How To Earn More Revenue Using Social Media

 

Dollars. Greenbacks. Bands. Paper. Benjamins. Cheddar. Cabbage.

Whatever your preferred term, your business exists only as long as you have frog skins to cover the bills. From advertising to customer service, and even operations, every action your company takes is driven by the motivation to push more of those sweet, sweet buckaroos into your bank account. And yes, before you ask, this includes what you do on social media. If your business is only using Facebook to show off your dazzling meme generating skills, you’re leaving serious money on the table. 

In fact, a recent study found that when social media is part of a buyer’s journey:

  • Brands see a 129% higher customer conversion rate
  • Those (social) customer are 4x as likely to spend more than customers without a social interaction

If you want to see your sales grow, you need to step up your social media game.

 

Business 101: The Three Ways to Increase Your Revenue

Traditionally, there are three ways for a business to increase its revenue.

  1. Increase the number of people who buy from you – This is the crux of advertising. Introduce your product to more people and convert those new people into paying customers.
  2. Increase the per sales transaction value – Fancy talk for, “Get those customers to spend more money when they buy from ya.” You can do this by either increasing the price of the product, or by encouraging upsell, cross-sell or add-on sales.
  3. Increase the frequency of customer repurchases – Get your customer to buy from you more often.

That’s it. That’s the grand “secret” for making that moola.

 

How to Earn More Using Social Media

Dialogue with Your Customer Base

The age of the monologue is over. No longer can brands just blindly shout their message to potential customers from behind PR blasts and television ads. Consumers expect brands to interact with them one-on-one to answer any product questions or concerns they have. For brands on social media, this means:

  • Monitoring all post comments for potential customer queries
  • Responding to any message or DM sent to the company page
  • Encouraging communication through Facebook Chat

Not only do these conversations with potential customers allow you to answer any potential sales-killing questions (no one is going to make a purchase if they’re unsure of what they’re buying), it also provides you with an opportunity to suggest cross-sell and upsell opportunities.

Actively instigate conversations, don’t wait for them to come to you! Be proactive in engaging your potential customers. SocialToaster clients regularly use our innovative quiz and poll features to encourage feedback on all sorts of topics, from content focus to new product development, and even which promotions are most effective at driving sales!

 

Post Trust-Building Content

Always keep in mind that your fans on social media are going to trust what their friends, family and favorite influencer say about your product more than they are going to trust what you say - even when you’re all saying the same thing! Build consumer trust by posting a wide content mix that includes:

  • Recent customer product reviews
  • Solicitations for comments about their recent purchase experience
  • User-Generated Content (more on how to cultivate UGC here)
  • Sharing content that was created or published by a 3rd party influencer

The more a consumer trusts that your product is going to solve their problem, the greater the chance that they’ll convert into a paying customer. Even better, the greater the trust, the more you can charge for that product! Consumers will pay a premium (as much as the market allows) for a product they “know” will get the job done.

 

Exist Outside Your Brand’s Social Account

If you want to see true sales driving success on social media, buying conversations need to happen OUTSIDE of your brand’s Instagram account (or whatever social channel du jour). Think about real life. How many branded conversations have you had with a friend or colleague that took place without a brand rep circling overhead? Our estimate: 567,321 (give or take a dozen).

The same holds true on social. People other than yourself need to be talking about your brand in their personal social feeds. Not only does this foster more consumer trust (see above), it also helps to widen your marketing footprint and build awareness with potential new customers, without having to pay for ads or promoted posts.

Examples of this type of sharing include:

  • Advocates sharing your latest blog post to their own personal feeds
  • Customers bragging about their latest product purchase
  • Influencers promoting your product to their fan base

Be sure to reward these interactions. Sometimes all it takes is a simple thank you to the user for sharing your content. If you have a group of advocates or social fans that are regularly sharing your content, consider creating rewards to encourage your fan base to help increase your social following, promote your products, and share your offers.

Pro Tip: Overwhelmed at the thought of managing all of those off-page social media moments? Consider implementing an advocacy marketing program with SocialToaster. Our dedicated advocacy marketing platform makes it easy for you to activate your Superfans, empower them to share specific pieces of content to their social feeds, and reward them for taking action on your behalf.

 

Additional Social Revenue Building Tips and Tactics

Don’t stop now! Kick your social media efforts into overdrive by:

  1. Consciously mixing entertainment or educational 3rd party content into your publishing mix
  2. Ensuring your social media pages are optimized to sell directly from the native platform (e.g. Facebook Store)
  3. Optimizing your product listings so that they are social sharing friendly
  4. Advertising to your email list through social ads
  5. Auditing your content pieces to ensure they drive conversions

 

Ready to start driving more revenue from your social media efforts? Schedule a demo with SocialToaster today.