One thing is clear in today’s society, social media appears in everyone’s world. It surrounds us, influences us, and consumes our time while simultaneously affecting our lives both personally and professionally. Most users follow a myriad of accounts ranging from family members to friends to colleagues and like to interact with others through comments, likes, and sharing. The beauty of social media is that it creates a space to build relationships by digitally connecting with others. As social media evolved, it began to serve not only as a social platform but also as a business platform. Businesses recognized social media’s potential for generating revenue and developed strategies to more fully and impactfully connect with their target audiences. Being a digital agency, we are well-versed in the benefits and strategies of social media. We know firsthand the effects social media can have on a business’s revenue. If you’re curious about how social media can help generate revenue for your business, take a look below:
Social Media Spreads the Word
Impressions lead to revenue, it’s as simple as that. Social media affects your business’s revenue by letting people know what your business offers and what value you can add to their lives. This goes back to the basics of your business. How can people utilize you or your business if they do not know you exist? Forbes reports on the vast use of social media platforms saying “Facebook has over 2 billion, Instagram has 800 million and Twitter has about 330 million monthly active users” (Barker, 1). People of all ages use social media, although, some platforms cater more towards one age group than others. By creating, maintaining, and strategizing a social media campaign, you can increase revenue by informing your target audience about your business and what you offer. Social media can be your vehicle to reach your audience and can build the needed trust to drive sales.
Social Media is Trackable and Cost Effective
Social media is effective due to its highly trackable nature which allows businesses to monitor analytics, behaviors, and trends. This helps companies alter what isn’t working and how to maintain efforts that are successful as everything comes back to revenue. When a business can monitor what percent of their revenue is from social media efforts, marketing managers can modify their strategies to increase revenue or have the knowledge necessary to justify the efforts. Furthermore, social media advertising is very cost effective and is relatively inexpensive compared to other advertising spend. More people see your content for less, and that’s a win in our book!
Social Media Turns Followers Into Customers
Any and all social media efforts reflect your company’s brand which is why you want to do social media right. If your social media efforts are vibrant, attractive, and congruent with your current branding, you can drive your social media followers to your company’s website. If you push out relevant and valuable content to your followers, they will want to check out your website. When followers reach your website and see consistent branding, you’ll have a chance to convert followers to leads, and from there you can convert leads to customers. All in all, this can drive revenue. It’s a rather simple revenue-generating equation to understand, but executing the equation is an entirely different story.
Make Sure You Do Social Media Right
Social media is a giant in our world full of digital space to build connection and trust. Not only is social media a social tool, but also a business generating tool. It has the power to build a business or the power to destroy a business. Snapshot Interactive can help you harness the power of social media to drive revenue. Check out the services our Digital Strategy Team can bring to your business’s social media efforts.