[vc_row][vc_column][vc_column_text][/vc_column_text][ultimate_heading main_heading=”3 Ways to Grow Your Business Using Social Media” main_heading_color=”#33abdf” alignment=”left” main_heading_font_size=”desktop:36px;”][/ultimate_heading][vc_empty_space height=”15″][vc_column_text]
One of the biggest questions brands and businesses should be asking with regards to social media is;
“How will using social media grow my business?”
It’s a question that’s not asked frequently enough. In order to truly grow your business with social media, you need to understand first, how to actually grow your business.
There’s only 3 ways to do it, and that goes for any business in the world. You can increase your margins, increase the frequency your current customers do business with you, or you can increase your market share by gaining new business.
Let’s iron out how social media crushes each of these goals.
1. Increase Your Margins
Increasing your margins is the first way to grow your business because it simply means higher profitability. It does not mean increasing your prices. Make no mistake about that. You do not need to increase prices to increase margins. Margins can be increased by lowering the cost of acquisition. Many times, the cost of acquisition is closely related to marketing and advertising.
How social media helps increase your margins is simple. Advertising on social media is currently the most underpriced, effective forms of advertising on the market. When it comes to a cost per thousand, cost per action, CPC, etc., Facebook, and now Instagram, are blowing traditional advertising mediums like TV, Radio and print, out of the water.
I challenge you to take 50% of your marketing budget for 30 days, run an effective Facebook campaign, and you will be stunned at how well this stuff works, and for how much less.
2. Increase the Frequency Your Current Customers Do Business With You
The overall idea of this is really simple. Get your customers to buy from you more often. Now, this doesn’t work every time for every business. i.e. How many roofs will the same homeowner buy in their lifetime? Or how many times will someone get injured at work and need an attorney? However, for the most part, this principal applies.
Having a solid social media presence, if done properly, will foster a community of brand advocates online. You will build your own audience of people that love you! And with Facebook & Instagram ads along with great content, you can target those people directly!
Say ‘goodbye’ to direct mail customer retention and say hello to social engagement. No more “1% is a great return” on that mail piece. With social media marketing, you can make sure your message is reaching your existing customers, 100% of the time. We can even target your email lists, customer phone numbers, and sometimes tap into your point of sale to track customers online.
3. Increase your Market Share by Gaining New Business
This one is my personal favorite. How do you reach new people who are in the market for what your brand or business is offering? Gone are the days of a shotgun blast approach. Sure, you can target geography and maybe some level of interest with traditional media. But with social, you can reach anyone that fits the exact demographic, interest level, or buying behavior that you want.
Looking to reach men over 35 who hunt and like fishing in New York? Done. Need to speak to women who are fitness savvy in Nassau County, Florida but don’t like organic food? We can do that too. See, social media levels the playing field for businesses that are trying to reach new people. What you don’t have, is wasted reach (see point number one again). Speak directly to your target customer for the biggest opportunity to get them to take action on your brand.
There you have it. 3 ways in which social media, when used properly, will grow your business. Ready for a social media marketing partner? Learn more about our social media marketing services.