As marketers, we want all of our promotional efforts to impact our bottom line. However, when the strategy involves social media marketing, it can be hard for traditional marketers to accurately measure ROI when the benefits of social media extend far beyond typical conversions.
If you’re wondering why we think social media is so important to your overall marketing strategy, check out these ways that social media can make a meaningful impact on your business.
Build Brand Loyalty
Unlike most traditional marketing strategies, social media provides an outlet to interact directly with your customers and build real, lasting relationships.
How this benefits your bottom line: Loyal customers tend to have a longer customer lifespan, spend more money with your brand over time, and spread positive word of mouth to other potential customers.
Gain Audience Insights
Social media allows you to learn about your target market. You can ask questions, gain valuable (and honest) feedback, and glean insights that would otherwise take up a lot of your time and marketing research budget.
How this benefits your bottom line: This type of insight allows you to avoid costly research companies and annoying customer satisfaction surveys that may hurt your relationship with your current customers.
Keep Up with the Competition
While we don’t recommend blatantly copying your competitor’s social media strategies, a little competitive research can go a long way. Even if you’re performing better than top competitors, it’s always important to keep an eye on their tactics to make sure that you’re always staying ahead of the curve.
How this benefits your bottom line: By tracking competitors on social media, you can easily see which types of tactics work well and which should be avoided without having to spend your own time and marketing dollars.
Become a Thought Leader
Social media allows you to interact with others in your field or industry and showcase your company’s expertise. It’s the perfect opportunity to share your most recent blog posts, participate in LinkedIn groups, answer questions on Quora, etc. (and encourage your employees to do so, as well!)
How this benefits your bottom line: Establishing yourself as a thought leader will help you win new clients, increase industry exposure, and gain brand legitimacy.
There are a lot of misconceptions when it comes to developing a proper social media marketing strategy. The experts at Volume Nine can help you develop a strategy that identifies the proper platform for your brand to achieve social media success.