Looking at the landscape of the business world today, it is safe to say that the competition is increasing every consecutive day. Besides, increased competition made it difficult for businesses to stand out in the contemporary business world.
In this increased competition, social media came to the forefront to rescue many businesses from drowning in the market. Businesses are using social media to connect and engage with a wider base of the audience across the globe.
To continue, there are multiple social media platforms like Facebook, Youtube, Instagram, and Twitter that can assist businesses in enhancing their business growth.
In fact, according to Review42, there are more than 50 Million small businesses that are using Facebook to connect to their customers. In addition to this, 97% of the 500 fortune companies use social media to communicate to their target audience.
Probing further, all businesses are trying to utilize social media but there are only a few businesses who succeed in utilizing social media effectively. The difference lies in the strategies implied by the businesses to conquer the business world.
Therefore, this blog effectively highlights the key strategies that can be implied on social media to enhance the business growth of the company.
1. Optimize Brand Authority
Creating brand authority is crucial for achieving stable growth in the business world. Companies can use various social media platforms to create the right impression of the company and to uplift their brand authority.
Moreover, there are various formats of content that can be posted on social media to increase the overall online presence and deliver the right message to the target audience. Multiple formats can include audio podcasts, Youtube, Facebook, and Instagram videos which can assist in creating a separate brand identity from all other competitors.
Furthermore, a major trend that is thriving on social media platforms and can assist in creating a strong brand authority is influencer marketing. According to Statista, as of 2021, the market value of influencer marketing was valued at 13.8 Billion U.S dollars. The main reason behind the increased market value share of influencer marketing is that people trust their favorite influencers more than traditional celebrities.
To elaborate, people look up to their favorite influencers on Instagram, Youtube, and Twitter in order to avail their recommended products and services.
This gave businesses a major opportunity to target the right audience through their influencers. When businesses use influencers to reach their target audience, it makes their product more reliable and also increases the brand authority of the product. This can assist in acquiring new customers from the huge fan following of influencers which can contribute to the overall growth of the company.
Moreover, influencer marketing has one of the highest returns on investment because of its wide popularity and demand all across the globe. To substantiate, as per the stats given by Digital Marketing Institute, for every dollar spent on influencers’ marketing campaigns, businesses can earn between $5.78 to $18 as their return on investment. Enhancing the use of influencer marketing on social media can assist businesses in earning healthy profits which will further assist in increasing the overall revenue of the business.
2. Employ Direct Selling Feature
As of 2022, there were a total of 4.62 Billion users of social media all across the world. In addition, 54% of the users browse social media to research products and services.
Moreover, recently, Instagram and Facebook introduced their shops which allow their users to directly shop from multiple businesses without even leaving their apps.
This opened up wide opportunities for all the businesses to directly sell their product to such a wider user base audience with no geographical barrier.
Customers can choose their favorite product from different product catalogs of different businesses and can directly purchase through their social media platforms. Moreover, Whatapp also landed in the game when they launched their WhatsApp business app for the businesses to create their business accounts in order to directly communicate with the potential customers.
Businesses can create multiple catalogs of their different products and services along with their prices and add them to the different shops available on social media.
Along with this, Instagram also introduced the feature of live shopping in which businesses can provide a live demonstration of their products and services in order to provide social proof. This will allow their customers to directly watch the experience of people who were earlier using their product. This can assist in influencing the purchasing decision of the customers positively and increase the overall profitability of the business.
Businesses can use the live feature to directly provide the testimonials of the product or service to the target audience. This will assist in gaining the trust and building the authority of the brand.
3. Leverage User-generated Content
User-generated content is an effective tool that can be used to generate new leads and acquire new customers. User-generated content refers to utilizing the records of experiences given by the customers into creating effective content to present on various platforms. Businesses can use UGC on social media in order to present it as social proof in order to attract new customers.
When customers interact with the UGC content, it can assist in influencing their purchasing decision positively which can help in the overall growth of the business.
One of the reasons UGC is an effective tool is because it puts forward the testimonials of previous customers. This saves up the time and effort of the businesses to create more content. In addition, it also makes your product more reliable and authentic. To validate, as per CrowdRiff, 55% of people of all ages users trust user-generated content over all other forms of marketing.
Businesses can use reviews and experiences of the people in different forms of videos or written posts on different social media platforms like Instagram, Facebook, and Twitter. The latest trend that is thriving on different platforms and can be effectively used to deliver the UGC content to the target audience is creating engaging short videos. For instance, Reels on Instagram can assist in reaching a wider audience. Moreover, they can further assist in generating organic traffic on the business pages which can assist in the overall profitability of the business.
4. Exploit CTA to Attract Inbound Traffic
Adding CTA refers to adding certain call-to-action phrases in the social media posts which can compel your target audience to take action in order to engage in your business. Certain examples of CTA can include hurry up, limited stock, click here or post your views in the comments section.
Businesses can add CTA in different social media posts in order to navigate the users on what to do next. Guiding your customers through different CTAs can assist in encouraging them to move forward in their buying journey with your business. This can eventually lead to more conversions and can boost the sales of the business.
Moreover, CTAs can also assist in generating inbound traffic on different social media platforms along with your business website. To elaborate, businesses can add certain CTA which can encourage customers to go onto their website in order to get the desired information. This will assist in generating traffic to the business website through the use of social media.
5. Utilize Social Media Automation Tools
We all are very well aware of the fact that handling business is not an easy process and there are many processes that need to be taken care of. Thanks to technological advancements, there are certain tasks that can be automated and can assist in saving time for employers.
One such technology is social media automation tools, which can assist in automating various tasks to optimize social media marketing and customer interaction. Using automation tools on social media can assist in making social media handles more efficient which can assist in the further growth of a business.
Various tools such as Sprout Social, Hootsuite, and SocialPilot can assist in automating multiple tasks that occur on social media. These tools can assist in
- Scheduling and posting on all the social media platforms at once
- Monitor the engagement and reach of the posts
- Provide solid insights that can assist in creating relevant content for the future
Businesses can use various automation tools of society to perform tasks that require minimal human intelligence. This can assist in saving time and effort for businesses and can give them time to focus on their more important tasks.
To encapsulate, operating business on social media has now not remained confined to just a trend, it has now become more of a necessity for businesses. The need is to effectively identify the target audience and implement various strategies that can contribute to the growth of the company. Moreover, the given above strategies will effectively assist businesses to enhance their business growth via social media.