  Using a simple method of assigning value just for argument’s sake, and leaving out the varied nuances and complexities of undefined ROI and brand value social media brings to your company, let’s see how much it costs a small business owner or entrepreneur to handle their own social media.

Assumptions: 

Business Owner A earns a net income of $40,000

Business Owner B, $70,000

Entrepreneur A, $100,000

Entrepreneur B, $120,000

If they each work 50 hours per week, their hourly wages roughly come to $15, $27, $39, and $47 respectively.

The following chart estimates the opportunity cost each of them invest if they devote one, two, or three hours a day to social media.

OpportunityCostGraph

An Hour a Day of Social Media Can Cost $12,267 Every Year

As you can see, investing only one hour a day toward social media can have real costs:

Business Owner A - $4,176

Business Owner B - $7,047

Entrepreneur A - $10,179

Entrepreneur B - $12,267

Three Hours a Day of Social Media Can Cost $36,801 Every Year

Business Owner A - $12,528

Business Owner B - $21,141

Entrepreneur A - $30,537

Entrepreneur B - $36,801

Making Social Media Profitable for your Company

It may be time to hire a social media professional to take care of your online presence for you.  Only you can decide what your time is worth and how best to spend it for your company.

Looking for Fresh Topics for your Blog?

Here are some ideas:

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Read your competitors

 The next time you are drawing a blank with your next blog topic, surf the Internet for what others in your niche are writing about. It does not mean you are stealing ideas from others, but use the topics to develop an idea and get inspired.

Get a critique

Any writer can find criticisms to be the building blocks of a good blog. Have a mentor to teach you the ropes, and learn from them as they point out what makes your blog good or bad.

 Do an interview

A simple and quick Q&A will bring some new ideas to the table worth tacking on. Take note not only of the answers , but also the questions that you want to ask, because it may be in itself a great topic to write about.

 Have a deliberation 

Sometimes conflict can bring about new topics you can write about. It is good to have someone who is strong with their opinions and will argue with you over it.

Make use of a popular post

Capitalize on an established blogger’s thoughts by posting your reaction to their latest blog topic. You will not only have something to write about, but also attract some traffic to your own blog.

Read comments

Reply to those comments directed to you. Whenever you can, look at other blog's comments and see what other readers have to say. Write down their views and questions.

Have a guest blogger

Sometimes, having someone write a post for you takes the pressure off and gives you time to recuperate from all the thought-process you’ve been doing. A different perspective is also refreshing.

 Ask for ideas

Let your online social connections do the work for you. Ask for ideas on facebook, twitter, and so on; most likely, a lot of people will oblige.

 

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