Is it really possible to make money from social media? This has become a hot topic as more businesses plan to increase their online advertising budgets.
The answer is yes – you can see a positive return on investment from social media marketing. However, it will not be done by just signing up on Facebook and posting status updates about your products. It takes a clear, concise strategy. After working with over 100 businesses with social media marketing at LYFE Marketing, I’ve picked up an effective approach to converting social media traffic into revenue.
It consists of 3 steps: attracting, converting, and nurturing
Step #1: Attracting
The first step in any social media marketing strategy should be to identify your target audience and figure out how to attract them to your brand. You will need to understand their interests, what platforms they use the most, and how to position your brand to gain their interest. After you figure this out, develop a content, follower growth, and advertising strategy to capture their attention. Here’s a few tips on how to attract your target audience:
- Get your social media profiles professionally designed or use low-cost design platforms, such as PicMonkey. At bare minimum, have a very appealing profile and cover photo that describes your brand. First impressions make a huge difference in social media.
- Use content to inform, entertain, or inspire. 80% of your content should be content that you believe your audience is the most interested in. Use the remaining 20% to inform them about your products and services. Tell your brand’s story creatively and understand that people do not intend to be sold to while interacting with their friends on social media.
- Grow your social media presence through advertising or daily labor – your choice. You can grow your presence organically by posting engaging content, using hashtags, following users, getting active in groups, and much more.
- Build relationships and brand equity – join the conversation on topics that are related to your industry and share your views. Identify needs within your target audience and see how you can add value to them, even if the solution is not buying into your product. This helps build trust.
Step #2: Converting
The second step is to actually convert this traffic into something tangible. This is where most people get lost. As your social media presence is growing, run campaigns to get people off your social media channels and onto your website. Regardless of it your business is B2B or B2C, you should be able to offer one of the following:
- Special offers or discounts
- Promotions and giveaways
- eBooks or whitepapers
- Webinars or podcasts
- Checklists or guides
- How-To Videos
Provide your social media audience with something valuable in exchange for their contact information. Wouldn’t you like to know who is viewing content on your website or responding to your social media promotions? They may not be ready to purchase on social media or at the time of opting into your content, but they are moving closer down the sales funnel.
Step 3: Nurturing
As people opt-into your content, promotions, follow your brand, and more, your focus should be to nurture them. They acted on your incentive for a reason – because they are interested in it. In this phase, you should aim to keep providing them with good content tailored to their interests. A few tricks that we have done at LYFE Marketing has been to:
- Set-up remarketing campaigns
- Nurture leads through automated email marketing
Have you ever clicked on a website and continued to see that brand on multiple sites that you visited through advertisements? Congratulations, you have been retargeted and remarketed to! Remarketing is showing advertisements to people who clicked on a certain page of your website. This means that you can reach people who are most likely interested in your products or services. This is great for all businesses – retailers, eCommerce, consultants, and more.
Drip-marketing, also known as lead nurturing through email, can help you with nurturing leads until they are ready to buy. For small business, you can use email automation features through providers like Mailchimp at a much lower cost than most providers. For larger businesses, you may want to use more comprehensive providers, such as HubSpot.
Regardless of who you use, it is critical to development an email campaign to keep contact with your leads generated from social media. Email marketing may not be the fanciest form of reaching people today, but it is still effective. You can use it to develop a personal relationship with your leads and deliver content related to their first encounter with your business.
Is your business ready to start attracting, converting, and nurturing leads from social media into revenue? Try this simple strategy with your social media efforts and see if it works for you.
Feel free to tweet me @LYFEMarketing if you have any questions on this.