It doesn’t matter what kind of company you are, from plumbing repair to mobile app development, at the end of the day the goal of your company is to make money. For some companies, such as manufacturers, this is through the actual sale of products, while for others it might be through website monetization or advertising revenue.
But no matter what kind of company your have, you want to monetize your business through as many channels as possible. Obviously, it is essential to promote your brand through social media, but can you actually see the ROI and monetize your social media presence? You can, and here are some tips how to turn social media interaction into actual money.
- Interact with Your Customers – It has been shown that the more a customer experiences ‘personal’ interaction with a company through social media like Twitter or Facebook, the more likely they are to actually use that product.
- Hold Contribution Contests – People love sharing their own creations, especially photos, use their work to promote your brand.
- Offer Exclusive Discounts – Social-media specific sales and discounts can be a cheap way to drive short-term sales.
- Give Social Media Customers Unique Insights – Build value through social media relationships by giving social network users unique experiences such as behind-the-scenes videos or access to beta tests.
- Don’t Forget About Other Promotional Paths – Use social networks to promote webinars, podcasts, or other third-party websites or blogs which positively mention your product and steer customers towards your brand.
- Provide Sharable Content – Use an interesting video, poll, picture, or just about anything with viral potential to excite your social media following and get them to share it with their networks. It doesn’t even have to have anything to do with your brand, but people will remember who you are.
- Immediately Respond to Problems – Effectively dealing with complaints through social media may not directly make you money, but it will certainly stop you from suffering severe damage to your brand and losing customer.
- Use Other Monetization Techniques – Do you have a website where you generate income through advertising? Or an app monetized through in-app ads? If so, use social media to promote your site or app, and get social media users to make you money without having to even buy your product.
- Track Your ROI – Social media can be fun, but if it isn’t translating into money, change your strategy so that it eventually does.