How to develop your best social media strategy

Start with questions like these: Are your clients demanding to connect with you Facebook? Do you want to build your reputation as a thought leader? Do you want to connect with local online business networks?

Perhaps you've started along a social media path when you should be buying pay-per-click online advertising instead. Or perhaps you've positioned yourself perfectly to achieve your goals. You won't know this until you ask the right questions.

Build your strategy before choosing tactics

Developing a social media strategy is not as complicated as it is often made out to be. Basically, your strategy should be informed by what you're trying to accomplish for your business and your brand. Consider the following:

1. Who is your target market? Describe in great detail who you want to reach through social networking. Try to develop a detailed persona for each type of person in your target market, including their age, life status, likes and dislikes.
    
2. What do they care about? Note that I'm not suggesting that you focus on what YOU want to tell your target market about your business. Instead, focus on what topics your target market cares about and how you can help them get what they want.
    
3. Where do they spend time online? Is Facebook the network of choice for your target market, or do they prefer LinkedIn? Do they use email or text messaging to communicate with each other? Are they active Twitter users that appreciate the value of thought leadership? Your answers to these questions will influence which tools you should use to reach your market.
    
4. When are you going to find time for social networking? I have yet to meet a financial professional who says they have time on their hands. Everyone is always busy. But you find time to do the things that matter in your business. If social engagement is going to make a difference in your business, you're going to have to find the time to invest in it.
    
5. Why do you want to engage in social networking? Everyone wants new leads in order to grow their business — but that's an outcome, not a strategy. Perhaps you want to grow your online network and strengthen your personal brand. Perhaps you want to attract a younger prospect or recruit. Perhaps you want to be seen as a thought leader around a particular topic. Whatever your reason, your answer to why you're doing social will anchor your entire strategy.

Next up: Paid vs. Owned vs. Earned Media – Understanding the power of earned media.

For more from Jay Palter, see:

How to overcome 4 real barriers to social media engagement