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Small Business Week has traditionally been celebrated in early May and, even though this year’s event has been moved to the fall, BBB is still celebrating the millions of small businesses that make our economy work and that contribute to BBB’s mission of trust in the marketplace!
Today, nearly everyone uses social media — from individuals looking to connect with old friends, to brands that want to build their recognition and client base. Online social platforms let businesses connect with potential customers, putting a personality behind the product or service offered.
To turn your social media presence into a profit, you need to connect with your desired clients, curate a compelling profile, and learn how to use the unique features of social media to your benefit. Keep reading to discover how social media can help your local business generate revenue.
Target your desired audience
Considering that Facebook alone has more than 2.8 billion monthly active users, there's no question that social media grants you access to a vast amount of people. However, not all of these users are going to be interested in your products or services. Through social media, you can create targeted ads that will appear in the feed of your desired customer. You can target a specific audience based on general demographics, geographical location, and hobbies or interests.
Targeted ads are one of the most efficient methods for converting social media users to consumers, with 26% of Internet users claiming to discover new products or brands through advertisements on their feeds.
Although you will have to allocate some of your budget for social media advertising, it can pay off. By creating high-quality content, some brands get up to a 350% return on investment (ROI) for low-budget ads. Utilizing square or portrait images, incorporating bright colors, and avoiding lengthy text are methods that make your ads more compelling. Don't forget about the content itself; 55% of consumers are more likely to share content they find entertaining, and showing off your personality through humor is a great way to entertain.
For some great social media content ideas, check out our BBB Business Tip: 10 social media content ideas any business should try.
Incentivize consumers to visit your website or location
Nobody wants to turn down a good deal. Offering promotions for your business's products or services across your social media feeds is a great way to connect with your customers.
Promotions can be both in-store and online. Offering a coupon that customers can use inside a physical store can incentivize local shoppers to either visit your location or purchase more items. And don’t view all customers as either in-person or online — 42% of customers have claimed to go online and search for information while already shopping inside a store. Your digital presence and your physical presence often work together to make the sale.
Social media also offers unique features that businesses can use to incentivize consumers. There are many ways to run a contest on social media, like persuading audiences to like and share your content in exchange for the opportunity to win a product or service. Another technique is hashtag campaigns: after creating your hashtag, encourage audiences to use it by offering them a chance to be featured on your platform or win a product. For more giveaway ideas, read our BBB Business Tip: How to run a social media giveaway.
Collaborate with other local businesses or influencers
After creating a social media profile, you can expect to encounter a multitude of other brands. Rather than treat them as competitors, why not view them as potential collaborators? Co-marketing is a growing trend, as 74% of companies have made brand partnerships a priority, according to Hubspot.
Ultimately, collaboration is a symbiotic relationship; both businesses connect to each other's respective client bases. Brand partnerships can range from creating and advertising a joint product to cohesively hosting a social media contest.
In addition to working with other local businesses, you can also work with influencers or avid social media users that maintain a presence in your area. One of the best ways to convert customers is through referrals; Nielsen reports that 92% of consumers trust businesses based on a friend’s recommendation.
Taking advantage of social media
Social media can be an excellent tool for connecting to your target personas and converting potential customers into paying ones. A well-crafted social presence attracts customers, giving them a glimpse into the people behind your business.
Utilizing targeted ads, sharing promotional content, and working with locals in your community are some of the best social media tactics for small businesses looking to increase their revenue. And with that extra profit, you can re-invest in your business and watch it succeed.
Visit BBB.org/get-accredited to learn how trust, honesty, and integrity can play an integral part in your business’s success.
BBB of Southern Piedmont and Western N.C. contributed this article.