In today’s digital marketing arena, there is practically no company that does not have a Facebook, a LinkedIn or an Instagram account. But, how well they utilize these social networks can make a huge difference when selling products or services. In this blog, I will explain two ways to take advantage of your social media so you can substantially increase sales.
An IDC survey found that 91% of buyers are active on social networks. In essence:
- Active buyers in social networks are more open to the input of experts in their industry and,
- 33% of users prefer to contact brands on social networks rather than by phone
So what does this tell you?
Well, thanks to social networks, as an entrepreneur all you need is a computer and an account to start talking to prospects left, right and center, and moving from one conversation to another without having to leave your desk. The key to selling, however, is how you approach your prospects. Let me explain. (Inbound marketing, hint, hint)
Use social media as public relations channels
Public Relations is the process of managing communications between a business and the public. This includes customers, investors, vendors and of course prospects. The main objective of public relations is not to sell or promote the company’s products, but to mold the public’s perception of a business, presenting a positive image through various strategies.
Social media offers business owners a great way to position themselves as trusted experts or thought leaders within an industry by providing commentary and educational information about their subject matter. By posting articles, videos, informative comments, educational and other types of inbound marketing content on social media, you can get more people to follow you and your company and gain even more trust among your existing followers.
Creating a PR plan that takes advantage of social and digital technologies will help you shape the conversation, build loyalty, and attract new customers. And remember, social media shouldn’t replace other inbound promotional methods like email, events, or public relations, but instead should augment them, offering another set of marketing channels for you to explore.
Check out this blog on how to create a PR strategy through Social Media.
Use social media to get referrals
Referral marketing is an inbound tactic that seeks to promote recommendations through key “moments” because the person making the purchase recommends the company’s products or services depending on their level of satisfaction.
When a customer shares your business on their social profiles, it has the potential to be seen by a large network. This can act as a mini advertisement for you, and even if they don’t buy today, it creates an impression.
Take advantage of this by creating an inbound referral program.
A customer referral is highly valuable because it doesn’t cost you much — if anything — to acquire them. The exact value of a referral varies across different businesses, but it’s roughly the lifetime value (LTV) of a typical customer, plus the typical cost of customer acquisition (CAC), which you can then use to acquire additional new customers. Here are some useful stats on customer referrals.
- 1 in 3 people come to a brand through a recommendation, and customers who were referred by loyal customers have a 37% higher retention rate. (Deloitte)
- Word of mouth is the primary factor behind 20-50% of all purchasing decisions, especially when considering a first time buy or something relatively expensive. (McKinsey)
But what does all of this mean for you? Well, although purchasing decisions for your product or service are as complex as ever, a leading factor in your prospect’s decision-making process is advocacy from their trusted sources. The question is, are you harnessing the power of your social media strategy to get these quality referrals? If not, read this informative article from HubSpot.
There has never been a more ideal time to be involved in social media. Pairing with the right marketing allies is crucial to your success. Do yourself a solid and choose a HubSpot certified partner like us.