24 Sep 10 Ways Social Media can boost your profits
The rise of Social Media has revolutionized not only the way people communicate but also the way businesses and brands speak and sell to prospects and end consumers. However, not every business active on Social Media have figured out how to boost their bottom lines, so we have made a list of things you can do, to get your profits up with the help of Social Media.
- Exclusives, freebies and incentives: Social media gives you the ability to increase revenue by encouraging customers to make purchases more frequently. You can offer deals exclusive to your social media followers based on the level of customer or frequency of purchase. Getting customers to participate in contests and give-aways also creates an exciting atmosphere around your brand. Freebies may mean non-premium content, educational and useful articles, how-to’s, white papers, free webinars, free videos, and a host of other content that you can give away for free. The more your targeted audiences receive these freebies, the more they can get to know the value of your brand until such time that they transition into paying customers – that will be loyal to your business for the long haul.
- Give Customers a reason to spend more at each purchase : if Customers usually spend five thousand naira and you want them to spend ten thousand naira, you can offer a 15,000 naira product at 25% off, in the customers bid to bag a discount they will most likely spend more. Aligning your brand with worthy causes can also give customers a reason to spend more.
- Increasing online presence :The more channels or social media platforms your brand is part of, the more opportunities to reach your various demographics wherever they may be and consequently the more likely it is for a like or retweet to convert into actual sales. Facebook and twitter are usually the first platforms brands think about when first foraying into online presence but with the advent of Google plus, Snapchat and pinterest , it can be an added advantage to explore and develop a strong presence in these as well.
- Educating your customers about your other products and services : Highlighting your variety and explaining to customers why they need your product or service has been made much easier with social media, access to your full range of offers is now within the click of a button,so make the most of it. Show how the product or service will create value in the life of the customer, sell the experience and don’t underestimate the capacity of your customer to think for themselves. The customer is always right, so don’t think for them, rather make it more of a focus to teach them.
- Measuring your results : Using the analytics that is provided by social media channels allows your brand to know the what , when and why . For example, on Facebook , you can make two posts on two different products you offer , taking a look at simple info such as the likes or comments on either of the pics , gives you a clear picture of which product people(your followers) are more interested in, thus potentially changing the brand strategy , marketing and profits. You can know accurately what demographics your brand is resonating with and tailor make content suitable for them. You can also create a clearer target audience description and prevent wasting resources.
- Increased search engine rankings : Keeping updated social media channels, blogs and content can make your business develop organically in the rankings ,making it easier for your brand to be found on search engines. The more people that find your brand through search ,the more potential customers and profits. A customer is more likely to trust a brand that comes up in the fist page of a google search than those that come up much later.
- Reduced Traditional Marketing costs : Any changes to a product, new information on stock availability , price, location or even advertising campaigns can be done seamlessly and efficiently through social media. Gone are the days of waiting for long periods of time to get your message out or to answer customer concerns with full page ads in the newspaper, or the expensive television ads that had inaccurate targeting. With the rise of social media, you can save all that money and just update your social media channels, this in turn saves your business a lot of time, allows your messaging to be more accurate , cuts out the middlemen in the branding strategy consequently reducing your costs and increasing your company profits.
- Increasing customer loyalty : Social media has given brands an opportunity to interact with their customers one on one per say, even giant brands such as Coca Cola use their social media channels to answer customer complaints and even wish customers happy birthday. Such actions humanise your brand and make it more relatable , in turn creating loyal customers.
- Increasing brand recognition : Social media has created stars out of regular people posting different things on different topics ranging from make up tutorials to video game reviews. The popularity they have found has given them the ability to monetize and create lucrative recognised brands , this platform is also available to your brand , if you create the right content that suits your brand.
- Heads up on your competitors : It’s most likely a competitor in your niche also has a social media account. Having access to their social media pages gives you insider knowledge of how they post , what they post and how they react to their customers. Observing the engagements of their posts allows you to learn a new way to position your brand. Successful positioning leads to much better competition and profit. It can also use other brands as case studies , though it should be stressed that outright copying is not the best practise. A subtle re-interpretation with your brand identity still remaining clear and concise in keeping with your brand identity is the best way to go about it.
The world has gone social and businesses who haven’t joined the trend will have missed out on endless opportunities to gather leads ,monetize accounts and create a cohesive brand story , however today is a great day to start on this road ,most platforms are free to join ,so sign your brand up today and connect it to the world.