4 Social Media Strategies to Generate Revenue

Social Media Strategies to Generate Revenue

Is your business getting the most out of your social media presence? If you’re already using Facebook to connect with your audience and Instagram to build brand awareness, it may be time to take the next step: selling on social.

Before getting started, ensure you’ve got the social media basics covered, are interacting with your audience in meaningful ways, and providing value-driven content by avoiding common mistakes. Ask yourself these critical questions, are you:

  • Using social analytics to better understand what your audience’s wants, interests, and needs?
  • Tailoring your content and posts to each social platform?
  • Talking about more than your own products?

When you’re already fostering strong, genuine connections with your online community, social media can serve as an impactful channel to increase sales and drive business growth. In fact, 54% of social browsers use social media to discover and research products, and social networking platforms are the among the leading sources of inspiration for consumer purchasing decisions.

We’re sharing four key social media selling tactics for deepening engagement and enhancing product discovery to ultimately boost online conversions and generate revenue.

Try Facebook’s new Shops feature

Facebook recently rolled out Facebook Shops to help small businesses bring in more revenue while the economy—and in particular, in-person shopping—are taking a hit in light of COVID-19. Facebook Shops helps you expand your business’s social profiles and grow online sales through a simple and free digital storefront.

The fully customizable page enables you to spotlight shoppable products and tailor the product layout to capture your brand. Even further, business owners can seamlessly integrate their Shop with Instagram, making it easy to manage their product offerings on both platforms from the same dashboard.

The new feature delivers a streamlined and user-friendly shopping experience by:

  • Showcasing bespoke collections to share featured products, categories, and more
  • Providing easy-to-use design features and creative tools to bring your brand to life
  • Empowering you with insightful analytics, including views, clicks, and conversions
  • Offering convenient customer features, such as securely saved payment and shipping information

Wondering how to get started? Begin by transitioning your profile to the Shopping template via the Shop tab on your Facebook page menu. Next, using the Commerce Manager, add your items individually or import your whole catalog from your e-commerce platform. Afterwards, personalize your Shop with imagery and helpful descriptions, and group your products into collections for effortless, mobile-friendly browsing.

Now you’re ready to deliver a unified shopping experience across your Facebook page and Instagram feed, as well as story highlights and ads. Your followers are then able to explore your Shop, tap to add items to their carts, and check out, either directly on the platform or your store’s website.

Create and share shoppable posts

Rising social media features and convenience-driven capabilities continue to accelerate consumers’ desire for instant gratification. Leverage your social platforms’ native shopping options to eliminate friction, reduce unnecessary steps required to complete the purchase, and boost sales.

Facebook remains supreme in delivering the most referrals to e-commerce sites. In fact, according to eMarketer, Facebook accounted for more than 80% of U.S. social traffic to online stores. Like Cuisinart below, feature popular products with quality product imagery and compelling messaging, and include a direct link back to your website to purchase.

On Instagram, encourage your brand fans and followers to shop your curated feed by adding a shopping link to your profile bio. Like this Mud Pie shopping post, create easy-to-shop posts with lifestyle photography and product tags to entice viewers to tap and discover items that catch their eye. Motivate a purchase with a link to the product detail page on your website, or leverage Instagram’s in-app checkout feature for a speedy shopping experience.

On Pinterest, viewing or liking posts in the “shop more like this” menu allows users to find similar or related product recommendations available for purchase. For example, clicking on one of these pins will display product pricing details and generate a shoppable link that takes users directly to the merchant’s website.

Run sponsored posts

Organic posts that feature your products can attract and convert new customers, but can limit your reach to a fraction of your followers.

More than a quarter (27%) of internet users say paid social ads help them find new brands and products. Strategically investing in social media advertising helps you deliver hyper-relevant content, ensure greater brand visibility among your target audiences, and drive higher returns from your social activities.

Pinterest is an effective and highly visual platform to market your products. According to Quartz, 48% of Pinterest users are there to buy something now or research what to buy next. Utilize Pinterest’s diverse Shoppable Pin formats to display the price and availability of your stand-out merchandise, making it easier than ever for users to make purchasing decisions.

YouTube has even joined in on the social ad game. As of mid-June, Google Merchant Center users who sync their feed to their video ads can add a selection of shoppable products to the call-to-action on those ads. And because 55% of consumers turn to videos to help simply the purchasing process, your in-ad product listings will reach people who are primed to buy.

Be a trusted source of information

Creating trust and showing your expertise is crucial for both B2C and B2B brands. Many people follow brands on social media for inspiration and tips, so capitalize on the interests, needs, and buying trends of your audience by establishing your company as a trusted and credible resource.

Establish your business as a go-to brand and foster customer loyalty by:

  • Spotlighting user-generated content and photography
  • Highlighting insightful product reviews, customer testimonials, and ratings
  • Sharing inspirational and helpful product guides, how-to content, and more

Take Creative Co-Op for example. Their Pinterest is filled with style tips, decorating ideas, and, yes, products. They’ve thoughtfully grouped product collections and ideas into curated boards that not only provide seasonal inspiration, home decor ideas, and recipes for customers, but help retailers merchandise and sell their products.

Grow sales with social selling

Social media platforms are constantly evolving to offer new and improved ways for companies to authentically connect, nurture lasting relationships, and expand their reach.

Maximize your social media success by following best practices for understanding your audience’s needs, tailoring your posts to fit each platform, and building an engaged community. Once you’ve mastered these fundamental foundations, take your interactive platforms to the next level with advances in innovative social shopping tools and convenient checkout features.

Ready to sell on social but want more guidance to get started? Get in touch to talk with a digital marketing expert about optimizing your social media outreach to turn conversations into conversions.