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“SMARTWAY”: A tool to gauge success of a business through social media
- Social media is thriving in the business world today. Each small, mid or large size business has Facebook, Twitter, Bogging accounts, etc. and they spend a lot on maintaining and updating these websites. Many firms keep a close eye on the success rate of their social media influence. On the contrast, many firms fall prey to the “rosy portrait” of social media and never realize that they are not making any profit out of this investment. In simple words, there is no ROI of this step. In order to resolve this issue, I came up with a model called “SMARTWAY Model” mentioned in the book, ‘Turn Greta Ideas into Reality’ by Daniel. Yeomans. This model is originally used to analyze a business case before investing finance into a business proposal. Nevertheless, in this particular blog, this model will be used to offer transparent review of success rate of a profit-making social media site, blogs, etc. SMARTWAY is an acronym for Specific, Measurable, Attainable, Relevant, Target Driven, Worth Implementing, Assignable, and Yields Results.
To elaborate, the message behind the social media establishment should be Specific and communicated clearly to your target market. The consumers should receive accurate information via the website or blog. Any deliverable achieved from this social media updates must be Measurable, meaning the results should be closely traced and analyzed. The condition of the firm in the current market reflects whether success is Attainable through social media establishment or not. If its consumers are not aware of that firm’s website or they do not search for its products online then social media will prove to be in debt. The mission, vision and values of the firm should be aligned with and Relevant to the message delivered to customers via social media. If a firm’s core beliefs and online message contradicts then reputation will be on stake. Any unplanned step will not yield the desired results; therefore, to set target objective before publishing any updates will be a sound decision to make. The steps taken to update the website or blogs should be Target driven. One has to set a concise objective/target before publishing any company related news or updates. In addition, researches should draft the data that reflects whether social media marketing is Worth Implementing or not. The concerned authority should derive a “solid value proposition” i.e. to derive the amount of solid benefit a firm can receive by this decision. However, a multimillion-dollar firm will not be affected by introducing a new department to its business but new and thriving businesses have to take care of the available resources before making any decision. Irrespective of the size of the firm, decision-makers must always compute whether the new task of social media is Assignable to the available resources or they would require more resources with specific skills. If they do, then will they be able to achieve this in their current budget. Finally, by knowing the target market and their interaction with various social media tools one can forecast the probability of whether their online presence will Yield results in favor of them or not.
Overall, I believe that this model can precisely abstract the mistakes that a business might make by introducing social media marketing without analyzing the outcomes of this decision. What are your lines of thought on this? Any suggestions or affirmation? I will be happy to get your feedback.
From → Social media