What's the difference?
Commonly, these two terms are treated as the same deliverable but in fact, are not closely related. Simply put, Social Media Marketing is the paid aspect while Social Media Management is the organic version of Social Media. While they both can attain the same goal, the deliverables are not related.
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Social Media Management
Social Media Management refers to the organic space and is generally something that can be achieved internally with your employees. Very simply, this is weekly posting, commenting, and interacting with engaged users.
If you're interested in Social Media Management, DO IT YOURSELF. It's free!
Social Media Marketing
Social Media Marketing refers to the paid space in Social Media Networks. An agency will utilize the content they've created to re-deliver the message across hundreds of platforms over and over.
The idea of Social Media Marketing is to find a unique targeted audience OUTSIDE of your current followership in an effort to introduce the user to your brand and a call to action. Generally, we'd like to send the user to a website for additional information. Upon visiting the website we can install a pixel to be able to retarget the same user across the hundreds of platforms referenced earlier.
You may ask, why should I redeliver the message if they took my desired call to action. User behavior is important to consider here. A website visit (desired call to action) is not to be confused with a conversion. Just because the user visited your website doesn't mean they are your customer. This is why we redeliver the message. Consider these messages as touch points in a sales process to convert the user into a customer.
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Should I be doing Social Media Marketing and Social Media Management?
Too many variables to be able to properly understand your business BUT if you have an extremely engaged audience you can avoid Social Media Marketing. This is rare. Local businesses and most regional businesses cannot get away with not incorporating Social Media Marketing into the overall Digital Marketing Strategy.