3 Ways Social Media Marketing Can Boost Your Bottom Line
Consumers have never been so connected to the marketplace as they are currently. With a smartphone in every pocket and a laptop in every home, it has never been easier for marketers to place content in front of people who are interested in seeing it.
Still, many marketers find it difficult to convince their managers or c-suite executives of the value of social media and that, when done properly, it can ultimately lead to increased revenue.
If that sounds like you, or if you yourself need convincing, here are three ways Social Media Marketing can boost your company’s bottom line:
Running ads, promoted or sponsored posts on social media can help get your message in front of consumers outside of your already-established following.
Better yet, most social media platforms have backend advertising features with which you can target consumers based on interests, behaviors, demographics, employment information, and other very specific details. This allows you to easily ensure your message is getting in front of consumers in your target market segment. Once a campaign is done you can pull data on what demographics engaged with your content most, and on what platform/device. That will help you better understand how your growing consumer base behaves online.
But this is also where most people become skeptical: investing money in a social media post or ad seems wasteful. After all, how does getting your post in front of new people turn into actual business?
The answer is simple: the more people who see your brand’s message or product, the more likely someone will buy or want to learn more. If no one new ever learns about your product or service, it is very unlikely that you’ll get new customers and keep your business afloat. Social Media Marketing provides a fix for that, and while you may not be directly selling product, you are priming more and more people (who are probably interested in buying or at least learning more) to buy your product or service in the future.
While Social Media Marketing is effective for reaching out to new potential customers, it is also a tremendously effective means of cultivating brand loyalty.
Through strategic posting, community engagement, and positioning your brand as one that people want to be a part of, you can keep your customers coming back. Social has become the first stop for people researching and engaging with brands online. Customers and potential new customers are now more likely to check a company’s Facebook, Twitter, or Instagram accounts than its website.
Brands are more or less in control of their image on social media, and can use that image to create loyal customers who will return and/or continue to buy time and time again. Like brand awareness, loyalty to a brand does not directly sell products, but it makes it much easier to sell to a repeat customer who already loves your brand than one who knows nothing about it. The key is creating share-worthy content that engages followers on social. This will help boost your web traffic and sales while decreasing overhead advertising costs.
Move more product
Both of the points above – using Social Media Marketing to reach new people in a target market segment and posting content that helps to cultivate a loyal following – contribute to increased sales and revenue. They are largely indirect approaches, but are doubtless the most popular reasons brands are on social media at the moment.
However, brands can boost their bottom lines a third way: driving conversions directly with paid social ads. This means actually selling products in social media posts and ads (most platforms have already or will soon have e-commerce or conversion oriented ad options for marketers) or driving traffic to a landing page on their website where a product or a service can be purchased or inquired about.
This method, which is integral to every good social strategy, will be the most effective at boosting a company’s bottom line. Using in-platform advertising tools and third-party analytic tools (like Google Analytics) you will be able to track exactly where conversions are coming from and what types of content are the most (and least) effective.
There is no doubt social media offers unprecedented opportunities for businesses online, but only a few are actually capitalizing on it. If you were skeptical at first, hopefully these three points have helped clarify the value of Social Media Marketing. If your boss remains unconvinced and is unwilling to invest in this efficient marketing channel, hopefully you’re now armed with evidence to persuade him or her otherwise.