Over the past several years, social media has evolved and grown into one of the most powerful tools available to marketing professionals. In our digital age, virtually all businesses around the world depend on social media as a marketing tool to some extent. In fact, if a company doesn’t promote itself through social media platforms, many customers or potential clients could very well consider the company to be less reliable and not as professional than other businesses that utilize the power of social media. Along with the explosion of social media, social referral marketing has become an increasingly common and extremely effective means of marketing a business.
What is Social Referral Marketing?
Social media marketing refers to the whole process involved in increasing website traffic or simply drawing attention to a company using social media platforms such as Facebook, Twitter, Instagram, Pinterest, and so on. When it comes to business, there are three main elements potential customers are searching for on these types of websites: new content (news stories), social media content and social connections.
The importance of social referral marketing is revealed by statistics. For example, according to HubSpot, approximately 92% of marketers in 2014 claimed that social media marketing was important for their businesses, out of which 80% declared that they put a great effort into increasing the traffic for their websites. But that’s not all. According to Social Media Examiner, 97% of marketers are participating in this whole social media phenomenon, although 85% of them are not sure about which tools are the best to use.
10 Reasons Why Social Referral Marketing Works
There’s certainly a huge upswing in use of social media and social referral marketing, even if many marketers aren’t sure exactly how to go about utilizing these tools. Here, then, is a list of 10 reasons why social referral marketing works so well, along with some helpful tips on how best to implement it into your own marketing campaigns.
1. Expand Your Brand Awareness
It’s important to view social media channels as the voice of your brand and content, and to never miss an opportunity to promote your products or services on these platforms. For instance, a new customer might hear about your brand for the first time after unintentionally seeing it mentioned in a Twitter post. Or a previous customer could be reminded of your business and become interested once again after noticing your company logo on Facebook.
Pro-tip: Utilizing social media will not only pique the curiosity of new customers – it will also increase your chances of being recognized and becoming more familiar with the existing ones.
2. Grow the Loyalty of Your Brand
Texas Tech University concluded in a report that companies that are active on social media tend to better maintain their customers’ loyalty. Convince & Convert reached the same result in their study, declaring that 53% of Americans who are currently following brands on social media platforms are more loyal to them.
3. Increased Chances for Converting
Every new blog post you publish increases your chances of being stumbled upon by new, existing and previous customers. The good part is that you will be able to directly interact with them. Everything you post can get a reaction that can lead to a site visit and even a conversion. Of course, not every reaction will lead to an actual conversion, but all the positive interactions might lead to a desired conversion.
4. Heightened Conversion Rates
The interaction factor plays an important role in conversion rates. Lately, companies are becoming more humanized through the continuous interaction with social media channels.
Pro-tip: People enjoy interacting and doing business with other people. So try to make your company appear as human as possible on social media platforms.
5. Visibility Lends Credence to Your Brand
The more people who are talking about your brand, the more valuable it will appear to new customers or followers on social platforms. Increasing your brand’s visibility will help to optimize the brand’s success.
6. Significantly Increase Inbound Traffic
Every quality content post you share on social media generates increased inbound traffic, which leads to generating even more traffic, finding new leads and finally reaching more conversions. Without social media, the inbound traffic is strictly restricted to your acquaintances and close circles.
7. Spend Less Money on Marketing
HubSpot notes that after only 6 hours a week spent on social media, 84% of marketers have observed a rapid increase in their website’s traffic. You can start seeing concrete results even from spending as little as one hour a day. Social media marketing is relatively effortless and doesn’t require an allocated budget — only a bit of content development and syndication strategy.
8. Improve Your Site Ranking
From an SEO point of view, meta descriptions and title tags are no longer enough to increase a website’s ranking. Google and other search engines calculate rankings by using the social media presence factor. So a set of keywords combined with the social media presence is the best recipe for better rankings.
9. Deepen Your Customer Relationships
Social referral marketing is all about the relationships you build with your customers. Via social media, you can thank customers for positive feedback and respond to customer complaints, if necessary. It’s all about showing that you and your employees care about your customers.
10. Get to Know Your Customers Better
Social media provides important insights into your customers’ preferences. You can find out what they like or how they behave. This allows you to narrow down your content to suit their preferences and, in the end, increase conversion rates.
Discover How Buyapowa Can Help With Your Social Referral Marketing
By using the appropriate tools and strategies, social referral marketing leads to more customers, more traffic and more chances of conversions. As Bonnie Sainsbury from WomenTalkingTech.com says “Social media will help you build up loyalty of your current customers to the point that they will willingly, and for free, tell others about you.” For more information about social referral marketing and how your company can benefit from it, contact our Buyapowa marketing professionals today.