8 Fast Facts about Social Media To Help You Increase Profits in 2024

By Craig Sherman

The verdict is in and all signs point to a stunning increase in on-line marketing efforts by all businesses, most likely including your own.

This includes faster adoption of innovative new technologies and services and doling out new job descriptions like chief digital officer and community manager.

Key Takeaways

• Social media platforms are essential for businesses to connect with their target audience and build brand reputation.
• Understanding your target audience’s preferences through customer^[1] segmentation and market research is crucial for maximizing profits on social media.
• Tailoring content effectively by personalizing it to each segment of your target audience increases engagement and conversion.
• Building strong connections with your target audience through personalized communication and prompt responses to feedback and queries fosters loyalty and increases the likelihood of engagement and conversion.

And it’s not just the hip companies like MTV getting more social. A WalMart executive was recently quoted in an article giving tips on social.

But the trend now isn’t to be social just to increase a brand’s exposure, get people to like you or to look cool.

Marketers are using social media to generate sales leads to the end goal of higher revenue and profits.

Here are eight facts and tips from a variety of respected experts like the CMO Council that will help your company increase its brand exposure and profits this year.

1. Social can increase sales. Not too long ago, IBM reported that they saw a huge 400% surge in their sales after launching their social pilot sales program. (Source: IBM)

2. Seventy-two percent of marketers think that branded content is more effective than magazine advertisements; 69% say it’s superior to direct mail. No doubt a nice plug for people who produce content that sneakily pitches product. (Source: Custom Content Council)

3. Twenty-seven million pieces of content are shared each day. Sixty percent of it is branded. Your competitors are probably producing valuable freemium content. You should too. (Source: AOL & Nielsen)

4. People spend more than 50% of their time online looking at content. This one even surprised me. I would have guessed more like 25%. (Source: AOL and Nielsen)

5. Salespeople using social on the job outperformed peers not using it by 73 percent. They surpassed their quotas 23 percent more often than their colleagues who were not social. This includes following prospects to know personal likes and keeping tabs on the competition. (Source: Aberdeen Group)

6. Sixty-three percent of customers expect companies to provide customer service through their social media channels, while it is a fact that 90% of people who are active in social media have used it to communicate with a brand or business. Of all the customer care platforms available, 34.5% of customers prefer social media, 24.7% choose live chat, 19.4% are more comfortable with email^[2], and, 16.1% opt for toll-free phone service. (Source: Smart Insights)

7. Know thy testimonials.  Gather them by asking your customers via email or personal note. Entice them with freebies.  Save thousands of dollars per year by increasing user-generated videos and decreasing those that are professionally produced. (Source:  my company, Sociamonials.)

8. Eighty-seven percent of business people who responded to a survey said that online content plays a major or moderate role in influencing vendor selection. They valued professional association research and whitepapers most. The least valuable was vendor content, with 67% saying they don’t trust it. (Source: CMO Council)

So roll your sleeves up and get your social act together in organized efficient manner this year, with the right tools and people on board to help. Your chief financial officer will thank you.

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By Craig Sherman, CEO and founder of Sociamonials, the only full social marketing suite with fully integrated user-generated video feature. @Sociamonials

Frequently Asked Questions

How Can I Measure the Success of My Social Media Marketing Efforts?

To measure the success of your social media marketing efforts, track metrics like engagement, reach, conversions, and ROI. These will provide insights into how well your campaigns are performing and help you increase profits.

What Are Some Effective Strategies for Increasing Engagement on Social Media?

To increase engagement on social media, focus on creating effective content that resonates with your audience. Use social media analytics to track the performance of your posts and make data-driven decisions for better results.

How Can I Effectively Use Hashtags to Expand My Reach on Social Media?

To effectively use hashtags and expand your reach on social media, start by understanding the purpose of hashtags and how they can increase brand visibility. Then, focus on maximizing the impact of your hashtags by using relevant and popular ones.

What Are Some Common Mistakes to Avoid When Using Social Media for Marketing?

When using social media for marketing, avoid common mistakes such as inconsistent posting, not engaging with your audience, and not measuring your results. Instead, focus on best practices like creating quality content and building relationships.

How Can I Convert My Social Media Followers Into Paying Customers?

To convert your social media followers into paying customers, engage them with valuable content and personalized offers. Show them the benefits of your product or service and build trust. Utilize social media monetization strategies to drive conversions and increase profits.