How right social media marketing strategy can 10X your current profit?
Calculating your social media marketing ROI based on the click-to-purchase ratio does not exactly reveal the true effectiveness of the marketing campaign. If you analyze things at a high level, you will find a correlation between sales and social media following.
The role of your social media marketing changes as your company scales upward. For instance, small businesses often treat social media as a platform to generate more leads. However, due to lack of proper tools and experience, these companies could not measure ROI and plan new or alternative strategies. Although large businesses have tools to measure ROI, they sometimes fail to manage their social content on account of it being so broad and diverse.
Businesses with smaller social media followings will likely see better revenue impact by applying better lead generation strategies. Undoubtedly, social media marketing is not all about building awareness; its application goes beyond that.
How social media marketing strategy can improve your business’s profit:
Social media allows you to monitor your efforts
The highly trackable nature of social media makes it one of the most effective forms of digital marketing. As a business, you can see how much of your revenue comes from your social media marketing efforts. It allows you to monitor trends, consumer behavior, and analytics so that if something is not working, you can make necessary changes to make it work.
Most importantly, social media advertising is significantly less expensive than other digital and traditional marketing forms. You can display your brand and products/services at a much lesser price than you pay for displaying an ad on TV, radio, or other forms of ads.
Social media marketing helps you find your target market who are already looking for something you are offering. You get to know what drives them to make a purchase and use that information to your advantage.
The purchase chance is higher on social media
Social media platforms like Instagram and FB have become more advanced over the years. Now you can sell your products to customers without making them leave the social media platform. This can be done by setting up a native shop on a social media platform and integrating a “buy button.”
Honestly, selling is all about creating an interest and urgency for the product. You can set up expectations for your social media audiences by presenting a new step that necessarily doesn’t lead them to the purchase page.
For example, if you are selling flavored yogurt, you can set up a page such as “guess which yogurt suits your personality” or “make your own yogurt” and any topic to create an interest in the audience. For urgency, you can give them a “limited discount,” “buy 1 get 1 free”, or something similar.
How does this work?
Well, when people come to social media, they are looking for entertainment of any kind. So, if they stumble upon something interesting or that they believe will keep them occupied for a couple of minutes, they will most likely go for it.
Another way to let people buy is to give them product descriptions and prices right away. For example, if you are selling t-shirts, you create a page in a way that the customers get all the details when they tap on the product.
Expand organic connections
Making cold calls, sending emails and advertising through traditional methods clearly says you are here to sell something. People like them won’t buy your products unless they find it absolutely necessary. They may keep you on hold for a long time and never follow through. However, when you create organic connections, you build relationships with new people.
They may not necessarily purchase your products immediately, but they will remain your loyal customers once they get to know you. Organic social media marketing is a long-term process. You may not expect results as faster as paid marketing, but the followers you make will remain with you for a long time.
They may not purchase your products, but they might recommend you to their friends and families. Once you build that trust, they will prefer to buy from you over someone else. At the end of the day, not everyone is focused on pricing; some people value loyalty and familiarity over money.
It beats the algorithms
Nothing improves your chance of getting the top spot on google, Facebook, or Amazon, more then customer interaction. With ever-evolving algorithms dropping every couple of months, it is hard for a brand to get noticed in the cutthroat competitive marketplace.
The best way to dodge these algorithms is to make the audience starts a conversation about your brand. Since social media marketing can get you, real organic users, you can post new and engaging content to trigger a conversation, which eventually helps you get on top of the search results.
For example, if you are selling gardening products, you can create a “DIY gardening tutorial” and ask people to ask you questions in the comment section.
Turn negative opinion into positive
While businesses are scared of negative experiences, with the right social media practices, you can turn them to your advantage. Don’t ignore negative comments; always respond politely. Sometimes your competitors or some trolls will leave you a bad comment to tarnish your reputation. This is where you can use the skills of a reputed social media marketer to answer such trolls most intelligently.
If the negative comment is from a genuine customer, reply and ask them how to improve your services. It is a key to transforming a disgruntled customer into a loyal one.
A touch of privacy brings you closer to customers
When customers can send a message directly to you using social media platforms like FB messenger, Twitter direct messaging, or IG, you can grab their attention by giving a prompt reply. Answer questions politely and correctly without sounding mechanical. Ask them how else you can help them. In short, give them the idea that you are available for them 24X7.
In this day and age, a business cannot survive alone with traditional marketing. Before you go for social media marketing, make sure to do enough research about the marketing strategy of some successful brands. It is not exactly rocket science, but it is also not a one-person job. Above all, you need to have realistic expectations and don’t hesitate to seek help from a social media marketing professional.