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How Social Media Helps Increase Business Revenue

Have you ever searched a product on Google and then 5 minutes later ads start popping up on Facebook or Instagram for the exact product you were looking for? Targeted ads is a whole separate topic…

But has it ever worked on you?

 

74% of consumers rely on social networks to help with their purchasing decisions.

 

The reason it may have worked on you is because, many consumers (including myself) prefer to stay within a social media platform to complete a purchase. The ease to click a few buttons and viola *order confirmation* pops up in your email while you casually continue scrolling, is what gets us.

online shopping

In addition to this, did you know 54% of social media browsers use social platforms to research products (guilty as charged).

Surfing comments gives a great idea of what people are saying about the brand/product, how the brand responds to these comments (positive and negative) and if this product or service is a good suit for me, the curious consumer. A consumer simply searching these things can also determine if they will become a fan.

If your brand is practicing good social listening, interacts with your customers and shows appreciation for customers, then I, as a consumer, will be more likely to first of all, purchase your product, interact with your content, re-share your content (or tell my friends), leave a review, and maybe even create some content for you! Which means I am officially a fan of your brand.

social listening

Going hand in hand with this, some brands encourage their customers to leave reviews, and don’t shy away from a bad review every now and again. This helps consumers searching for their product to make a more informed decision and become a more loyal customer.

Instagram, Facebook and Pinterest now all have shopping options, making it much easier for your customers to buy from you. The process to set these up is quite straightforward and simple. If your business offers products, social media shopping is a great option for you.

Social media marketing is a much cheaper option for your business when advertising compared to traditional.

Cheaper, yet effective.

You are able to make connections with your audience and address questions and comments as they come, making you more authentic and appealing to your audience.

How does this actually look for your business?

Let’s take a look.

In order to calculate ROI you need to set goals. Do you want to increase brand awareness, business conversions, improve customer service, etc? Setting goals determines which statistics you want to focus on.

return on investment

For example;

When looking to increase brand awareness, here’s some things you want to track:

  • Followers/fans
  • Impressions (combined with engagement)
  • Identify the number of impressions for a given post, on a given platform
  • Identify the reporting period to measure, like a week, month, or quarter
  • Compare to previous periods to see a trend
  • Share of voice
  • Audience Growth Rate
  • What’s the rate of growth for your social media followers? 
  • And, was it faster than the previous months?
  • Post reach
  • Amplification rate
  • Virality rate

 

Hope I didn’t lose you!

It’s okay if some of these don’t apply to you. The good news is you don’t need to track them all. Choose what is most important for your business to track and follow those stats.

The list looks different for business conversions, customer service and so on. So often we get lost with having too much information we don’t really know what even applies to us. There’s lots to track, some business goals are more difficult to track than others. But at the end of the day, you get an idea of how social media is working for you by monitoring your numbers.

In The Long Run:

Remember, it’s a slow game. You can have your strategy set, and it can still take some time to see improvement. The key is consistency.

slow results

Aligning your social media strategy with your goals, and keeping track is how you will really begin to see the benefit of social media for your business. Social media offers many great opportunities to reach your customers. Your customers are already searching for your business, creating a strong online presence will ensure they find you before your competition.

 

Hearing what I’m saying but still stuck how to put these points into action? Contact us today to see how we can make social media bring in business for you.

 

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