Using Social Media and Digital Marketing to Strengthen Your Bottom Line
Are you looking for new innovative ways to improve your profit margin? Gone are the days where cold calling and grassroots marketing strategies are the only option. Now, traditional marketing has taken a backseat to digital and social media marketing campaigns. With much of the world going digital for not only their research and shopping but also their interactions, it’s important that your business is able to reach your target audience where they hang out online. That is why social media and digital marketing are key to bolstering your bottom line in 2017.
Over the next year, digital marketing is expected to grow approximately 13% and will then be considered the largest advertising medium above television, radio and print advertisements. For an industry that barely existed 10 years ago, this is huge. However, it doesn’t come as a shock. Most people spend significantly more time online than they do watching television, reading magazines and listening to the radio, combined. With the tech-centric world that we live in today, it’s no surprise that social media and digital marketing are the best choice for building your brand.
So how can you get started on a social media and digital marketing plan so that you can drive improvements to your profit margin? That’s easy! First, you want to make sure you have reliable internet providers for all of your work environments. When it comes to social media and digital marketing, internet access is a top priority. Next, follow these tricks and tips to bring in the results.
#1. Tools and Strategies for Revenue Growth.
There are a lot of different tools out there that claim to help you grow your business through digital marketing. The problem is, it’s difficult to determine the best options . The truth is, you want to have a few different tools and technologies for different aspects of digital and social media marketing.
- Analytics – Google Analytics is a great choice for this one, but if you can swing the extra funds, Chartbeat is the one you want. It will track and measure all of your key metrics and help you tailor your content towards the right demographics, Targeted marketing has proven to bring more results, so making sure your content reaches your audience can be the difference in being profitable for failing.
- Website Optimization – Now that you have the data to determine your target audience, you have to optimize your website content to attract those individuals. Kissmetrics is a tool of choice for website optimization.
- SEO – One of the most important aspects of digital marketing is search engine optimization. Using a tool to help improve your SEO will really drive results. Moz Pro offers keyword research, link building and site audits to improve your site traffic.
#2. Social Media Platforms.
Social media has quickly taken over the internet. There are a number of different platforms out there and if you are new to the field, it can be overwhelming. Choosing the best social media platforms for your targeted audience will bring significant results for your company. The best platform depends on your product offering and your target client base.
- Facebook – With more than 1.8 billion monthly active users according to Zephoria, Facebook has the greatest reach. It’s the default choice for social media marketers because of its audience. From teens to seniors, people of all ages use this platform. If you want to reach a broader network, this is a great choice.
- Instagram – This platform targets a younger demographic. Teens through early 30’s make-up for the majority of Instagram users. The user base leans a little more towards the female population, but Instagram has a large male following and more than 400M active monthly users according to Brandwatch
- Twitter – Twitter can be extremely useful if you utilize it properly. Since you only get 160 characters for each post you want to grab their attention quickly. The demographic for Twitter is a little more diverse than Instagram, but still favors the younger audience.
- LinkedIn – If you are looking for a little bit of a change, LinkedIn is the option. It has a broad age range for users, but 50%+ are college educated adults. If this is your demographic, then LinkedIn is your platform of choice. Moreover, if you’re looking for leads, LinkedIn drives more leads than Facebook and Twitter combined!
#3. Social Media Management.
The internet never sleeps and neither should your social media pages. You want to make sure that you are consistently engaging your reader base. To do so, you will want to use a social media management tool, like Hootsuite, to manage your social media postings. You can manage all of your platforms in one place, schedule posts and optimize your content for your key demographics.
#4. Key Performance Indicators.
Tracking your digital marketing KPIs can be the difference in an effective campaign and a campaign that falls short. There are a lot of different KPIs that you want to track to ensure that your campaign is effective. To keep track of all of your KPIs in one place, a KPI dashboard tool is extremely useful. One of the top rated tools is Salesforce. It’s a CRM tool with built in artificial intelligence that can track your KPIs and can also help you out will all other digital marketing activities. Some of those KPIs include:
- Lead Generation – Cost per lead, new leads, qualified leads and time of conversion. A pipeline management tool like Hubspot can track many of these KPIs.
- Customer Retention & Attrition Rates – Install a quality CRM (customer relationship manager) to track your KPIs and ensure continuous growth.
- Net Promoter Score – Your NPS measures customer experiences and can help you improve your client relationships and referral rates. In general, customer surveys are a great way to track your NPS.
- Website Traffic – Overall traffic, new visitors, returning visitors, key demographic, time on site and conversion rate.
- SEO – Inbound links, organic search traffic, new leads generated, conversion rate and search engine ranking.
- Paid Advertisements – Number of new leads, conversion rate and cost per acquisition.
- Social Media – Track each KPI for every platform that you use. Traffic, leads, conversion rate, followers, mentions, ROI and engagement rate.
Social media and digital marketing are complex and innovative ways to increase your client base, which in turn leads to more revenue growth. If you use the tools and strategies we explored to have an effective digital marketing plan, you will notice a steady ROI in terms of new leads, client conversions and sales growth.
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