Over the years, businesses have enhanced their digital footprints tremendously. Social media is undoubtedly one of the best vehicles that brands can use to drive their business objectives and achieve their goals. With that being said, not all businesses achieve success through social media. Here are a couple of things that you can do to gain an edge over your competitors.
1. CONTENT THAT DRIVES BUSINESS OBJECTIVES
Social media is not fluffy, it is a strategic tool that can be used to drive tangible business value. These objectives could include (but not limited to): brand awareness, building a database, increase app downloads, registering for an upcoming event or driving traffic to your online store. Whatever your objective, it is important to create content that provides value to both the business as well as the customer.
2. UTILISING THE RICH PLATFORM DATA
The various social media platforms have gathered an incredible amount of user data, by utilising this data you are able to communicate directly to your ideal customer with little to no wastage. You are able to target your ideal customer based on demographics, interests or behavioural data. Thus, allowing your business to speak to the right person, at the right time, with the right message – at scale.
3. SUPPORT THE ENTIRE CUSTOMER LIFE CYCLE
Social media can support the entire customer life cycle all the way from brand awareness through to the actual sale and even after sales support. With the data contained within the various social media platforms you are also able to track and retarget users with customised content based on where they are in the sales cycle and to support them throughout their customer journey.
4. CUSTOMER SERVICE THAT DELIGHTS
Customer service online should not just be a box that needs ticking. It is important that when your customers reach out to you online with questions, queries or complaints you are able to respond quickly and effectively. There is nothing more frustrating than reaching out to a brand online only to be redirected to a dusty email inbox. It is important that your community managers are empowered to solve issues in real-time.
5. PEOPLE DON’T HATE ADS
People don’t hate ads; they hate irrelevant ads. Social media allows brands to connect and advertise directly to their ideal customer solving real problems, offering solutions and adding value. Make sure to customise your content and messaging based on your target audience.
6. CONTENT SCHEDULE
It is important to keep track of your digital marketing strategy. A good way to do this, is by preparing a monthly / weekly content schedule. Not only is this for time management, but this allows you to have a bird’s eye view of your key messaging, content and publishing dates.
7. LESS IS MORE
The saying ‘less is more” is oh so relevant on social media. The notion that businesses have to post every day is flawed. Content creation is expensive and takes a lot of time and resources, thus you have to ensure that you’re getting the most value out of the assets that you have created. Focus should be on quality over quantity. This is where utilising paid adverting can be useful in terms of extending the longevity of your posts.
READ MORE: 7 SOCIAL MEDIA SINS EVERY BUSINESS SHOULD AVOID
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Social media has increasingly become a powerful tool that businesses in various industries have tapped into as means to drive their business objectives. With that said, some businesses are unaware of the social media sins that they are inadvertently committing that could be hindering their success. Here are Social Media 101’s 7 social media sins that every business should avoid.
1. WASTING TIME GROWING FOLLOWERS
Over the years, social media platforms have throttled the organic algorithm. This means that the organic reach is now limited to 1-5% of people who follow your page and have opted in to hear from you. The days of posting and expecting your entire audience to see your posts are in the past. Paid advertising is a must for every business on social media. It allows you to reach a wider audience than just the people following your page. The advantage that comes with paid advertising is the ability to target your ideal customer based on their demographics, interests and behaviours. This ultimately gives your business an edge over others that have not yet tapped into this social media function.
2. ONLY FOCUSING ON ENGAGEMENT
While engagement looks good on your business and personal page, does it drive business values? Engagement is a vanity metric that gives the business social clout however there are other metrics that you should be focusing on to measure true business value. Tracking metrics that drive business objectives should be the number one focus. Metrics such as ‘Traffic’ lead potential customers to the website, and more often than not turn into sales, while ‘Reach’ helps businesses get more eyeballs on their content. It is important to track the metrics that directly relates back to the business objective that you are looking to achieve with a post. Ask yourself the question “does this metric support my business objective.”
The economic climate is tough to navigate in general, but when it comes to businesses with a niche market base, there are even more challenges to face.
One major issue is marketing. Most traditional methods are based on advertising to mass audiences, which does not suit brands that service a niche client base only. Such specialist companies have largely come to accept that these kinds of difficulties come with the territory….….
….… but what if there was a solution that could be fully customised to suit each organisation’s unique requirements and objectives? One that is both cost-effective and result-driven?
If this sounds good to you, keep reading – it gets even better…
Challenges Faced by Niche Brands
Organisations that service a very small consumer market are known as “niche” brands. Their small market size could be as a result of a limited consumer demand for their business offering, for instance. A company that offers a highly specialised product or service is an example of such a niche brand. Most business-to-business (B2B) based organisations, as well, fall into this category.
While marketing is important for all businesses, the small consumer bases that these companies service makes it even more crucial to connect to right audiences. Unfortunately, as mentioned above, most advertising methods focus on mass communication to a generalised audience. As only a small percentage of message recipients are relevant to a niche company, the result is excessive wastage of investment and low returns.
Other more targeted options are print ads in industry-specific publications or exhibition stands at trade shows. However, these techniques are expensive and yield poor results. Not to mention they grow increasingly outdated as market trends progress.
The bottom line is that traditional marketing methods have never been effective when it comes to niche audiences. But as market minorities, specialist brands have not had much choice but to use the options available, as unsuitable as they were. Until now…… (I told you this was going to be good)
Social Media as a Marketing Solution for Niche Brands
At this point, you may be thinking, “why the big build-up – everyone knows about social media”. BUT, do you, as a niche brand, fully understand what this type of media offers you?
Let us explain why we are so excited about the capabilities of social media when it comes to niche brands. Arguable, niche brands have the most to gain by transitioning from solely traditional media to social media marketing. This is because such brands experience the most wastage when using mass promotional methods (versus more mainstream brands). The highly customisable nature of social media allows you to substantially reduce wastage, and therefore increase return on investment. But it’s not just a financially beneficial option – it opens up a wealth of information, insight and audience tools that promote overall business growth.
Key social media benefits for Niche Brands
Below, we have listed a few of the core characteristics of social media that make it the ideal solution for niche and B2B brands. We also provide practical examples of how each of these factors can be used for tangible business benefit:
Fully customisable and agile:
Social media offers highly customisable options – meaning that niche companies are able to tailor functions to suit their needs. This relates to a range of factors, including: targeting different audience segments, options regarding spend per message, control over campaign duration and growing a client base.
Targeting on social media supports detailed, multi-level criteria that can be used to streamline audiences. For example, you can specify geographic regions, then restrict to an age group within these areas and further target based on specific interest (such as a sport or activity). The result is a high quality, custom target group.
If you have different audiences within your market, you are able to customised messaging to suit each group. Let’s say your business sells to both end-user customers as well as other businesses. You can advertise a product to B2B clients with technical info and specs, and then promote the same product to consumers with details of where they can purchase.
With a niche market, customer engagement is even more important. These client bases are minority groups sharing something in common, and therefore they relate to each other more in comparison to mass market bases. Common ground could be due to shared interests, knowledge, experience or business activity. Social media allows you to connect with relevant people and tap into their expertise and experience to improve your business. It also gives fans a way to connect to people they relate to, providing an enhanced customer experience.
Billed for actual exposure:
Paid advertising on platforms like Facebook is based on actual message exposure (as opposed to traditional media platforms that cannot provide data in terms of views). This means you only pay for content that appears on a user’s news feed. In addition to the financial benefits, this provides a realistic indication of your online market size based on audience response.
High-involvement: expensive or technical
Some sales are considered high-involvement purchases. This could be due to their pricing or complicated application. Social media campaigns provide a way to market these. For instance, educating the audience on functions and benefits first, and thereafter driving sales. Again, this is a great approach for B2B or technical products. Social media platforms are also a viable and practical way to generate leads for your technical sales team.
Social media is an inexpensive, effective method that provides high returns and measurable results. In a niche market, a well planned and executed platform could give you a competitive edge based on customer loyalty, as well as allow you to tap into new markets. It is definitely a winning option for B2B and niche-based brands.
For more information on how to make social media work for your niche business,
CLICK HERE to contact Social Media 101