What Can Social Media Do For Your Business?
Social Media platforms are not a vortex for people to come and go without a trace from the marketing perspective, and remarketing alone is evidence of that.
Previous methods in marketing that grandfathers used in marketing are still effective, let’s not completely rule out the effectiveness of face-to-face salesmanship, paper coupons, promotional gifts and good old word of mouth. These are still 100% relevant in today’s consumer society, but we have to adapt these methods and utilise them in more innovative ways through the largest consumer platform in the world – the internet.
We should rethink the ways in which we would normally market and adapt those methods into marketing efforts that you can measure, adapt and learn from.
Social media gives you invaluable information into your business patrons through the use of insights. Insights that you can use to the 100% benefit of your company, benefits that you will be able to measure and make smart business decisions from.
Ways in which social media can benefit your business:
Create Brand Awareness
Just because you tried using social media to grow your business and it didn’t work, doesn’t mean that you did it RIGHT. There is a strategy to creating content and reaching your target audience. With social media, you can reach the audience that didn’t know you existed and bring awareness to your brand and business
Statistics that prove beyond doubt that your business needs to utilise & leverage social media sites like Facebook, Instagram, Twitter, Pinterest, YouTube & LinkedIn to keep up with the competition.
- The number of social media-using adults has gone from 7% in 2005 to 69% just ten years later.
- Social media use on mobile devices is seeing a 30% growth every year.
- 2 million business today use Facebook advertising for promoting their products and services.
Learn About Your Audience & Target Market
Traditional marketing efforts don’t give you the opportunities to reach out to your target audience like social media can. Using social media for business will give you insights into target audience information such as demographics, location, interest and even behaviours. Creating a lookalike audience to the audience already viewing your pages is a very creative tool to help increase exposure to people who might be interested in your business. Using the insights your current audience is supplying, you will be able to reach more people who are more likely to be interested in your business than just directing your marketing efforts towards any Average Joe hoping that they will be interested in your product or service.
Social media also collects crucial marketing information such as our identifying your businesses customer segments;
- who are they
- where are they from
- what do they want
Facebook has a detailed targeting option which will show you such information:
- Apps they use
- Ads they click
- Pages they engage with
- Activities people engage in on and off Facebook related to things like their device usage, purchase behaviors or intents and travel preferences
- Demographics like age, gender and location
- The mobile device they use and the speed of their network connection
You can also get more details from your audience:
- Are homeowners
- Are interested in cooking
- Are parents
There any MANY more audience insights you can gather, these are to name a few. See Facebook’s Advertising Help Centers page on how specific Facebook can get.
All these insights across multiple social media platforms are super important as they help us formulate an effective business plan.
According to an infographic published by Ambassador, 71% of consumers are more likely to recommend a brand to others if they have a positive experience with it on social media.
This goes without saying that using social media to create a relationship with your customer and give them a platform to provide feedback is a powerful tool that EVERY business should be using in their efforts to create that relationship with the customer where the customer trusts your brand enough to recommend them to friends & family, or even possibly sharing your product on their own personal pages – talk about free advertising! Study after study has shown that consumers reward companies who reply to customer requests & complaints on social media timeously.
Cheap to Free Advertising
Consider these statistics:
- Almost half the world’s population can be found on some sort of social media.
- 64% of online shoppers say that a video on social media helped them decide on a product to buy.
- 86% of women will look on social media before deciding to making a purchase.
- 40% of all mobile users are searching for a local business or interest.
- Mobile websites that load in 5 seconds or less will end in a session that is 70% longer than their slower counterparts.
- 59% of adults between 10 & 29 are using Instagram.
- People are accessing 69% of their media from their smartphones.
If you log into your social media accounts, you will see tons of people reposting products they love or posting a photo of something cute that they bought. They could be posing in front of an ‘Instagrammable’ mural or sitting in a cute chair within a cafe that has the most unique decor. Their location will be tagged in the photo, your brand could be shown in the photo or you could generate interest in the comments sections with comments like ‘That is a nice acai bowl! Where did you go to eat it?’. All of these scenarios and MORE (I could write a book on scenarios where brands generated a ton of interest on social media posts that were posted by happy & satisfied customers) can induce curiosity by others and create that typical ‘I must also have it!’ mentality.
Effective social media marketing (the free version) is about knowing how people react and what will make them react. It’s human behaviour, from a psychological perspective.
Create that interest, generate that desire, secure a purchase! It is that simple. Social media, right now, is underpriced attention.
“You have to learn the rules of the game. And then, you have to play better than anyone else.”
Your target market consumers are on social media every day, but so are your competitors, and competitor research is an important part in marketing & social media planning.
Why do we need competitor research? We need to understand which brands in your industry are powerful competitors so that we can compare social media strategies and tune yours to be more in line with what is working for them and what isn’t, what is going viral in your industry and what topics create the most buzz. Draw off that inspiration and come up with new ideas for your own posts. Seeing which influencers similar brands are collaborating with can give you direction on who to target for your own collaborations. Whether you think that the people they are collaborating with are good or bad social media influencers, all this information will give you direction and the knowledge to make your own marketing strategy on what works and what doesn’t.
In conclusion, there are many ways in which social media can benefit your business in more ways that you could possibly imagine, more ways in which I have mentioned above. This is just a teaser.
Marketing trends are changing, make sure you keep up! And social media works, if you know how to use it.