Thinking about your e-commerce strategy, where are you selling your products?
Only on your e-commerce store?
Well, if that’s the case for you, you’re leaving serious money on the table. Especially if you haven’t considered social media as a viable way to increase your revenue.
The thing is, your own e-commerce store is no longer the only way you can make sales. If you want to be present in the online world across multiple channels, it’s now possible and in fact, highly encouraged.
Social networks are visited by tens of millions of people.
It’s now more important than ever to improve the way you use social media for your e-commerce store and in turn, you’ll increase the profit you generate.
In this blog post, we’re going to look at how the world’s top brands are using social media to increase their profits, generate more sales and use third-party retailer channels as intermediaries.
If you’re ready, let’s begin.
The rise in social media
When it first came out, social media’s main goal was to connect people. For example, you’d add your friends on Facebook to keep up with what they were up to.
Over time, the various platforms have grown to mean that brands recognize the potential each has. They realize there are millions of people who already use these apps every single day and so have found ways they can capitalize on this attention and generate some sales.
It brings us to now, where most brands implement some elements of social media into their overall marketing strategy.
However, what most brands don’t know is that if you implement the strategy in the right way you can actually use it to increase your revenue and sales.
When you think about it, consumers are online, on their mobiles, their computers and are generally social beings when it comes to the internet. They’re happy to share information about the things they love (and hate) and use social media to find new things to buy.
Because of this, you, as an e-commerce owner can use social media to target people before they visit your store. However, knowing where to put yourself on social media is a struggle many e-commerce marketers go through.
When it comes to demographics there are
- 1.71 billion monthly active users on Facebook.
- 500 million monthly active users on Instagram.
- 150 million daily active users on Snapchat.
- 313 million monthly active users on Twitter.
- 100 million monthly active users on Pinterest.
But don’t be fooled by the numbers. You might see these huge numbers of people and conclude it’s worthwhile to be on every social network. This simply isn’t the case. Unless you have enough resources and manpower within your business to use every social network effectively, you should stick to using only the most important ones for your e-commerce store.
If you’re struggling to choose which social networks would give you the best return on investment, follow the advice below.
Although Facebook has the largest audience, it doesn’t mean it’s the right social network for you. Facebook’s greatest asset when it comes to e-commerce social media is its targeting feature for ads. You can become hyper-targeted when it comes to who you’re trying to attract to your store. However, keep in mind, if you do hope to use Facebook as a customer acquisition channel, organic reach is super hard to come by. That’s why, if you don’t have a large budget, Facebook might not be the one for you.
Twitter is a great platform if you’re looking to provide your customers with a direct way to talk to you as well as provide updates. Twitter is great for customer service. However, keep in mind, if you do plan to use this platform, make sure you have a good response rate.
Pinterest’s visual platform is very useful for e-commerce store owners wishing to use social media to increase revenue. Their ads platform is also much cheaper than Facebook’s and they even allow shoppers to buy directly from the platform through their integrated buyable pin buttons.
Instagram is a hit with millennials users who seem to spend the majority of their time browsing selfies and creative images uploaded by the friends and brands they follow. Their ad platform is similar to Facebook’s, but even on organic posts, they allow you to sell directly to your customers.
People are talking about you, give them a platform
The thing about social media is, even if you’re not present on it, people can (and will) still talk about you.
Now, on the one hand, they might be saying great things. They could be acting as (unpaid) advertisers for you encouraging their friends to also buy from your store.
This is great obviously.
But what if they’re not saying positive things. What if they have concerns they’d like you to address, but you’re not there to address them. Or worse, what if they’re actively telling people to avoid your store like the plague.
If you’re not present on social media, you cannot help in any of these situations.
For example, although Chilly’s do have a twitter account, ti would’ve been great if they could connect with this Twitter user who is actively trying to buy one of their products but is struggling to due to technical issues.
If e-commerce success is driven by website traffic and social media strategy is a key contributor to increase website traffic, it quickly becomes apparent that now more than ever it’s super important to have an active presence on at least one social network.
It goes without saying, that even if people are talking about you while you have no social media presence you’re still inadvertently building awareness around your brand or product. But when you come forward and interact with those conversations, you start to create connections and relationships that will help your e-commerce store sell more.
Don’t forget to measure and analyze
As the saying goes, what gets measured gets improved. If you’re not constantly looking at your current results to see areas where you can improve your e-commerce social media strategy, you run the risk of losing out to your competition who do optimize their strategies.
Staying active on social media is great to keep your fans engaged and build awareness for your store, but measuring the results is an important component of a successful social media strategy.
This way you’ll be able to attribute your efforts with social media to your overall business goals to see if it’s bringing about a positive ROI.
When you do track your social media efforts, you might find that a specific platform isn’t generating as many sales as you’d like. It’s now your job to work out whether that’s due to poor platform selection, or improper use of the platform itself.
In this blog post, we’ve looked at some of the ways you can utilize social media channels for your own e-commerce brand in order to increase the profit and revenue you generate for your business.
We’ve considered how you can use various social channels to sell directly to your customers, without them having to ever go to your store.
You have looked at how people are already talking about you online and how you should use social media to give them a platform to interact in that conversation.
We’ve talked about how when you do use social media in an effective way you’re able to showcase your value in a much easier way and doing so allows you to charge your potential customers more money.
And finally, we’ve established that, with everything, you should measure and evaluate the effectiveness of each strategy you employ to ensure it’s having a positive effect on your business overall.
Have you experienced social media having a positive effect on your e-commerce business? Leave a comment below.