Getting into the mindset of the media business
Thanks to the internet, there are many opportunities today for businesses to engage and connect with their audience. Your audience is made up of your prospects, but also your future collaborators and perhaps even potential investors. Building relationships with these people is critical to the growth and success of your business. And the good news is that it’s easier than ever to connect with the people you want to reach.
Every company is a media company.
Any entrepreneur, business owner, or savvy consumer knows that media is the new frontier of business. Media is everywhere you look, from print ads to blog posts to influencer marketing campaigns. And media is not just for advertising agencies, marketing companies, etc. Every business is a media business by today’s standards.
Embracing this media business mindset takes creativity and a bit of training if you’ve never explored the world of media before. The most popular platforms, such as Facebook or YouTube, make it easy to get started with minimal initial investment. Before you jump in, just make sure you have a solid strategy to work on and plenty of time to experiment with what works.
It all depends on your audience.
The hallmark of a successful business is not a genius idea; it is the volume of sales and revenue it generates. So naturally, a great product or service is nothing without an audience to sell it to. Not only do you need a product that people are willing to buy, but you need to promote it. It’s hard to sell products when no one knows they exist.
The beauty of media today is that there are no gatekeepers. You can reach your audience directly by using the right content on the right platforms. We all need to realize that the crucial step here is knowing exactly who your target audience is. You need to identify your ideal customer before you can start marketing to them.
For example, posting on LinkedIn is a great way to generate B2B leads, and posting on Instagram is an effective way to advertise and sell B2C products. If you’re targeting baby boomers, let’s say Facebook will be a more suitable platform than YouTube.
Regardless of your industry or the product you sell, there is a channel that will help you reach your unique audience. Take the time to research which platforms your ideal client spends their time on before investing in a new social media strategy, content marketing program, etc.
When it comes to media, the main event is the content itself. This is what will attract your audience, pique their interest, drive them to your website, and encourage them to make a purchase. Businesses today use dozens of different types of content to promote their products and services.
You can create a YouTube channel, write articles on Medium, create a company blog, record podcasts, post visual content on Instagram and the list goes on. The platform you choose depends on your audience and their unique buying behaviors.
Content is important for two reasons. First of all, it’s basically free public relations for your business. Someone browsing Instagram and seeing an ad for your business might be compelled to click through and learn more. Before, if they hadn’t seen your ad, they wouldn’t have heard of your business. But now they know the brand, which makes them more likely to buy from you in the future.
The other reason content is crucial is that it educates your audience. Posting a YouTube video showcasing your new product shows the consumer exactly what you’re selling and what they’re getting if they buy it. You can even post how-to guides for existing customers who need help troubleshooting a product or frequently asked questions about a recent update.
It is important to evaluate your success.
Once you’ve created a media plan and started executing it, don’t forget that last crucial step: analyze your results. This will help you determine which content is performing the best and which channels are getting the most attention.
For example, you might assume that your target customer is on Facebook, but you won’t be sure until you look at the data at the end of the month. Maybe you actually had a higher click-through rate (CTR) or more engagement on Instagram, which would mean you should reconsider your strategy.
Make it a priority to analyze your results at the end of each month. This will help you learn more about your customers, determine what platforms they are on, and see what content resonates best. Having this insight can help you spend more time creating the right kind of content and less time on content that isn’t converting as well. If you spend money on ads, you’ll be able to allocate your budget to where the majority of your audience is.
Businesses today should take advantage of all that social media has to offer. It’s an effective way to reach your target audience, improve conversions, and generate more revenue. The upfront cost required is minimal, and you’ll likely start to see the payback fairly quickly. Just be sure to start with a solid strategy that aligns with your goals and keep evaluating your performance to optimize your media programs for success.