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5 Tips for Monetizing your Social Media Following

Social media marketing possesses the potential to boost your brand’s presence online, ultimately resulting in increases revenue. That is, if you understand how to monetize your social media following.

Social media differs from other online marketing techniques. Rather than focusing on how many sets of eyes see your marketing campaigns, your focus should be on attracting the right types of leads, retaining them in your network, and converting them into paying customers or clients. Conversion occurs when you drive traffic from your social media profiles to your company’s store or website.

Monetizing your Social Media

Here are 5 proven tips for monetizing your social media following:

  1. Engagement– Consumers are seeking to engage and connect with a face, not a brand or logo. Put a name and face to your organization online. Choose a brand advocate that can connect and relate to your audience. Then, consider the messages you are choosing to share across each social media platform. Your content should be fresh; not merely re-posts or re-tweets of information that is readily available online. Post a variety of content; original articles and blog posts that drive traffic back to your site, relevant quotes on occasion, commentary on industry news pieces and promotional pieces (i.e. new product pieces, discounts, coupon codes and sale information). Focus on providing value and being relatable.
  2. Offer/Post Platform Specific Promotions and Contests- Twitter, Facebook, Linkedin, YouTube and Instagram are each great platforms for communicating with prospects and customers. Flash sales or promotions can produce a short term boost in sales for particular items or during holiday seasons. To expand your promotion’s reach, consider offering a prize or larger discount to those that share your offer with their friends via the social media platform. You could also develop a campaign designed to engage your audience. For example, you could ask your followers to take a product or idea and style or render it in their own particular way, submitting their photos via Instagram with your company’s name in the hashtag located in the comments section. The best styled item or rendering would be awarded a prize.
  3. Track and Examine Platform Analytics- Every major social media platform offers a company analytics for their respective page. Set aside time each month and around each campaign launched to review trends of your fans/followers. Which posts are eliciting the greatest amount of engagement? Utilize analytics to design and edit ongoing post strategies.
  4. Targeted Advertising– Use analytics to design targeted advertising efforts. For example, after reviewing your Facebook profile’s insights information, you could develop and launch an advertising campaign based upon your specific fans; their location, demographics (i.e. male/female, age range, income level).
  5. Platform Cross Promotion- While it is certainly beneficial to design and launch marketing campaigns that are platform specific, it is also wise to cross promote offer across networks. Share content, in some version, across all social media platforms. This is one of the best ways to create a campaign with viral potential.

 

Effective social media marketing involves three primary steps; attraction, retention and conversion. Utilize the tips outlined above to monetize your organization’s social media efforts.

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