By Rehan Ijaz
Social media marketing has gained a tremendous amount of attention over the past decade. Brands of all sizes are expected to spend $76 billion on social media campaigns by 2020. However, many businesses struggle to justify the investment. According to one poll, 60% of small businesses don’t realize a positive return from their social media budget.
If you are struggling to get traction on social networks, then you may need to rethink your conversion strategy. One of the biggest mistakes that many businesses make is focusing all of their efforts on boosting visibility, without any regard for their conversion funnel.
Here are some factors that you should consider when you’re trying to optimize your social media strategy to maximize conversions.
Set small, incremental conversion goals
I have noticed many people try promoting their brand offers on social media the same way they do on AdWords. They often had exceptional results linking directly to their landing pages from search PPC ads. They assume that they can achieve the same results by referring customers directly to their landing pages from their platforms as well. This is a huge mistake.
The biggest difference between marketing on social media and search ads is the level of customer intent. People are often in a mood to make a purchase when they are searching on Google. Their mindset is totally different when they are browsing their platforms, so it can be very difficult to get an immediate conversion.
Does this mean that it is impossible to convert customers with social networking content? Not at all. However, you are going to need to take longer to monetize your social media leads.
Your social media strategy needs to focus on getting followers to make a series of smaller commitments over time. Instead of trying to generate a sale right off the bat, you could encourage customers to opt into an email list, download a white paper or take another step that helps you form a long-term relationship. Once you have enticed them to make a micro-commitment, you can continue to follow up with them later and build an ongoing relationship. This will make it much easier to convert them down the road.
Get buy-in from the right influencers
Influencers are essential to any social media strategy. An estimated 94% of leading marketers rely on influencers to some degree. There are a number of ways to use influencers to help boost conversions. You can get them to encourage their followers to review your company as a whole. You can also get endorsements for specific products. If you’re compensating your influencers for their reviews, you need to disclose that in accordance with FTC policies.
The influencers that you work with will have a significant impact on your conversion rates. Some influencers have earned much more prominent reputations and trust among their followers than others. Their endorsement could go a huge way.
However, it is important to recognize the limits of an influencer’s reach. Some influencers have expertise in a much narrower field. You need to get the support from an influencer that is a recognized and respected expert in the narrowly defined vertical that you are marketing.
Incorporate a lead magnet into an upselling strategy
Getting customers to commit to making a high-ticket purchase is going to take time. You can’t expect to get them to convert on the first interaction, especially with a form of disruption marketing like social media. You’re going to need to earn brand capital with each customer before you can do that.
One strategy is to get customers to make a small purchase. After you have made the first sale, you can try up selling them down the road. You might need to upsell them two or three times before getting their commitment for one of your biggest packages.
Every social media strategy needs to focus on conversions
Too many marketers use social media purely for brand visibility. Although that can be valuable, it won’t justify the investment of your social media budget unless you can generate sustainable conversions. Your conversion strategy needs to be carefully outlined before you begin marketing on any social media platform.
Rehan is an entrepreneur, business graduate, content strategist and editor overseeing contributed content at BigdataShowcase. He is passionate about writing stuff for startups. His areas of interest include digital business strategy and strategic decision making.