Marketing and promoting your business through social media has a quantitative impact, but only when done in an organized and focused manner. If you start a social media marketing campaign without having a solid plan and measurable goals, you won't be able to see quantifiable results. However, if you create a good strategy, choose measurable goals, and execute the right actions, you will still be able to find a measurable impact.
With that in mind, we need to look at the real impact of social media on your business. One of the biggest questions businesses ask about using social media is how it works to increase your sales. Not all businesses want to focus on exposure, one of the most common benefits of social media and prefer to see the bottom line. This is a viable use of social media, and it is not an impossible goal!
Small and large businesses are both able to increase sales through social media marketing, although the process should be tailored to their brand, industry, and size. It's easy to imagine that exposure and building a brand personality are among the only real business uses of social media. While these are both possible outcomes, they can also be building blocks for an effective sales strategy using social media. It all depends on the size of the business and the type of strategy used.
Many strategies can be used to increase sales through social media marketing. Let's take a look at some of the most effective strategies for large and small businesses separately.
Large companies are ranked by a bigger following on many social media accounts. The size of the company is generally directly related to the size of the social media that follow. It is important to note that this does not apply to B2B industries. Direct B2C activities are at the center of these strategies.
Social media platforms have made it possible for large companies to present their products and services directly to their followers. Taking a direct selling approach only works when the business has a large number of subscribers, as they are more likely to get some buy-in for their posts. If a large business directly markets a product or service and points out where it can be purchased or directly incorporates an online sales portal through social media, they can see sales success.
Success doesn't mean that many subscribers will buy. But, if there are enough subscribers, even a small percentage who see the product or service and decide to buy will amount to a good increase in sales from a relatively inexpensive marketing campaign. However, if this strategy is used too frequently, it can lose its effectiveness as followers tire of it.
One way to solve some of the common problems with the direct selling method is to use social media advertising space instead. This comes at a higher cost, but it helps businesses target people who are more likely to make a purchase or show interest in their product, rather than doing mass marketing to everyone.
Because of this, the business can focus on creating value and building an engaged fan base with its major social media accounts while simultaneously selling directly to more targeted followers. However, ads are more likely to be ignored, especially when surrounded by other content. Ads can also get blocked by subscribers or start to erode a positive brand image over time.
Indirect social media strategies don't direct followers to an exact product or purchase but give them another reason to look at the products or services a business is offering. A good example of this would be a business that publishes promotional items for Valentine's Day and gives gift ideas to your loved one. They might not be directly advertising a specific product or service, but still direct subscribers to their business with the goal of increasing sales.
Many discounts and promotions are used in this type of indirect advertising on social networks.
Using influencers on social media can be expensive, but can generate very high ROI for some businesses. The right influencer can help a business extend its reach to people who aren't yet following them while also giving a recommendation for the business through a source those people trust.
A huge function of social media for small businesses should be to stay on the customer's mind more consistently. If a small business doesn't want to fall victim to the old adage "out of sight, out of mind," it needs to maintain a presence where its customers see them. Social media is a great resource for this and can encourage previous customers to come back and use the business again, especially if they are given some sort of incentive.
Creating a brand personality on social media is a surprisingly effective strategy for small businesses. A useful, user-friendly, and responsive social media strategy can lead to a direct increase in sales, Responsiveness is the most sought after quality in a corporate social media account, and it's the one thing that's most likely to drive sales across all customer demographics online. This is an inexpensive and highly effective strategy for small businesses.
All social media strategies may not work for all businesses However, you can directly or indirectly affect the sales of your business by using social media marketing. Choose the right strategy for your business size, industry, and audience if you want to achieve the best results.