Earlier, businesses and social media were considered to be at the two ends of a spectrum. Businesses kept a very professional air around them, and social media was for sharing all things personal. But things have changed since then. Today, most businesses like to bring a personal touch to their product/service. And social media has become a channel that helps businesses balance their personal and professional aspects.
The strategies for driving business revenue keeps changing as the consumer behavior and industry trend changes. In the present scenario, the best method to increase business sales revenue is through social media. Social media is becoming a hub where buyers, sellers, and influencers interact with each other on a regular basis.
This is very beneficial for businesses as it provides a means for them to stay within the eyesight of potential buyers. It is a well-known marketing strategy that the more we see one thing, the more connection we feel towards it. Thus, social media acts as the primary medium for increasing business revenue today.
Let’s see some ways how this is achieved.
1. Simple steps to buy
People are always on social media, searching for one thing or the other. So marketing your product on social media increases the chance of catching people’s attention. When people come across something they want to buy in between the scrolling, the chances of stopping and taking a better look are more. And if the buy option is available there itself, 95% of interested people will go ahead and buy.
This is a great advantage of using social media for business. When users can view a product and perform checkout without leaving the social media site, it incredibly eases the buying process, making them more attracted towards purchasing from a business through social media again.
2. Reach more people
Your business may hire excellent mobile app development services and build a great website or mobile app but still fail to reach out to many people. The thing with websites or mobile apps is that people have to come searching for them. But with social media, the process is reversed. It is easy for you to reach out to your target audience by having a social media presence. By maintaining an interactive social media profile or using marketing methods such as sponsored posts, businesses can easily make their way on people’s newsfeed.
The option to share content further enhances the reach. Your existing customers or friends may share your product posts, reaching out to even more people, and the best thing is it is entirely free of cost. It is a great way to increase revenue with the least effort and expenditure.
3. Human connection
Although businesses are becoming more and more digitized with each passing day, the value of human connection is unmatchable. The social media act as an excellent platform for businesses to foster close relationships with customers. By sharing workplace moments, behind-the-scenes stories of production, the motivation behind creating a particular product, etc., it is possible to develop a real and friendly relationship with customers. This familiarity will increase sales as people value connections as much as they love the quality.
It also eases communication between businesses and customers. Instead of emailing or reaching chatbots on websites, they can directly message the social media account if they have any issues or want to address any concerns.
4. Improved lead conversion
People share a lot of information on social media- their likes, dislikes, reviews- anything you want to know about someone, you can get from their social media profile. When such personal data is available, it is easy for businesses to target potential audiences easily using this information. There is no need to spend a lot of time researching user behavior as real-time data is in hands.
This helps to improve the lead conversion rate. When you know the requirements of your customers, you can offer them exactly what they want. This direct marketing increases the opportunity for your business to reach out to the right target and thus get more leads.
5. Influencer marketing
Influencer marketing is a benefit that is exclusive to social media. It is one of the most prevalent and successful marketing trends in today’s times. According to studies, about 80% of marketers use influencers to increase their brand awareness and promote their products. When you hire an influencer with a lot of followers to market your product, you are increasing your reach by tenfold. Here, you get to utilize the trust that the followers have on the influencer to present your product as genuine and reliable.
According to studies, 40% of Twitter users said that they felt compelled to make a purchase after seeing an influencer’s tweet. That is the extent of influence they have on marketing. It has been found to increase revenue by a large extent and deliver a return of investment of up to 600%.
One thing is clear. Social media surrounds us and influences us in more ways than we can imagine. It has long since moved from being just a social platform to being a business platform. Businesses today recognize the role of social media in increasing their revenue and develop strategies to utilize it fully.
Some businesses even opt for custom social media app development for their service. It is a great approach to build a loyal and trustworthy customer base. It is a very cost-friendly option and, in the long run, can prove to be extremely beneficial for the growth of businesses.