As of 2022, there are more than 4.59 billion people with social media accounts, more than 50% of the world’s population. Like Facebook, still the world’s most popular platform (although youngsters never believe this!), social media was created as a way for people to keep in touch with friends and family and to share insights into their lives.
Since then, it has evolved into a marketing machine estimated to bring in $992 billion in sales by the end of 2022 and £3 trillion by 2026!
The unprecedented power of social media and the influence it has over users is a tool all businesses need to utilise to keep up with the competition. As time moves on, the demands of consumers change and right now, the pot of gold at the end of the rainbow is online and more specifically, on social media.
Here is why using social media will help your small business.
With over half of the world’s population on social media, raising brand awareness via platforms such as Facebook, Youtube and Tik Tok has become one of the most popular forms of advertising, reaching more people than ever before.
According to statistics published by Instagram, 90% of people on their platform follow a business, two in three people said that Instagram helped them interact with brands and 50% stated they were more interested in brands when their ads appeared on the platform.
What this tells us is that introducing your business to social media will reach a huge audience, one that wants to understand your brand and potentially purchase products. Whilst simply setting up an account isn’t enough to increase sales, it’s a chance to identify new target markets, closely study competitors and personalise your brand more effectively than before.
The beauty of social media is that it can be used to redirect consumers to your website with very little work. Sharing interesting blog posts or details of products on your social media, with links back to the website, is a simple, yet effective way to encourage more sales.
From an SEO (Search Engine Optimisation) standpoint, increased website traffic will also improve your chances of ranking higher on search engines and above competitors, which over time, could result in monetary conversions.
The end goal of all businesses is to increase sales and make money. But if it was as easy as it sounds, everyone would be a millionaire and that isn’t the case.
The real challenge in starting any business is competition and how your product or service weighs up against other brands. Is it better quality? Is it more affordable? Does it have a unique quality? Your social media channels are what you can use to highlight these selling points and encourage more sales.
The first way to do this is by redirecting customers to your website, as discussed above. The second is to sell directly through your social media channels by adding CTA’s to posts and adverts. Whichever method you choose, take the time to understand your audience and design your ads/posts around them. If you get it right, the money will flow.
Consumers want to invest in brands they can relate to and connect with. They want to feel like they’re being heard and understood, but what is the most effective way to do that?
Replying to comments and interacting with followers through social media is the best way to showcase the authenticity of your brand and gradually earn the trust of your customers. And more importantly, there are no set rules.
Poppin Candy is a UK candy shop that has gone viral on TikTok for its creative videos showcasing what happens behind the scenes. However, the real mastery behind these campaigns is how it involves users by listening to their suggestions and creating new products based on their feedback.
By humanising their brand and listening to their consumers, Poppin Candy now has over 7.5M followers on TikTok alone, a following that continues to grow!
Partnership with influencers
A social media influencer is someone with a large following on one or more platforms who can influence the thoughts and behaviours of followers. By sharing an insight into their lives and personalities, they earn the trust of their fans making them the ideal candidate for advertising and promotions.
The reason why influencer marketing is so effective is that consumers are more likely to purchase a product or service if someone shares a good experience and when they trust and admire that person, it’s even more of an incentive and more convincing.
Do you need advice on how to utilise social media for your business? Find out more about private coaching with Matt!