Did you know that social media marketing has a 100% higher lead-to-close rate than conventional marketing? Or that 84% of B2B marketers use social media in some form? No matter what you sell and who you sell it to, using social media as a marketing tool can help you grow your brand and pad your wallet.
There was a time when social media was considered by some as a passing fad. Something that “the kids” were using that businesses could never really benefit from. Over time, the skeptics were proved wrong. There are over 3 billion internet users—and over 2 billion of them have active social media accounts. Popular social platforms have become marketing giants, offering businesses valuable data about their customers and a (mostly) free way to reach them. The jury has spoken: social media for business is no longer optional.
If you’re wondering how social media can benefit your business, look no further. We’ve outlined key points below.
1. Gain valuable customer insights
Social media generates a huge amount of data about your customers in real time. Every day there are over 500 million Tweets, 4.5 billion Likes on Facebook, and 95 million photos and videos uploaded to Instagram. Behind these staggering numbers is a wealth of information about your customers—who they are, what they like, and how they feel about your brand.
Through daily active engagement and social listening, you can gather relevant customer data and use that information to make smarter business decisions.
2. Increase brand awareness and loyalty
When you have a presence on social media, you make it easier for your customers to find and connect with you. And by connecting with your customers on social, you’re more likely to increase customer retention and brand loyalty.
3. Run targeted ads with real-time results
Social ads are an inexpensive way to promote your business and distribute content. They also offer powerful targeting options so that you can reach the right audience. For example, if you run an ad campaign on LinkedIn, you can segment by things like location, company, job title, gender, and age—the list goes on. If you’re running a Facebook ad, you can target based on location, demographics, interests, behaviors, and connections. You can track and measure the performance of your social ads in real time.
4. Generate higher converting leads
Social media increases sales and customer retention through regular interaction and timely customer service. In the 2015 Sales Best Practices Study from research institute MHI Global, world-class companies rated social media as the most effective way to identify key decision makers and new business opportunities. In the State of Social Selling in 2015, nearly 75 percent of companies that engaged in selling on social media reported an increase in sales in 12 months.
5. Provide rich customer experiences
Even if you aren’t on social media, most of your customers expect you to be. Over 67 percent of consumers now go to social media for customer service. They expect fast response times and 24/7 support—and companies that deliver win out. A study by Aberdeen Group shows that companies engaging in social customer service see much bigger annual financial gains (7.5 percent YOY growth) vs. those without (2.9 percent).
6. Increase website traffic and search ranking
One of the biggest benefits of social media for business is using it to increase your website traffic. Not only does social media help you direct people to your website, but the more social media shares you receive, the higher your search ranking will be. It’s more likely to rank higher in Google’s search engine results page for variations of “digital marketing for business.”
7. If you’re doing it right, social media will lead to real relationship building.
Part of what makes things like Twitter and Instagram marketing so cool is the interaction you get to have with your customer base — you can read their tweets and status updates to get insights into their daily lives (and maybe adjust your marketing strategy as a result). What products are they buying and why? What are they doing on the weekend? What kind of posts do they love to share, and from what websites?
You can also use social media as a tool for connecting with complementary, non-competing businesses, thought leaders and tastemakers in your space, as well as journalists who cover your industry. Sometimes, becoming besties starts with a simple retweet. Social media isn’t about blasting your company’s sales pitch on social, it’s a two-way channel where you have the opportunity to enrich relationships with your customers. For example, social media allows tourism brands to create dialogue with travellers, therefore creating relationships with customers before, during, and after they have booked a trip with the company. This kind of social media dialogue between brands and customers is something traditional advertising cannot achieve.
8. Share content faster and easier
In the past, marketers faced the challenge of ensuring their content reached customers in the shortest possible time. With the help of social media, specifically when it comes to sharing content about your business or for content curation, all you need to do is share it on your brand’s social network accounts.
9. Social media posts can be used to drive targeted traffic.
Creating a new page on your site is like taking a really great selfie. You want the world to see it and bask in its brilliance, but you don’t want to beg for attention (or worse, pay for it). That’s why for selfies and landing pages, well-placed social media posts can make all the difference. We’ve seen a single link on Reddit drive over 20,000 visitors in one weekend and links submitted to StumbleUpon can take a page that was consistently earning a handful of visitors a day and increase that number to hundreds. Who wouldn’t want to capitalize on that?
10. The social media marketing arena is a (fairly) level playing field.
Some brands may have bigger ad budgets than others, but all companies start off on pretty equal footing when it comes to social media marketing. The people and brands who thrive and go viral in are those with the most clever, attention grabbing tactics (and the most ridiculous gifs) and the most useful, link worthy content. In short, they’re providing value to their target audience while also showing personality and being entertaining. If you want to get lots of traffic and really increase your sales online, you’re going to have to outwit, outnetwork and outwrite your competition while offering superior products and customer service. Isn’t that what business is all about, anyway?
Social media has a treasure trove of benefits to help you grow your business. By using it to learn more about your customers, engage with your audience, and extend your brand reach, you’ll be converted before you know it.
Are you ready to start reaping the benefits of social media for your business? DigitalNib can help you