Given that 4.48 billion people (more than half of the world’s population) use social media on a daily basis, it’s no surprise that 73% of marketers believe social media is very useful in their business strategy. So, what is social media marketing, exactly?
Social media marketing is the use of social media platforms to connect with your audience in order to build and promote your brand, increase revenue and engagement, and drive website traffic. This includes creating compelling content on your social media accounts, listening to and connecting with your followers, analyzing data and results, and running social media ads. The most popular social media platforms right now are Facebook, Instagram, Twitter, LinkedIn, Pinterest, TikTok, YouTube, and Snapchat.
If you’ve already invested in other channels such as email marketing, content marketing, SEO, and account based marketing, it’s time to step up your social media marketing approach and increase your sales. You can utilize your social media accounts for far more than just engagement if you use them appropriately: Strategic social programming can help your company drive revenue, nurture leads, retain customers, and expand its organic reach. In fact, according to Econsultancy, social media is one of the top five marketing platforms for generating a positive ROI.
Here are 7 ways social media marketing can help boost your revenue:
- Increase brand awareness. Whether you work for a small or large company, social media will almost certainly have an impact on the business. One of the most important reasons to use social media for your business is to increase brand awareness. With 37% of customers naming social media as the most significant source of inspiration for their purchases, it’s safe to say that increased brand awareness results in an increase in leads as well. By establishing your brand’s presence on social media, you’re allowing your prospective customers to find and learn about your product or service more easily. Even if they don’t make a purchase or sign up for your email newsletter right away, if they know about you, they are more likely to do so later.
- Turn customers into advocates on social media. You don’t have to always rely on influencers if you want to promote your business using real people. You can create a loyalty or referral program and entice your existing customers to become effective brand advocates to promote your products by offering them free merchandise and discounts. 97% of B2B customers agreed that customer testimonials and peer recommendations are the most reliable type of content before purchasing something. As for businesses, leveraging customer testimonials regularly can help generate about 62% more revenue.
- Create valuable content to attract prospective customers and nurture existing ones. Businesses can gain useful information about their customers’ interests and behaviors, as well as how they utilize specific products or services, when they integrate social media into their customer relationship management (CRM) system. As a result, companies can personalize their customer experiences to the level of individuality that each customer deserves. This is a great strategy to increase customer loyalty and retention. Social media is an excellent platform for marketers to provide their audience with valuable content. This content should be engaging to your audience and compelling enough to persuade them to make a purchase.
- Advertise on social media. Even if you’ve discovered the ideal social media channel for engaging your target audience, your marketing efforts may fall flat if they’ve never heard of you. Investing in social media advertising will ensure that people take notice of your brand. 82% of marketers claim that their social media activities have resulted in higher sales. Every social media platform gives you the choice of running advertising or promoting your content. This will increase your brand’s visibility among a relevant target audience that will then increase your chances of generating sales through social media.
- Foster organic engagement with and provide customer support to prospects and customers. According to a Sprout Social study, 72% of people feel more connected to a brand when the employees use social media to share information. Using social media to sell can help foster organic connections and engagement. You can also use social media to provide exceptional customer support—this will help improve your prospect’s or customer’s overall experience with your brand. People are more inclined to endorse your brand when they have a pleasant experience with it. A great relationship between you and your target audience will make them feel like they know you. This provides them a sense of familiarity and encourages them to buy from you over someone else.
- Build credibility and relationships early. B2B buyers spend 27% of their purchase consideration time doing independent research online—compare that to only 5-6% with any sales rep. In fact, 44% of millennial B2B customers would prefer not to interact with a sales rep at all. Part of marketing is building connections and engaging with your prospects and customers. When a person sees something of value, they are more likely to make a purchase. This is especially critical for larger purchases, as buyers typically require a certain level of trust in the company. Social media marketing strategies—running targeted ads, posting relevant content, sharing product information, and more—allows you to build a relationship with your prospective buyers before they even know they need you. By the time they realize they have a problem, they will feel more confident in purchasing from you.
- Drive social media traffic to your main website. While the focus of your social media strategy should be on engagement, relationships, and entertainment, you can also use your social media platforms to drive visitors to your main website. Your website is your key sales tool, so driving visitors from social media to a conversion-focused landing page can help push prospects into and through your sales funnel. Statistics show that 93% of marketers with social media accounts say that their social media efforts help boost traffic to their websites. By posting on social media, you’re exposing your content to a larger audience and calling attention to the many important aspects of your products or services that your prospects will find helpful.
How are you leveraging social media marketing to generate revenue at your company? Connect with other marketing experts and learn best practices by joining the RevOps sub-group in Systematic!