Social media has not only revolutionised the way that people communicate and stay in touch; it has completely transformed business and marketing practices as a whole.
Over the past five years, social media websites have become some of the largest and most meaningful pieces of the digital marketing puzzle.
While many still maintain that social platforms are for communicating and not slinging products, others would vehemently disagree; just look at Facebook, Instagram and other networks’ efforts to integrate e-commerce options.
Generating revenue is, by many standards, the sole reason why many aim to accrue millions of followers; massive awareness often leads to either sponsorships or sales. Either way, cash is the ultimate goal.
But is it possible to monetize moderate social followings that don’t reach into the hundreds of thousands and beyond? You bet it is.
If you’re ready to start having your social followings work for you, here are five ways to turn your social presence into a bona fide stream of revenue.
Divulge new products and services to your loyal following
You're in business to make money correct?
Well then, in order for you to generate sales from your following, you need to have something of value to provide them with!
Through posting about new products/services that you have to offer. You can tell your established following or you can utilise the platform to reach an increased quantity of prospective customers.
The methodology in reaching new customers, Facebook ads can be so powerful as you can take advantage of Audience Insights and Lookalike Audiences. Which consequently enables you to be able to target the customers that are the most likely to convert.
Marcus' Top Tip!!!! - Want to add some additional value? Or create a layer of exclusivity? Then you could give your social media following early access and deals. By doing this, your brand can develop a sense of urgency and privilege.
Implementation of videos to reinforce content
You cannot escape video content. Everywhere you turn there is video content, articles about video content, and even videos about video content; it is becoming unavoidable.
Near enough, every social networking site implements videos throughout their community. These videos are accumulating billions of views daily.
The point I am making here is that the implementation of video content is becoming imperative to any marketing campaign.
Explainer videos can increase the chances that a customer purchases a product/service by 1.8 times.
Videos can generate revenue in two ways. 1.Ads 2. Conversions.
You can implement advertisements within your videos whether they are placed on YouTube or on social media which can generate you more income.
Alternatively, video content can be monetised through convert customers as a direct result of your videos. To do this, you need to ensure that your video content is compelling, engaging, educational and entertaining.
You can leverage this by creating video content about your products and using live streaming services like Facebook Live to connect with your audience and explain exactly how your product will help them reach their goals and make life simpler.
Implement a Facebook shop and sell directly to your social media following
Numerous social media platforms are merging all sorts of shopping alternatives for brands and consumers to take advantage of. One of the most common and in-depth social selling toolkits comes from Facebook.
By utilising Facebook’s shop section, you, as a brand, can list physical products directly within Facebook for your loyal followers to browse and buy. It just doesn’t get any easier to reach so many people in such an efficient and effective manner.
Developing a Social Media syndicate
Seeing as the average Facebook user has 338 friends then I am assuming that you have at least 100 friends. Never mind 100 friends, seeing as you are reading this blog and wanting to increase your social media campaigns. I am prepared to predict that you are above average which means that you currently have over 1,000 friends on Facebook.
On this note, are you conducting any means of business with your 1,000 friends on Facebook?
Facebook is a busy community. According to Facebook Business Manager's Audience Insight, there is in excess of 1bn active users.
Taking this into consideration, if your posts do not go viral, on average only 70 out of your 1,000 friends will view your posts. SO what happens to other 930 friends???
What would an additional 930 friends do for your business?
So how can you convert additional friends or their friends?
Implement a concept known as 'a Syndicate'. This is where five of your closest friends or five best referral partners share your page/products.
By doing this you can garner and enhance your reach. Gaining a massive coverage will make you more dominant in more news feeds.
Taking the cold out of cold calling through social media
Nobody likes a cold caller... it seems desperate when a salesman turns up at your door or calls your phone and tries to sell you some crap!
When a salesman attempts to cold-call a prospective customer they have to deal with numerous challenges, such as:
1. Get past the prospective customers that don't answer their phones/doors.
2. Having to find common ground rapidly.
3. Having a hidden agenda and setting tactics to persuade your prospect to buy..
The whole process is dreaded by newcomers which tends to lead to more self-loafing.
Well, social media marketing puts a stop to all that!
Social networking sites have great features integrated deep within them. One being the search bar.
Customers can find you this way! Or vice versa, you can find customers.
One way to this is buy joining appropriate groups on social media sites. Once you have joined though, DO NOT go all gung ho immediately! Nobody wants to be spammed with promotional material from a newbie to the group!
Facebook tells other members that you are a new member!
This can be perceived as being a 'digital cold caller'.