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Monetizing Social Media

Why monetize social media platforms?

Social media is not only a simple way to broadcast to a wider audience, it is accessed by more people than any billboard or television advertisement. On Instagram alone in the UK, there are 13 million users in January 2021, and this is a growing statistic following the impact of Covid-19 lockdown restrictions. The impact this has on advertisements being used on Instagram has been found to be huge as in 2018 only 6.18 billion US$ were made through Instagram advertisement revenues, compared to 18.16 billion US$ forecast to be made in 2021. This presents how huge the market is when using social media platforms, such as Instagram.

Another reason to get on board with marketing over social media is the cost efficiency of the platforms. Money can be spent to increase engagements, such as using advertisement boosts and building your profile following, however these are not essential for generating a revenue from social media marketing. This presents how social media can be more cost effective in comparison with competing methods.

Social media marketing strategies.

INFLUENCER MARKETING

Profiles with a big following on social media profiles can be used to promote a product or service. This approach is advantageous because these profiles are aware of their demographic and therefore you are aware of who you are directly advertising to. However, this strategy is more expensive for profiles with larger followings.

ADVERTISEMENTS

Sponsored advertisements have proven to work in many forms media, such as billboards, radio, and magazines. Sponsored advertisements through social media deduct the calculation of where to advertise because your targeted market can be calculated with algorithms. To elaborate, when a advertisement is created on Facebook, for example, you have the option of manually targeting an audience or automatically targeting an audience based on algorithmic calculations. This is beneficial as this saves a lot of time and energy for your business. Furthermore, the increasing use of social media and revenue from social media advertisements establishes that this is an effective way to increase awareness of your product or service.

Tips for increasing engagements, and therefore revenue.

CREATING VIRAL CONTENT

Exposure to your product or service can be done through content that goes viral on social media. Something will go social when it follows at least one of the following:

  • Funny or shocking: It must provoke emotion.
  • Following a trend
  • Engaging: for example, the famous Ice Bucket Challenge.

USING HASHTAGS AND TAGS

Interactions with your post will increase when you use hashtags or tag people in your post as it will increase the exposure of your post. When these tools are used, your content is more likely to appear on feeds which match the relevant hashtags or tagged profiles.

LIVE VIDEOS

Featuring or broadcasting live videos on platforms such as IGTV are interacting with your market, answering their questions and reinforcing personal customer service.

COLLABORATIONS

Collaborations with other profiles and brands means you get exposed to other profile’s followers and this is beneficial for gaining interest. Furthermore, on platforms such as LinkedIn, collaborations often results in your brand being interpreted as trustworthy and recommended.

COMPETITIONS

By conducting competitions, you increase the chances of your brand being spread by word of mouth. It also makes your brand online more memorable and eye catching.

KNOWING YOUR AUDIENCE

When work is put into your social media which does not suit your brand or target audience, that work is wasted. This is because you are less likely to win over your target market and any customers that are won over are unlikely to stay. Preservation of your customers comes with knowing your customers and what they are looking for.

INTERACTIVE POSTS

Similarly to live videos, any interactive posts are encouraged to engage any potential clients with personal customer service. This can be done with polls and questionnaires on platforms such as Twitter and Instagram. This is beneficial for building your brand as it is a personal approach, and it is a simple way to get constructive criticism for your service or product.

CREATING QUALITY CONTENT

Engagements with your social media posts are increased when your content is high quality. This can refer to your language, image quality, and other details such as colour scheme. When there are more engagements made on your social media posts, the interest in your brand is increased.

MARKETPLACE FEATURES

Marketplace features on social media, such as the shop feature on Instagram, eliminates the need to attract customers onto your website: the products or services you are selling can be promoted straight from your profile. When you post images or descriptions of your product or service, a direct link can be tagged onto the post. This increases the likelihood of customers browsing and buying from your profile.

Social media can appear intimidating and overwhelming as a marketing strategy but it is proven to be exceptionally successful for brands. To get the use out of social media, get in touch with Agencja by following the link below:

Author avatar
Annie Bowers