I know your company thinks you're doing a hell of a job promoting your product or service and you're happy with your current return on investment. Well, sort of. If you could "get more" you would LOVE IT. But to get more you are going to have to invest in being creative, different and daring.
After you view this video come back. I want to share some thoughts vital to success.
OK...made you laugh right? Creative...right? Viral...for sure. With over 4 million views the Dollar Shave Club (DSC) has hit a homerun in the marketing world. But...and this is critical for you to know: It didn't "just happen". There was work that went on behind the piece you just saw and a method.
For those of you who wonder if there is a return on investment by using social media let's consider the numbers. I know that DSC raised $1 million in seed money. When you are working in the world of retail one million bucks doesn't buy you much. Not even one spot during the Superbowl. So, let's say they realized their friend was...technology. (Which is friendly to most small businesses...if it's embraced.) Now, let's say they dropped $25K on their video. That includes writing, shooting, editing, producing, etc. (I do not have independent knowledge so my best guess.)
Then what? No, it just didn't happen. DSC needed partners. Somebody to push their brand and that is where the PR company came in. Ben Kellogg from BWK New York, a hot PR Firm, may have charged them $250,000 to run the campaign. Hell, let's make it $500,000. So now we've got $275,000 (or $525,000) to market razors, on the internet.
DSC hasn't let on how successful they have been in converting the 4 million viewers but they did say they had 12,000 folks sign up in the first 48 hours. IF each signed up for the $3 option that comes to $36,000 a month BEFORE the video went viral.
Let's say they convert 5% of the 4 million views (a quick read of the reactions to the YouTube post would indicate it's conservative). That's 200,000 folks a month at $3 a month or... $600,000...plus the $36,000 a month or (ready for this?) $7,632,000 year...one.
So, let's go back the the beginning. Would you invest $250,000 (or $525,000) to gross $7.5 million?
See, this social media stuff will never work...it's such a fad.