10 Ways To Increase Profitability of Your Business With Social Media
Social networks are not only precious communication channels but also very powerful sales and marketing tools. Social media attract users of all generations from all over the globe, so the question is not whether to use them to boost the productivity of your business but rather how to do it most efficiently.
According to Statista, the likes of Facebook, YouTube, and Instagram gather over two billion daily active users worldwide. It’s a staggering figure, but it doesn’t guarantee revenue growth if you fail to embrace state of the art digital marketing techniques.
In this post, we will discuss the benefits of social media marketing and show you 10 ways to increase the profitability of your business using these promotion channels. Let’s take a look!
The Benefits of Using Social Media Marketing
Do you know that over 50 million small businesses currently use Facebook Pages to connect with their customers? And this is only Facebook, so imagine how many organizations use other platforms such as Instagram, Twitter, and so on.
What is even more important is the fact that almost 60% of people use social media to research brands and products. Social networks and business go together well and the relationship is only getting stronger.
But what is the purpose of social media marketing? Are there any practical benefits it can bring to your company? Jake Gardner, a CMO at Assignment Helper, says there are numerous advantages of using social platforms for brand promotion:
- Promote the business using low-cost or no-cost campaigns
- Raise brand awareness and grow the number of fans
- Grow the number of verified leads
- Increase the number of conversions
- Improve search engine ranking
- Solidify customer satisfaction rate
- Boost brand authority
- Make the business more profitable
The last benefit on our list is probably what matters the most to you, so we want to discuss it more thoroughly in the next chapter.
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10 Profitability Tips for Social Media Marketers
Social networks allow you to play with different styles and formats, so the number of options to boost business is literally endless. However, some tactics prove to be universal and we want to share with you the top 10 mechanisms to increase profitability using social platforms. Here they are:
Drive traffic to your store or landing pages
The first way to take advantage of social media for business purposes is to drive traffic to your landing pages or eCommerce store. A lot of today’s business is done online exclusively, which means you can make use of Facebook and other networks to guide potential customers to your pages.
You can exploit social media to achieve the planned sales objectives and also to improve search engine ranking. The situation gets even better if you add social sharing buttons to your site because users will get the chance to share your content on their accounts quickly and effortlessly.
Cooperate with influencers
Influencer marketing is booming on social media because consumers tend to trust reliable and authoritative niche figures. As a matter of fact, studies reveal that 49% of consumers depend on influencer recommendations.
The only thing you need to do is to identify the right person for this job. The point is to find a social influencer who suits the style and vision of your brand.
Besides that, you need to take into consideration additional factors such as the number of followers, average engagement per post, location, and so on. All these features will make the selection process easier and simpler.
Mix your content
The only way to make your social pages relevant and interesting long-term is to keep publishing quality content consistently. But there is one more thing to add here and that is to mix your content in order to make it versatile and amusing in the eyes of the target audience.
What does it mean?
To put it simply, it means going beyond the usual suspects such as textual posts and images. You should use many different formats, including infographics, animations, GIFs, charts, memes, audio files, and videos.
Make video marketing a priority
Speaking of videos, we have to emphasize the importance of this content format because it represents a dominant segment of modern marketing. More than 70% of users would rather watch a video about a product or service than read a textual description.
It’s a clear signal that you need to invest in video marketing to popularize your business. Live videos are getting increasingly interesting these days, but you cannot neglect good old product reviews and testimonials.
Take this iPhone X review as an example. The video is so simple and yet so powerful that it can easily convert random users into full-time customers. You should follow the same example and make use of video marketing on social media to give your business a brand new boost.
Don’t push it too hard
Although your main goal is to turn social accounts into profit-generation machines, you should not be too pushy and aggressive when it comes to brand promotion. After all, social media users want to be entertained and educated, so don’t serve them with too much promo content.
On the contrary, you should try to follow the famous 80/20 principle. According to this rule, 80% of posts should be funny or informative, while only 20% of posts should have a sales intention and inspire the audience to purchase your products or services.
Target verified leads with social ads
Another extremely useful tactic is to target verified leads with social ads. Social networks have developed excellent advertising tools, so you might as well use them to approach people who are likely to become full-time customers.
For instance, Facebook Ads allow you to target three types of audiences:
- Target core audiences based on demographic features
- Target custom audiences based on earlier interactions with the brand
- Target lookalike audiences based on similarities with the existing customers
This is an incredibly powerful way to reach out to your prospects and seal more deals relatively cheaply.
Tell your story
Do you know what separates successful businesses from their less productive competitors? It is the story they tell to convince people that they share the same vision, values, and beliefs.
In such circumstances, you should definitely try to create and tell your own story on social networks and use it as a means of business promotion. In case you’re not much of a storyteller, we recommend you consult with expert writers to help out.
Encourage user-generated content
Sometimes you don’t have to do all the work by yourself. On the contrary, it’s enough to encourage the audience to engage and publish user-generated content (UGC) on their social media profiles. It’s a valuable marketing tactic because you get to turn ordinary customers into brand promoters.
You can do it through social contests, but there is always the option of offering small incentives to individuals who create the most attractive brand-related posts. If you don’t believe in the strength of this tactic, check out this stat: 85% of consumers find visual UGC more influential than brand photos or videos.
Improve customer service using social media
A vast majority of consumers expect businesses to solve customer service issues via social networks. They actually have great expectations and expect a brand to answer a question or service-related inquiry in a matter of hours.
You should take this fact to your advantage and improve customer service using social media as the new means of communication. That way, you can always be available for the customers and answer their remarks in a more casual and informal manner. It will help you to strengthen your relationship with your fans and earn the etiquette of a highly professional business.
Mind the timing
The last tip on our list is to be careful about the timing when posting content on social media. Numerous studies tried to determine the best times to reach the audience, but we strongly encourage you to do the homework and analyze what works well for your audience. That way, you will know when your fans are most active and your posts will have the biggest impact on the target audience.
Most businesses use social media to raise awareness and expand their reach, but they fail to notice one simple fact – social networks can also help them to boost revenue in the long run. All it takes is to figure out the best channels for your brand and use cutting-edge mechanisms to promote your products or services.
In this post, we discussed the benefits of social media marketing and showed you 10 ways to increase the profitability of your business using social platforms. How many of these tricks have you tried before? Which one do you consider to be the most valuable for your business? Feel free to leave a comment – we would love to see your experiences about this topic!