Is Social Media Marketing Really A Smart Investment for Your Business?
Social media is one of the best marketing channels of all time to reach a wider audience, establish a brand image, drive customer engagement, and increase revenue.
From local businesses to mainstream brands, almost everyone is now leveraging social media marketing strategies in one way or another.
The reason? — Thanks to its low barrier of entry, social media marketing is the fastest way to grow 📈 any kind of business online.
If you’re a SaaS startup or B2B company wondering if investing in social media marketing is a good investment, you’re not alone.
In this post, why social media marketing is a good investment and how to go about it.
What Does it Mean to Invest in Social Media Marketing?
Social media marketing refers to the act of leveraging relevant social media platforms (Facebook, Twitter, Instagram, Pinterest, LinkedIn, etc.) to create brand awareness, attract new customers, and drive additional sales for your business.
When you invest in social media marketing, you can reach a large number of your target audience 🌐 and easily convince them to try your products or services.
Compared to other marketing channels, social media is both an inexpensive & highly-effective marketing channel that every company can benefit from in several different ways.
Why is Social Media Marketing Worth Investing in your Business?
Social media marketing is a worthwhile investment because not only is it a highly-effective marketing channel on its own, but it can also boost the ROI of your other marketing channels and make them super effective.
Today, social media platforms have around 5.16 billion active users, out of which 78% of consumers are willing to buy from social media after encountering a positive experience with a brand.
This gives businesses like yours a grandiose opportunity to reach a diverse audience, engage with them in a meaningful way to foster a community of loyal customers, and boost sales.
But if you’re still not convinced, we believe the below-explained social media marketing benefits will change your mind.
Benefits of Social Media Marketing
Let’s dig into the 5 key social media marketing benefits that make it a worthwhile investment for businesses of every shape and size.
One of the best and probably the main reason why almost every business invests in social media marketing is that it’s economical.
Unlike other social media marketing channels, marketing on social media platforms is affordable for almost every business type. Plus, you can run both organic as well as paid social media marketing campaigns at the same time.
So if your business is just starting out and you’re on a tight budget, you can just run an organic campaign and it will still help in attracting new customers.
Conversely, if you have a dedicated budget to invest, you can leverage both organic & paid campaigns to boost your social media marketing ROI and generate plenty of sales for your business.
🌟 Establish your Business as an Exclusive Brand
Social media platforms are a great place to portray your brand and its products as exclusive.
Simply put, social media allows you to talk about the reasons why you started your business, show that you genuinely care about solving your customers’ problems, connect with them on a personal level, and bring your customers in on the journey.
Doing so can help your customers to understand who you are, what you stand for as a business, and what you’ve to offer.
Plus, you can use social media to engage directly with your customers and learn what they want in their own words.
🔍 Find New Customers
Social media gives you an opportunity to connect with your potential customers and engage with them on a personal level.
When your potential customers feel connected with your brand, it becomes easier to convert them. Depending on your target audience, you can launch personalized campaigns that specifically target people who are looking for products or services your business offers and convince them to make a purchase.
For example, McCarthy and Stone once leveraged Facebook paid ads to target people who were interested in learning about the company’s upcoming real estate projects.
Through their campaign, they successfully generated 4.3 times more sales leads at half the cost of other traditional marketing channels.
The point is, if you can figure out what your potential customers are looking for and implement the right strategy, you can make a significant impact on your business.
💂🏻♂️Create an Army of Brand Advocates
Creating brand advocacy can be a super difficult feat and it can only be earned by proving that you truly care about your customers.
One of the ways to show that you care about your customers is by sharing social proof like reviews of previous buyers and user-generated content. UGC can be anything such as text, photos, videos, or any other type of content that your customers have created about your product or business.
With the help of UGC and a robust strategy, you can turn your potential customers into your brand advocates by regularly offering an incentive like a discount code, early access to upcoming products, reward programs, etc.
🤝Establish Strong Customer Relationships
Using social media as customer service can be tremendously helpful to your business in several ways.
For starters, social media is a cost-effective way to provide customer support to your customers compared to other traditional methods like call centers or in-person customer service.
Secondly, social media can provide quick and effective customer support, which can drastically improve customer satisfaction and your brand reputation. This, in turn, can lead to word-of-mouth recommendations and increased customer loyalty.
And last but not least, social media can help to build stronger customer relations which can remain for a long time.
How to Tell If Social Media Marketing is Right for your Business?
If you want to yield a positive ROI from your social media marketing investment, you need to figure out if it is the right strategy for your business.
To verify that, you must answer the following four questions before investing in social media marketing to determine if it’s a worthwhile investment for them.
Question #1 – 🎯What are your business goals?
You can achieve a variety of different business goals using social media marketing, but you have to first figure out what your business goals are.
This is because each social media marketing goal requires a certain tactic.
For example, if you want to increase customer engagement and brand loyalty, the best way to do so is by hosting a giveaway or contest and inviting your potential customers to participate in the event.
So, depending on your business goals, you can leverage specific social media marketing tactics.
Question #2 – 📐Are your Business Goals Measurable?
Once you’ve defined your business goals, the next step is to determine whether they’re measurable or not.
Simply put, when it comes to social media marketing, you must always keep track of your campaign to determine how successful your strategy is.
And with the plethora of tools available in the market, you can track almost every aspect of your social media marketing campaign.
The point is, social media marketing can certainly help to achieve your business goals, as long as they’re specific and measurable. But once you’ve established your goals, you can get a better sense of whether social media marketing can play a pivotal role in your business or not.
Question #3 – 📱Are your Potential Customers on Social Media?
Whether you use Facebook, Instagram, LinkedIn, Pinterest, or any other social media platform, your potential customers must be on those platforms for your content to reach them.
That means you need to find out whether your potential customers are on any of the social media platforms. And if they are, are they buying products directly from or through social media platforms?
If your potential customers are buying from or via social media, the next step is to figure out which platforms they’re using.
For example, if your potential customers are B2B companies, they’re likely to buy products or services from or via the LinkedIn platform because it’s the biggest professional social network in the world.
Similarly, if you’re an entertainment company, your potential customers are probably buying products from Youtube or Instagram. So those two platforms would be your best bet to increase your sales.
Question #4 – 💻Do you have the Required Resources to Invest in Social Media?
The last question will help you to determine whether social media marketing is indeed an appropriate strategy.
More importantly, it will help to decide whether you can give it the time and attention it requires to succeed.
To answer this question, you need to ask yourself if you have experienced professionals on board who can implement an effective social media marketing strategy.
But the good news is that even if you don’t have in-house resources to manage a social media marketing campaign, you can always hire a digital agency like Thrillax to execute your strategy.
The best way to get started with social media marketing for your business is to outsource the job to the experts, start small, and scale up as your sales grow.
How to Invest in Social Media Marketing? – The Next Step!
While there isn’t much left to debate on whether social media marketing is a good investment for your business or not but if you’re wondering how to get started with social media marketing, we can answer all your questions.
😊Thrillax team will be happy to answer all your questions regarding social media marketing and even assist you with a detailed roadmap customized to achieve your business goals🎯.