Social media marketing has become an essential component of a company's overall marketing strategy. It allows businesses to connect with their target audience, build brand awareness, and achieve their business goals. In this answer, we will explore how companies develop comprehensive social media marketing strategies, including the steps involved and provide examples and references where possible.

1. Define goals and objectives: The first step in developing a social media marketing strategy is to clearly define the goals and objectives that the company wants to achieve. These goals can include increasing brand awareness, driving website traffic, generating leads, or increasing sales. For example, Coca-Cola's social media marketing strategy focuses on increasing brand awareness and engagement with its audience.

2. Identify target audience: Companies need to identify their target audience to effectively engage with them on social media platforms. This includes understanding their demographics, interests, and behaviors. For instance, Nike's social media marketing strategy targets sports enthusiasts, athletes, and fitness-conscious individuals.

3. Choose appropriate social media platforms: Once the target audience is identified, companies need to select the social media platforms where their audience is most active. This could include platforms like Facebook, Instagram, Twitter, LinkedIn, or YouTube. For example, Starbucks' social media marketing strategy includes active presence on Instagram and Twitter to engage with its coffee-loving audience.

4. Create compelling content: Content is a critical element of any social media marketing strategy. Companies need to create engaging and relevant content that resonates with their target audience. This can include images, videos, blog posts, infographics, or user-generated content. For instance, GoPro's social media marketing strategy focuses on sharing user-generated content showcasing the capabilities of their action cameras.

5. Develop a content calendar: To maintain consistency and organization, companies need to develop a content calendar that outlines what content will be published on which platforms and when. This helps in ensuring a regular flow of content and allows for better planning and coordination. For example, Red Bull's social media marketing strategy includes a well-structured content calendar that aligns with their brand's adventurous and extreme sports image.

6. Engage with the audience: Social media is all about building relationships and engaging with the audience. Companies need to actively respond to comments, messages, and mentions from their audience. This helps in fostering a sense of community and brand loyalty. For instance, Wendy's social media marketing strategy is known for its witty and engaging responses to customer comments and tweets.

7. Analyze and optimize: Companies need to regularly analyze their social media marketing efforts to measure their performance and optimize their strategy accordingly. This includes tracking metrics like reach, engagement, conversions, and ROI. For example, Airbnb's social media marketing strategy focuses on analyzing data to understand customer preferences and optimize their content strategy accordingly.

In conclusion, developing a comprehensive social media marketing strategy involves defining goals, identifying the target audience, choosing appropriate platforms, creating compelling content, developing a content calendar, engaging with the audience, and analyzing and optimizing the strategy. Examples of successful social media marketing strategies can be seen in companies like Coca-Cola, Nike, Starbucks, GoPro, Red Bull, Wendy's, and Airbnb.