BUSINESS IDEAS

How to Increase Your Business Revenue [Social Media Hacks]

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Social Media img

Social Media – How to Increase Your Business Revenue [Social Media Hacks]

By Linnie Michael

 

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Here this is it…

No one wants their business to dwindle in revenue — no one.

After throwing lots of energy and capital into your business, you want to sit back and see your revenue increase — and that’s the primary purpose of business.

Of course, you don’t want to have your business in the dark list of businesses that went down the drain (trust me, the list is long, especially since COVID struck).

So what do you do to keep your business afloat and the customers coming through almost more than you can handle?

Leverage Social Media!

Every day, there are billions (that’s a letter “B”) of people online, scrolling and clicking, and you need just a tiny, TINY fraction of this number to increase revenue in your business.

The opportunity to 3x, 5x, or even 200x your business revenue by just utilizing social media is almost magic.

That said, now, grab a snack as we dive into this article that will uncover 5 powerful social media hacks to increase your business revenue.

Ready?

Let’s go!

 

Social Media Hacks to Increase Business Revenue

  1. Opt for the Right Social Media Platform
  2. Create Trust for Your Products or Service
  3. Deploy Influencer Marketing
  4. Maintain Positive Online Presence
  5. Use Social Media Ads

 

1.    Opt for the Right Social Media Platform

Whoa! Is this really necessary?  Of course! If you must make sales that boosts revenue, you must be on the right platform.

The number of social media sites and platforms in the world is overly increasing. Being active on all social media platforms out there is a mission impossible! Hence the need to narrow down to establish your business presence on the right social media platform(s).

This would not only save resources but also make your goal of increasing revenue a SMART one.

Wondering what that means?

Specific, Measurable, Attainable, Realistic and Timely!

So how do you know which is right for your business?

Here are a few guides:

  1. Define Target Audience:

Defining your target audience is the first step. Everyone can’t be your customer.

Recall that, you need just a tiny, TINY fraction of the billions of people on social media to boost your revenue.

. “If you are selling to everyone, then you are selling to no one.”

Who then is your target audience?

Your target audience is simply a particular set of people who are most likely to respond positively to your product, service or promotion.

In order to define your target audience, you need to ask the following questions:

  • What is their age or age range?
  • Gender identity?
  • Race?
  • Educational level?
  • Economic Status?
  • Income?
  • Occupation?
  • Location?
  • Interest?
  • Hobbies?
  • Relationship status?

It is pertinent to note that to increase revenue, you need to drive more of your target audience to the bottom of your sales funnel. This shows how crucial it is to be where your target audience is.  Of course, how does a car dealer intend to make sales to a group of pupils? Or makeup artist to a group of men?  Being in the right platform is key to increasing revenue for your business.    

Now you know your target audience, what next?

Great job! Now that you know the audience you are targeting, let’s go fish out the social media platform they might be chilling out on.  Check how below!

2.     Find Your Target Audience

With tons of social media platforms out there, you may be wondering where exactly to find your target audience.

Well, let’s get that question answered. Studies have shown that an average user has about 8 social media accounts. This proves the possibility that your target audience may be using one or more social media platform.  By researching which platforms are more utilized by your target audience, you would be able to connect with them online.

This allows you save time and resources that would have been spent on gaining followers on the wrong or irrelevant social media. For instance, if you sing up for TikTok, you can’t expect to find your target audience of professionals or B2B audience there. This is because LinkedIn is best and more ideal platform to find such target audience. So at the end of the day, time and energy then gets wasted and revenue dwindled. 

However, when researching social media platforms, it is important to find breakdowns of their demographics- by doing so you get to know which platform(s) matches your target audience.

You may want to start out with these popular social media platforms:

  1. Facebook
  2. YouTube
  3. Twitter
  4. Instagram
  5. WhatsApp
  6. WeChat
  7. TikTok
  8. LinkedIn
  9. Reedit
  10. Pinterest
  11. Tumbir
  12. Flickr
  13. Quora
  14. Vimeo
  15. Medium
  16. Digg
  17. Check out your competitors

You could also get to discover what social media platforms competitors in your industry are on.

To begin with, you can visit their websites, check the “Contact Us” section to find out which social media platforms they are using. Some of their websites have social media icons at the bottom of the page, which takes you directly to their social media page.

Explore their different social media platforms and find out how engaging their customers are.

You could also find out:

  • What they are doing right or wrong?
  • What types of post they publish?
  • How frequent they post?
  • What content styles and format?
  • What post are most popular?

This will help you make primed decisions. In any case, don’t forget to add a touch of UNIQUENESS to yours.

2.    Create Trust for Your Products or Service

 “Ever wanted to purchase a product online, but aborted the thoughts on getting to the payment step?…

…. just because you don’t know or trust the brand, the delivery process, their authenticity —that ”this could be scammers” sorta feeling.. I know right?

Of course you wouldn’t want your costumers to feel that way about your business.

This is why it’s important not to leave any cues that may scare and decrease conversion rates and consequently decrease revenue.

Lack of trust: the scarecrow of online sales

Even though billions of customers prefer online shopping, a great percentage of these number are afraid to buy online — yeah! going with the rate of scammers out there. Hence the need to overcome trust issues on the part of your customers in order to drive sales to increase revenue.

The following can be done to create trust for your products or service:

1.     Post Quality Content Consistently:

Consistently posting content is a great way to establish relationship with your audience as well as build their trust.

 

Certainly, no one gets encouraged to make purchase from a social media page that has few contents scattered here and there— well… except you’ve got some money tree to bank on

 

So, each time you churn out contents—oops! not just any kind of content, but quality contents that add value, inspires, informs or entertains your audience without taking anything in return, you gain some level of trust. How much more when you do so consistently? 

 

However, be careful not to post rather aggressively as this maybe rather offensive to your audience. Timely post is key!

 

Creating content can be tough and consistently doing so, even tougher

 

So how then do you post consistently?

 

All you need is a well-planned out content calendar.

 

Note: this is not just your regular google calendar that reminds you of public holidays. There’s much more to it.

 

A typical content calendar contains information about:

  • The type of content to be published
  • The social media accounts for publication of each content
  • Time and date for scheduled publication
  • Purpose of content
  • Tags and links to be included

Something else to keep in mind is that you don’t necessarily need to create content from the scratch all the time, you can as well curate them. That is to say that you can get contents from other sources, but ensure to give credits where necessary—You wouldn’t want to be dragged into the potus-potus over a copied content.

Content discovery and ideation tools such as: Google trends, Buzzsumo, Hubspot, Spike, Youtube Trending, Reddit, Digg amongst others can be used to curate contents.

Additionally, ensure to have a mix of contents.

What does that mean?

That means your contents don’t have to be textual or images every time, you could also use other formats such as infographics, GIFs, videos, audio files, animations and polls.

 

2.     Share Users Generated Content

Sometimes, you don’t have to the build trust by yourself. Let your existing customers do it!

Sharing reviews and positive experiences from customers who have used your product or service before, is another way to build trust for your business.

More often than not, reviews are what people look out for before deciding to purchase a product. They want to know if their money would give them the value the want.  You need to feed their eyes and satisfy their desires with reviews from your existing customers. This builds trust in your business, increases conversion rates and consequently increases revenue

Sharing users generated content is an effective marketing strategy because you get to turn existing customers into brand advertisers and this strategy have been deployed by many businesses to increase their revenue.

 

3.    Deploy Influencer Marketing

Want to shoot up your revenue in split of seconds?

Then this is for you…

Studies have shown that about 50% of consumers rely on influencers’ recommendations. Consumers tend to dependent on trustworthy and influential niche persons in making purchase decisions.

 

Influencer marketing is all about liaising with influencers to promote your business. Influencers as the name imply are people who have dedicated and massive social media followers. Almost every social media platform has lots of influencers on it.

All you need do is find the right influencer that suits your business or with a similar target audience to promote your business. Most times, promotions by influencers goes for fee, a discount or free business services or product.

One thing to keep in mind is that you need to go for influencers with quality and engaged audiences. It’s not just about the followers count.

 

4.    Maintain Positive Online Presence

In order to drive more sales that increases revenue, you have to close the gap between how your business perceives itself and how others perceive it.

 

Customers, they say, are always right!

Hence, the reason why they have grown to be more powerful than ever.

For a business in a social media space, it is expected to have customers posting their opinions and complaints and many eyes looking out to see how customer related service issues get sorted out.

Hence, the need to ensure that your online presence is effectively managed.  A positive online presence is needed at all times, if your business must stay afloat with the revenues increasing.

You wouldn’t want to scare your customers aware by leaving a negative review unattended to or by failing to address issues before they escalate and damage your reputation.

To ensure a positive online presence, you have to consistently check out for business mentions, and respond quickly to bad reviews.

by so doing, you get to establish stronger relationships with your customers, increase conversions and boost revenue.

5.    Use Social Media Ads

Most social media platforms have made available incredibly powerful and cost-effective advertising tools to help businesses grow. Social media paid ads when used effectively, enables you reach your target audience quickly and consequently increase revenue.

 

Conclusion

The effectiveness of social media in boosting business revenue cannot be overemphasized. A number of businesses have leveraged social media to boost revenue and a lot more are yet to.

Starting a business takes a lot of investments, so you deserve to sit back and see your revenues increase. The aforementioned 5 powerful strategies have been tested and have been proven to be effective in increasing business revenue.  Get started with them today.

Don’t forget to let us know which worked best for you.

 

About the author

Sandra Chinedu

Chinedu Sandra is an Entrepreneur within the I.C.T space and loves blogging. She is on the Honour list of GEM, a World Bank Project for start-ups in Africa.

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