Some entrepreneurs believe that social media is a temporary marketing tool that should be taken advantage of while it is popular. Others believe there are no advantages of social media to develop their business and it would take a lot of time and learned skill to get the process started.
Social media appeared and developed rather quickly not long ago and because of that it has been viewed to some as a passing marketing tool and one that is not considered profitable. However, the statistics show a very different picture of the impact that social media can have for a business and the growth it can strike. According to the Social Media Examiner, 97% of marketers are currently using social media within their marketing strategies.
This usage demonstrates that there is a good reason to use social media and there is in fact great potential for business to grow through employing these platforms. Unfortunately there is a huge lack of understanding for many who do not yet see the influence social media can have on their sales and how this marketing can greatly grow a business’ profitability. Here are a handful of ways that social media can improve sales and make a business more profitable:
Revenue
One of the main reasons for using social media is to create and increase revenue intake. The use of social media can result in a higher conversion rate in some very distinct and powerful ways. To increase the revenue, the business will need to build a social media community in order to advertise products or services among those following their social media platforms. This will increase the humanization element that becomes present when brands are further interacting with their customers through these social media platforms. The social media posts or even ad creations can link back to the business' website and further their interaction with it’s brand.
Brand Development
Each and every opportunity a business has to increase their visibility is valuable and a chance that shouldn’t be missed. Social media networks should be used to voice the brand's name, the products it has to offer and to further syndicate the content and grow it's customer base. This process will allow the business to interact with their customers at a more personal level and present the perfect opportunities to advertise. Many times the social media presented can be the first time a prospect has ever run across a particular brand and it will familiarize them with who the business is in the case of stumbling across that same brand in the future.
Research
Social media can be a powerful and educational tool for a business even if the business doesn't believe it is what best suits them. It can be a great resource to check in order to get a glimpse into what a business’ competitors are up to and how they are performing with their similar products or services being advertised. Even if the brand does not seem to find time in order to keep up with it’s own social media, it can be very beneficial to quickly login to the platforms to better understand the current advertising that is being used among other businesses. Using a marketing company can be a valuable asset if time is the main reason for not utilizing the social media platforms.
Search-Engine Discoverability
Social media can be another great way to improve a company’s website ranking among the search results. When the social media following increases, so does the search engine optimization (SEO). The social media being utilized can greatly influence the business' visibility, which can increase it's following and in turn increase the conversion rate. Although not every interaction made will turn into a conversion, it will however promote the website and improve the rank of it's listing.
Among the many reasons for why a brand should implement and utilize social media, it has also been proven to have a 100% higher lead-to-close rate than outbound marketing. The higher amount of social media followers, the more brand trust there is to make the company appear more credible. This is proof that social media for businesses can be a positive influence of the conversion on current and prospect customers alike.
