How Much is Social Media Costing You Each Week?
The amount might just scare you.
PHOTO CREDIT: Getty Images
We all have those love/hate things that we do on a daily basis in our business that become distractions as opposed to adding value. Facebook and Social Media in general certainly fit perfectly into this category. The problem is that it's really easy to spend more hours than we should on Social Media.
The real problem is that we don't really have any way of measuring what this is actually costing us. If we did we would have a much more compelling reason to do something about it.
Now don't get me wrong, I'm not a Social Media hater. Quite the opposite. I'm a marketing guy and I love the opportunity that Social Media gives us. So I use it quite a lot to communicate and build engagement with my fans, followers and friends. But I'm also guilty of spending my share of time watching videos about cats dancing, dogs jumping into swimming pools and idiots hurting themselves on purpose.
A little while back I realized that I needed to tell myself a much better story about how much time I was spending on Facebook. So I worked out exactly how much revenue my business needed to make every single hour to not just break even, but also to make a profit.
I worked out that I need to generate $500 an hour. This means that every hour I waste on Facebook is costing me $500. That week I realized that I had spent $3,000 on Facebook. Imagine if I was writing out a check? This might sound kind of crazy but is it? I think it's a very fair exercise to determine just how much our Social Media time wasting is costing us. And that doesn't even take into consideration the lost opportunity cost that comes from wasting time on Facebook as opposed to chasing business.
The point I'm making here is that often we need to reframe issues to make them more meaningful. As another example, let's say you just haven't had the chance to cancel a subscription to an online platform, which is costing you $99 a month. It's not that big a deal, till you reframe the money you are spending and realize it is $1200 per year. That's a lot.
Imagine withdrawing $1200 in crisp notes, stacking it neatly into a pile and then burning it. Ouch. Who would do that? But what is the difference if you aren't using the subscription that you've paid for? You're wasting the money anyway.
If you are spending way too much time on Social Media, or on anything else that is not really adding to your business, work out how much it is costing you each week. I'm pretty sure that it will be enough incentive to back off and get on with running your business.