For-profit and non-profit companies have processes that work very differently, even if the goals are somewhat the same.
Success. Everyone wants success. But there are different ways to get it. However, there are methods that can help tie in with that success — and that’s where social media comes in.
Sure, advertisements are part of it, but there’s also the social push to consider. We’re talking about reaching potential audiences through a variety of channels. These include Twitter, Facebook, TikTok, Instagram, and YouTube, among others. Finding a way to get that creative side going — while at the same time developing a following on social media.
But the question is who fares better on the social media front — a for-profit business or a non-profit business? The truth is they can both be successful. However, a for-profit company could have greater benefit from it, depending on how certain business thinking gets involved. Let’s take a quick look.
For-profits generally set realistic budgets.
The first thing that can set apart a for-profit company on the social media front is a budget. That’s not to say non-profits are prone to going broke by any means. However, an established company can create a more proper business plan. That means setting aside a budget for social media.
Whether it’s creating social pages, starting up promotional giveaways, or just creating a social following, there’s a lot to be done with a healthy budget. It’s just a matter of how plans go in terms of what the company wants.
Case in point. An up-and-coming coffee company wants to build a following. So it starts a viral social media campaign talking about the richness of flavors with some weird characters. A lumberjack with a beard, a cabbie with an attitude, something along those lines. Then it creates a hook to go around it that stands out from the other countless coffee brands.
This is just the start — creating a voice that’s different from competitors with a social media push. That’s not to say being quirky is an instant success, as many can spot a “fake” campaign from a mile away. But having a genuine arc — and something that’s easy to have fun with — can go a long way.
Non-profits could probably do the same thing. However, on a limited budget, ideas might face some restraint. This could change with investors, but a plan still needs to be put together. This could be a little harder to do, depending on the nature of the business.
That’s why a for-profit company stands a little bit of a better chance with an established social media business budget. Get the right team together and create some wild and off-the-wall ideas, and you can find that social push.
Scaling eventually means more money to a for-profit company.
Another key area where a for-profit company benefits greatly over a non-profit in social media is growth. Non-profits can grow as well, but they take more time, depending on grants and donations.
A for-profit company, however, can write its own rulebook, based on its own success.
By doing so, it can create a larger social media team. One that can work its magic across channels in a number of ways, such as with giveaways, videos, and more. This way, a community becomes greater in numbers, compared to just doing something virally with a non-profit.
That’s not to say non-profits won’t be successful with social media. Again, audiences will pick up on something genuine, so if a company can do that, they’ll come in. But with a bigger budget, a for-profit stands a greater chance of building a community with giveaways and other programs.
Not to mention the nature of the business. Most non-profits will attract a good customer base.
However, with a for-profit, the right budget can bring in a greater variety of customers. For instance, creating a giveaway for a computer to highlight your PC building company, right? Even if someone doesn’t win that special little computer, you have their attention by showing what you can put into it.
What’s more, with the right social media push, you can show them how a PC is built. That means getting their attention with the attractive parts. Thusly, they may be interested in ordering one of their own, even if they don’t win.
Risk management often carries a greater level of seriousness.
Risky? Sure, but what business isn’t?
We’ve seen some social media campaigns crash and burn because they didn’t come together with the right tone. However, with the right budget and way of thinking, there’s no reason it can’t win.
Non-profits may have their own means to attract a big audience. But a for-profit can really find that reach with the right dollars and the proper thinking to get it. They also tend to be slower to risk those dollars on a “meh” campaign.
Again, there are significant differences between the two. However, there are ways by which they can both be successful. But there’s no reason a non-profit company can’t grasp the right spending and make social media work magic for them, too.
The post Why a For-Profit Company Can Have More Social Impact Than Non-Profits appeared first on KillerStartups.
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