5 Tips for SMBs to Maximize Revenue through Social Media

By Gaurav Belani

There are over 4.8+ billion active global social media users, which is 60% of the total population!

No wonder, social media has become a powerful marketing platform, especially for small businesses (SMBs).

With effective social media strategies, they can reach and engage the audience without spending hefty amounts. For instance, SMBs can interact with prospects through direct messages and comments and address their concerns. 

The result? Customer acquisition, retention, and revenue generation! 

When done right, social media can directly contribute to lead and revenue generation.  Thus, it is a valuable tool for revenue marketing, especially for SMBs that aim to take their venture to new heights with limited resources.

In this post, we will discuss five powerful tips for SMBs to maximize their revenue through social media.

Best Tactics for Small Businesses to Boost Revenue through Social Media

1: Share Stellar Content in Multiple Formats

SEO-driven content helps boost online visibility and organic website traffic while creating an engaging user experience. 

It has the power to convert prospects into loyal customers. 

No wonder, SMBs often invest in hiring the best SEO companies to create high-quality content. 

SEO in social media works similarly to SEO in conventional search engines.

Although social channels are not technically search engines, they promote content discoverability. 

For instance, incorporating relevant keywords, engaging descriptions, optimized hashtags, and more can help boost a post’s visibility in social media search results. This can help drive better engagement and conversions.

Observe how @veggies.my (2K+ followers), an organic vegetable and fruit provider, incorporates this tactic.

Check out their well-written Facebook post. It comprises an engaging description, image, relevant hashtags, and keywords to boost content discoverability.

 

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Now the question is - what type of content can help strengthen your social SEO? 

There’s no specific answer to this question because of the ever-evolving trends.

However, you can strategically use content formats that work well for different social platforms.

Here are a few use cases.

• Imagery and Infographics: Facebook, LinkedIn, Instagram, Twitter, and more

• Videos: Facebook, Instagram, and more

• Thought Leadership Posts: LinkedIn, Facebook, Twitter, and more

• Live Streams: YouTube,  Facebook, Instagram, and more

• User-Generated Content (UGC): Facebook, Instagram, Twitter, and more

• Social Proof (Customer Reviews and Testimonials): Instagram, LinkedIn, Facebook, and more

2: Host Helpful Webinars and Conferences

Virtual webinars and conferences allow businesses to connect with prospects, existing customers, and potential partners.

Provisions like live polls, Q&A sessions, and live streams can help SMBs promote their products while answering the audience’s queries.

This can help foster positive relationships and generate high-quality leads.

Furthermore, SMBs can collect audience information to create follow-up strategies, such as targeted email marketing, personalized offers, and more. 

This can help nurture leads and convert them into loyal customers.

Here are a few tips to get started.

• Select the Right Platforms: Identify social channels where your target audience is most active. Tracking engagement rates, competitors’ channels, and social listening can help gain valuable insights. 

• Pick a Compelling Topic: Choose a relevant and helpful topic to address during the session. Leverage tools like Google Trends to gauge what’s trending in your industry. 

Besides, use analytics tools like Buffer and SproutSocial to track trending posts, social mentions, and more. This can help you understand the audience’s interests and ensure effective engagement. 

• Invite Guests: Make your session successful by inviting experienced industry experts. This can imbibe a sense of trustworthiness among the audience for your business.  

• Promote the Event Create eye-grabbing visuals, including videos, imagery, and more. This can help promote the event and ensure maximum entries for the session.

• Interact and Engage: Address your audience’s pain points while helping them understand your products and services. 

Encourage the audience to put forth their concerns and queries. This can foster a sense of community, thus nurturing relationships. 

• Repurpose Content: Repurpose the webinar content into informative or educational, bite-sized videos, infographics, and images. This helps continuous engagement, thus enabling revenue generation in the long term.

Check out the social media strategy of Lawpavilion, a legal tech solution provider.

Notice how @lawpavilion (3K+ followers) uses the above-shared tactics to engage its audience. 

The firm invites its audience to join a helpful session by industry experts.

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3: Run Referral Campaigns 

Referral campaigns involve offering incentives or rewards to the audience for referring the business, product, or services to others. 

When implemented correctly, these campaigns can quadruple high-quality leads and revenue generation from social media.

Their success relies on a brand’s ability to encourage and incentivize the target audience. 

Here are a few tips to help your referral campaign succeed. 

• Provide Compelling Rewards: Offer monetary rewards. Besides, you can provide non-monetary incentives like special discounts and loyalty points.

• Communicate Clear Instructions: State guidelines and easy-to-share referral links. 

• Promote the Program: Use distinct channels, including website, email marketing, and more, to maximize the campaign’s visibility and reach.

See how @gloubeauty, an emerging eCommerce marketplace for beauty products, takes advantage of referral campaigns. 

The company offers a $5 credit to the referrer and the referee.

Notice how they’ve highlighted the guidelines. 

 

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4: Collaborate with the Right Influencers

Influencer marketing involves a brand partnering with influencers for brand promotion.

Why does it work?

62% of customers trust influencers’ recommendations over celebrities. So, onboarding the right influencer can be a game-changer for SMBs looking to scale. 

They can help SMBs tap into the target market, increasing brand reach and exposure, thus attracting potential customers.

The rising trend of influencer marketing is proof of its effectiveness. Check out the below-shared survey by eMarketer reflecting its popularity. 

 

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Is it a costly venture?

No, it isn’t! 

Here are the key types of influencers (based on their follower count).

• Mega-influencers with  1+ million followers

• Macro-influencers with 500K to 1+ million followers 

• Micro-influencers with 10K to 50K+ followers

• Nano-influencers with 1K to 10K followers

It’s natural for influencers with substantial followers to charge higher fees than others. 

However, a solid social following doesn’t mean high engagement. In fact, a nano-influencer can have a better engagement rate than a macro-influencer. 

For SMBs on a tight budget, the key to success is choosing influencers with high engagement, irrespective of their follower count.

Check out how @evalessofficial (14K+ followers), a clothing brand, counts on this tactic to boost conversions and revenue.

The brand collaborates with micro-influencer Breanne Kincaid (27K+ followers) to promote its products. This approach helps them save money while achieving a high ROI.

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Here are a few crucial aspects to consider while finalizing influencers.

• Check out their previous collaborations and track record.

• Evaluate metrics like engagement rates, audience response (likes, shares, comments), and more.

• Guage the influencer’s dedication to creating high-quality content (frequency of posts).

5: Analyze and Improve Your Tactics 

Establish key performance indicators (KPIs) to measure the effectiveness of your efforts.

For instance, analyze social media engagement metrics, such as likes, shares, comments, click-through rates (CTRs), and conversion rates. 

Moreover, identify top-engagement and conversions generating platforms, content types, and campaigns. 

This can help strengthen your social media game while keeping you abreast of the ever-evolving trends. 

Pro Tip: Choose Social Hire, a leading social media marketing agency, to ensure high-quality leads and revenue. 

The Social Hire team can help you with tasks like -

• Creating tailored social media strategies according to your goals

• Identifying the most relevant social media platforms for your business

• Planning and creating compelling social media content planning

• Handling content scheduling, publishing, and monitoring

Responding to your target audience’s messages, comments, and inquiries promptly

• Setting and tracking key performance indicators

• Providing social media analytics and reporting services to measure and improve your campaign’s effectiveness 

• Identifying and partnering with relevant influencers 

In short, Social Hire offers a holistic approach to SMBs aiming to achieve revenue goals. The best part? All the services are cost-efficient!

Wrapping Up

Social media marketing is a high-impact, low-cost method to boost business reach, engagement, and revenue. 

By leveraging the right social media platforms combined with the tactics shared in this post, you can take your business to the next level.

What’s more? Onboarding a social media marketing agency like Social Hire can accelerate positive outcomes within no time.  

So, go ahead and book a call with experienced professionals of Social Hire!

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