Top 7 Benefits of Social Media Marketing
No business can thrive in today’s marketplace without a marketing plan. To make headway, marketers have to be a step or two ahead of their competition. Constantly thinking of innovative and creative ways to find new customers and convince old ones to continue buying their products and services. In the marketing web, social media marketing has emerged as a cost effective way of selling goods and services as well as boosting brand awareness. For marketers who want to know if social media marketing is still worth investing in, consider the following seven benefits of such an investment.
By maintaining a noteworthy presence on social media and using social networks to market your business, you will also be building credibility with your target market. As you build a community of engaged followers and customers, you are also growing the list of people who trust your brand to deliver excellent goods and services. Indeed, available research shows that most Facebook and Twitter users prefer to buy goods and services from brands they already follow.
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A recent study published by the University of London found that there is a direct connection between perceived usefulness, trust and a customer’s intent to buy. Investing in social media marketing results in a brand seeming trustworthy, which in turn makes consumers perceive products sold by that brand useful and of good quality. Ultimately, this influences what they end up buying. Therefore, to a business enterprise struggling to establish trust, social media marketing offers an opportunity to establish it with their target market.
Increasing inbound traffic
The majority of businesses that exist today use their websites as a trade platform. This is why increasing traffic to these websites is often at the center of the organization’s business proposition. Today, many marketers use social media to boost traffic to these websites and increase conversions. Typically, you will already have content that you have created and published on your website. You can use this content on social media to drive new traffic to your website. By creating a small ad budget to promote this content on social media, you can reach new customers interested in your brand.
Decreasing marketing costs
By investing in social media marketing, businesses can drastically reduce their overall marketing costs. Hubspot reports that 84% of marketers have seen that investing a mere six hours in social media marketing had a significant impact to the traffic numbers they recorded on their websites.
That clearly shows that with a big social media marketing ad budget, you can drive more traffic and increase revenue more than you would with a similar budget using other platforms. If six hours have a positive effect on results, what about 24 hours every week? What’s more, available statistics show that social media advertising is relatively cheaper than other digital marketing platforms. You can also start with a small ad budget and increase it as your business grows.
Identifying target audience
Without clearly defining your target audience your business will often find itself advertising to people with little interest in the products and services you offer. Through social media marketing, you can try many different ad campaigns and compare the results to identify the people most interested with your business. On Instagram, you can use Social Growr, a tool that will identify the ideal accounts to connect with whose interests and demographics align with your business.
Social networking sites have data-rich analytics dashboards that can help you better understand your customers, analyze your competitors and target different demographics. These insights will make it possible to visualize your target customers and find better ways to deliver your products and services to them. Additionally, you can tweak your business proposition to better align with the expectation of the target market you have zeroed in on.
Building relationships with influencers
Look for social influencers natively via social networking sites’ search engines using relevant keywords in your niche. That should bring up a list of popular influencers you can contact and build working relationships for mutual benefit. Other platforms that you can use to find social influencers include Traackr, Klout, Followerwonk and Little Bird.
Influencers value transparency. Therefore, try to be clear with what you want them to do from the start so that they can in turn tell you if your proposition is something they can consider. One common miscalculation that many brands do is contacting these influencers and immediately offering monetary incentives. This can sometimes put them off and ruin any chance you had of a partnership.
Instead, make your case first without mentioning money and slowly bring up the idea in a way that will not make them feel uncomfortable. In these initial conversations, introduce the idea of collaborating in a way that boosts both brands. For instance, you could offer to repurpose some of their content or offer them a free product in exchange for a review which they can publish on their social channels and which you can share with your fans.
By taking advantage of social listening, you can get valuable information about what your customers think about your products and those of your competitors. You also get to know how these customers behave and what they would want to see in your product offerings. The customer comments on your social posts, the direct messages they send you as well as the stories they tell to their friends about your products.
You can use the search function in these sites to find mentions of your brands and search using industry relevant hashtags to see what people are saying about similar products in the market. The data you obtain through social listing should help you offer better products in future in addition to helping you create content that these potential customers would be more than willing to consume and share on their social media profiles.
Monica is a writer, content marketer and a social media manager. She is working as a
freelancer. Her primary focus is to build the online visibility of brands promoting social media
and health and wellness. She like to enjoy her life and connect with different people.