Or SMM is a newer way to advertise, one with quite the split following. Some believe it to be ‘The Next Big Thing’ a fad that while powerful will fade out fast, and as such, must be taken advantage of quickly.
While others believe that it is just another phrase that has little to no practical advantages, and at the same time being something that is just to confusing or complicated to bother putting the time into.
Because it appeared quickly Social Media Marketing has garnered attention as being a passing interest, and as such one with very small profit margins if any at all.
However the statistics show that this is not the case. According to Hubspot 92% of marketers in 2014 claimed that Social Media Marketing was important to their business, 80% of which stated that their efforts increased traffic to their respective websites.
According to Social Media Examiner 97% of Marketers are participating in social media, however 85% of these marketers aren’t sure which social media tools would be the best for their business.
This shows that Social Media Marketing has a large potential to increase sales, but few are aware of the best way to utilize this new facet of their daily lives. Below we will explore some of the ways that Social Media Marketing can help expand your business.
Increased Brand Recognition
Every chance to show off what you do is important, social media is just a way opening up the portals to new opportunities.
Every person that sees your business is a potential customer, and through new and old customers your brand will continue to grow. Say an otherwise uninterested party saw your business on multiple different platforms this may be the push they need to become better acquainted with your brand and become lifelong customers.
Improved Brand Loyalty
According to a report by Texas Tech University, brands who utilize Social Media Marketing are likely to have a more loyal customer base.
Another study by Convince&Convert found that 53% of Americans who follow brands in social media are more loyal to those brands.
More Opportunities to Convert
Every post you make to social media is a chance for customers to convert to you’re brand. By building a following you’ll increase the number of potential customers who will see your posts while simultaneously interacting with new, recent, and older customers as well.
Every blog post, video, photo, or comment is a chance to make potential customers react, and each reaction is a chance for a site visit, while each site visit will not result in a new customer to convert to your brand, every positive interaction will help with a possible conversion.
Even if your click rates are low the pure amount of opportunities on social media is significant in and of itself.
Higher Conversion Rates
Social Media Marketing has an advantage in converting customer’s to your brand. Namely the human element, most people enjoy doing business with other people not big company’s.
So acting like an actual person on social media can have a direct correlation to the amount of customer’s that will eventually convert to your brand.
Also it’s important to note that having a higher amount of followers will not only improve your credibility but the trust new and existing customer’s put into your brand.
Higher Brand Authority
Interacting with your customers regularly is a great way to improve upon relations and show other customers that you’re a brand worth relying on.
When customers go to compliment a service or brand they turn to social media, and when it’s your brand they’re talking about new or potential customers will want to follow you for updates and the like.
The more people talking about your brand on social media the better, it will make your brand seem that much more valuable in response. Not to mention, if you can interact with major influences on social media your authority and reach will skyrocket.
Increased Inbound Traffic
Without social media your exposure is severely limited, mostly to word of mouth or individuals searching for whatever keywords you currently rank for.
Every social media profile you create is another path back to you, a path that is full of opportunities for growth.
With every post you make be it videos, blogs, or what have you is another chance for customers to see your brand leading to inbound traffic and with it more leads and conversions
Decreased Marketing Costs
According to Hubspot 84% of marketers found that as little as six hours per week invested into Social Media Marketing was enough to increase the amount of traffic their sites received.
Six hours is not a significant amount of time, think of it like this by spending just one hour a day on social media developing your content and strategies you can begin to see results. Even paid advertising can be surprisingly cheap and by starting small you don’t have to worry about going over budget, once comfortable you can increase your advertising and also your influence.
Better Search Engine Rankings
SEO is the best way to draw traffic from search engines, however the requirements for success are in constant motion meaning that it is no longer enough to just regularly update your blog, you must ensure optimized title tags and meta descriptions, while leaving links that point back to your site.
Google and other search engines may be calculating their rankings using social media presence as a significant factor, because larger and stronger brands tend to use social media.
As such being active on social media could act as a beacon to search engines showing that your brand is legitimate and trustworthy. This boils down to meaning that if you want to rank for a given set of keywords, having a strong social media presence is mandatory.
Richer Customer Experiences
Social media at its core is just another communication channel just like emails or phone calls.
Every interaction you have with a customer on social media is another chance for you to show your level of customer service and enrich your relationship with your customers building trust.
Let’s say someone were to complain about your product on social media, you could take this as an opportunity to immediately address the comment, apologize publicly, and take action to right a wrong.
Or on the other end of the spectrum if a customer were to compliment you, you could take the chance to recommend additional products. This kind of personal interaction lets customers know you care about them and will keep them coming back.
Improved Customer Insights
Social media also allows you to gain valuable information through social listening, learn what your customers are interested in and how they behave, for example you could monitor comments by users to see how people feel about your business directly.
You could also separate your content by topic and see which ones generate the most attention, and then focus on creating more of that particular kind of content.
You can even measure the amount of new customers you’ve obtained based on different promotions posted to different channels and crank up your revenue by finding the perfect combination.
This about sums up the benefits of sustaining a long term social media campaign, but if you’re still on the fence about it consider these points.
You’re Competition is Already Involved
Other business’ are already invested in social media, so traffic that could be going to your site is instead going to somebody else.
Don’t allow others to reap all the rewards while you stand idly by. However even if your competition isn’t already involved in Social Media Marketing, that is just all the more reason to swoop in while the market is open.
The Sooner You Start, the Sooner You Reap the Benefits
Social media is all about connections, the sooner you begin and start amassing a following the better.
As people join and tell there friends about their experiences and in turn those friends tell more friends your audience will begin to grow exponentially.
Potential Losses are Insignificant
Realistically speaking the amount you stand to lose in Social Media Marketing are insubstantial, especially when compared to other forms of advertising.
Creating an account and releasing the required content usually can be done with only a few hours of work per week and a couple hundred dollars.
Why Social Media Marketing Reports Are Important
Sometimes Social Media Marketing can feel like an endless stream of data and analytics, leaving no time to actually work on your strategies and get work done.
However any seasoned marketer can tell you that these things are what actually form the backbone of the best strategies. When presented properly, a social media marketing report offers many benefits, below I will go over just a few.
Provide Valuable Insights
Producing these reports will help you stay focused on the results. Putting the time into creating these reports allow you to see the effectiveness of your strategies, and will help you think of better ideas for the future.
On the other hand it will allow you to see and identify which of your ideas and strategies didn’t work, sometimes knowing what not to do is just as important as doing the right thing.
Justify the Spend
In the end what’s important is how much you’re making when compared to your budget. A report can help you see and understand your progress, and possibly show you where you may be able to increase or decrease spending.
Keep Everyone in the Loop
Even though social media reports are typically compiled for your client and/or boss, they can be distributed to others as well.
A marketing team will greatly benefit from the information contained in these results, they could be of interest to executives or other team members as well.
You could even distribute them to the whole company as a way of upping moral during end of the year evaluations.
Every company is unique and has their own distinct strategy when it comes to social media, so you’ll have to go over and highlights the factors that best compliment your own strategy and company. If you try to include every piece of information contained within, you’ll be stuck within what might seem to be an endless stream of data, not to mention making more work for yourself than is necessary.