How to drive revenue through social media?

Social media has been influencing everyone’s life especially that of entrepreneurs in a great way. Though social media is all over the web, enterprises are still finding to make sense out of it and convert social media into revenue. Yet, there are few smart enterprises who are driving revenue with social media.
77 percent of B2C companies and 43percent of B2B procure customers from social media – Business2Community.
When so many businesses can do it, why not you? After all, social media is no rocket science. Here are a few proven ways to drive revenue through social media.

Spreading your wings
For marketers, reach is a major aspect that they look up to. Mostly it is inferred as the number of contacts in your mailing database. But metrics have changed. Your contacts list doesn’t end with what you have in your database. It now includes your social media connections as well. People who are getting connected to your brand through Twitter, Facebook, LinkedIn, Pinterest, etc. are all valuable connections that enterprises can take advantage and build on. Before the evolution of social media, buyer personas were defined based on their search behavior. But now after the social media gaga, buyer personas are being redefined by their social media activities and connections. Creating share-worthy content is one thing with which enterprises can increase their reach.  Share-worthy content circulates around the social web not just to your fans and followers, but also to your but also to their circles so it gives you a wider range to market.
Aiming at influencers to drive conversions
Buying has always involved trust factor. Buyers are seeking the help of influencer on social media. According to a research by Group M Search, 40 percent of buyers, rely on social media before buying a product. So having great reviews on your brand can help in people zeroing in on your product than your competitors. If a prospect in your network is connected to positive influencers, they are likely to buy based on their feedback. This can pave way to increased conversion rate.
Shorten your sales cycle
Traditional sales cycles used to take over two months to close one deal. But with the social media connections all over the place, sales cycle time span has come down to one week. Having social media channels like HTML based landing pages and interactive content can speed up the sales cycle.
Increase marketing range
Having social media endorsements can increase your marketing range. It is a tangible way to drive revenue. Getting customer testimonials and feedback can help brands increase their brand value greatly. And, when there is any concern expressed by buyers, address it as early as possible. If you observe, negative comments usually pull up on the search engines compared to positive ones. So even if you have a bad remark on your page, address it such that buyers get an impression that you are receptive.
Check out “Using social media for customers service” to know how to address issues on social media.
Follow up fast
When you capture any information through social media forms, follow up with them without delay. Because social media connections are like hot baked cakes and if not taken in the correct time and processed, they might simply slip away from your breaches. So these leads have to be sent to the sales funnel fast and processed.
Driving revenue through social media is not a myth, but neither is it an easy and simple task. So have a strategic plan in place and use all tools that can help in collecting and engaging buyers.

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