The intensive use of social media is a reality of the 21st century. To ignore this fact is disastrous for any business. Instead, one must face the reality that social media is here to stay and its usage is on the increase. We must learn to work with, rather than against, this technology. In fact, if used wisely social media can become a valuable element in your business strategy, and its significance to companies can only be expected to increase.
Whilst people spend a lot of time thinking and talking about social media, they spend less time using it to actually generate profit. Why? They are not social media experts and do not know how to use it effectively. To avoid falling into this trap and ensure your social networking generates revenue for your business, follow my top tips:
- Set social media goals. What do you want to achieve? e.g. increase traffic, increase sales, increase brand awareness. Working to targets helps keep you motivated. In setting these you should analyse your resources (i.e. both financial and time) as well as your expertise in using social media to ensure you set realistic goals – consider: what can I realistically achieve?
- Develop a social media strategy and plan to implement your objectives.
- Carefully consider which social networking channels you want to utilise. Of course, this will depend on your niche and should be targeted accordingly. Nonetheless, Facebook, Twitter, LinkedIn and YouTube are arguably broad enough in their appeal that they should form a part of any social media strategy. Beyond these channels, carefully consider will my target audience use this site? Are my resources best targeted elsewhere?
- Who is going to manage the company’s online presence? i.e. You? An existing employee? Or do you need to recruit someone new or outsource your social media marketing.
- Think about whether your updates will be from “you” or a business name or both.
- If there is more than one person in your business it’s important you communicate regularly and share any relevant news etc. with the person carrying out the marketing.
Winning tips for social media
- Promote your social media networks on your website, emails, business cards and other promotional material.
- Give maximum exposure of your products/services through your social networks – Enticing photos, videos of your product/service offering, and information on where they can go to purchase it.
- Use custom tab applications.
- Get yourself noticed on your social media – writing passionately or even controversially is one way to do this. Be the first to share news in your industry.
- Keep a consistent image. Ensure your online profiles reflect your personality/your company’s personality.
- Try to widen your network as much as possible. The aim here is to increase your number of connections whilst keeping them as targeted as possible. Use searches to find people with similar interests to you/your business. But don’t let this undermine the quality of your connections.
- Quality should be prioritised over quantity – Ensure you are an active participant by joining relevant groups and contributing to discussions. Focus on building relationships and trust with your followers by sharing valuable information, contributing to discussions, replying to their messages, and responding to feedback. Be available online to your customers by regularly checking your pages and responding promptly. Also listen to your feedback/ complaints and adapt your offers accordingly.
- Reward your customers (with free gifts, discounts, contests, etc.) to ensure they return.
Social Media takes time to get real results but if you work hard and follow these simple steps you will soon start to reap the rewards.
Lilach
Founder at Socialable Ltd
Lilach Bullock is passionate about getting tangible results using social media. Listed in Forbes as one of the top 20 women social media power influencers. She's the co-author of "Images that Influence" (Number One in its category on Amazon). Lilach is consulted by journalists and regularly quoted in newspapers on social media related matters, including (Forbes, Social Media Today, Prima Magazine, The Sunday Times and BBC Radio 5 Live ). A keynote speaker at business and marketing seminars.
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59 Responses to Social Media – can you really make a profit from it?
Hi, I follow you on Twitter and Facebook. I really want to thank you for the great info and valuable marketing resources you are offering. Really fantastic info and great products.
Thanks Jay, great to see you here too. Appreciate your comments and delighted that my blog has helped you:)
Twitter: lilachbullock
I agree with you Lilach social media is here to stay. I must say I like your post and if you can contribute valuable content that will be of use to other people then that is the best long term strategy. What a lot of people don’t realise is that social media only works, in my opinion, when used in conjunction with your blog. Make it your aim to get people off Facebook and Twitter and onto your blog.
Twitter: davidgsharp
Thanks David, I agree too. You need to be providing value and by having a blog that’s full of great content that you can direct people to is really a great way of leveraging social media.
Twitter: lilachbullock
Hi Lilach, I like social media goals and the winning tips from your article above. You’re the expert who knows your stuff in social media. Great post, I love it!
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Thanks Viviana, I really appreciate your great comments:)
Twitter: lilachbullock
I really like social media because if you watch someone for a while you can pretty much see what the person’s agenda is…some people are givers (like you) and others are takers…
Terry Petrovick recently posted..3 Tactics For Getting You New Leads Every Day
Twitter: terrypetrovick
Thanks Terry, yes I agree that’s one of the beautiful things about social media – you can’t hide! It’s easy to see what the person is really doing:)
Twitter: lilachbullock
Hi Lilach,
This post reflects a lot of great tips that could be easily overlooked. I like the point about thinking about whether or not your prospects visit a site you may use for marketing. So key to know our market and where they go and what they do…..
thanks for sharing great information!
Joe
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Thanks Joe:) Yes it’s so important to know your market/target audience. The more you know about them the better you can connect with them and give them what they want:)
Twitter: lilachbullock
Lilach, once again you have brought it.. smiling.. Actually reminded me to go back and review my goals and make sure that my actions are lining up with what I need to accomplish. Thanks again.. and keep smiling.
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Thanks Shalonda, appreciate your comments:) I shall be reviewing my goals as well, particularly with the New Year approaching:)
Twitter: lilachbullock
Your second point I would challenge: “Give maximum exposure of your products/services through your social networks – Enticing photos, videos of your product/service offering, and information on where they can go to purchase it.”
Marketing is no longer Product/Place/Price/Promotion, it is now Experience/Everywhere/Exchange/Evangelism/Enable.
Just maximising (pushing) your products/services will no longer do. In fact, I have declared some of your social media output spam, Lilach. You need to help people picture the experience of using your services rather than the service itself; engage rather than push. Tell stories not list facts. Explore peoples’ challenges before you suggest a solution.
http://brighta.wordpress.com
Jeremy thanks for your comment and your point of view – I have to ask why you’re so grumpy today:)
Twitter: lilachbullock
I am always like this
.
Grumpy? No. Trying to give you honest feedback.
Jeremy Dent recently posted..Bread of life: recapturing real food from the commercial bread-makers
Well thanks for your feedback which I always welcome:)
I find you can’t please everyone in business and I have to go with the majority and out of nearly 600 comments alone on this blog in the last 2 weeks (I’m sad I looked at my stat’s ) I’ll go with the majority:)
By the way some would consider it spam to post a weblink in a comment box – but hey what do I know?!
Twitter: lilachbullock
I didn’t post the weblink: it was done automatically in WordPress. It happens in all Babs’s WordPress setups.
Jeremy, I usually have a cowardly tendency to avoid confrontation, and I understand neither you nor Lilach invited me to comment, but I think it would be appropriate to ask if your assessment of Lilach’s social media tactics are fair. After all, I see Lilach engaging consistently with her readers (evidenced by this post alone). I’ve read stories, as well as her listed facts. And I’m sure she’s well aware of people’s challenges, probably even foreseas them, before she offers a solution. I am sorry you do not see these things yet. I challenge you though to clear the smudge off your glasses before you challenge my friend again. Juli (Sorry, Lilach, I just think this needed to be said.)
Juli Becker recently posted..The 3 Personality Traits You Need To Succeed In Network Marketing
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Juli thanks so much for your comment:) I too try to avoid confrontation but sometimes like you feel the urge!
I’ve learnt you can’t please everyone in business and as long as the majority of the people feel that I’m giving them value and sharing great content, helping them etc. then I’m happy:)
Twitter: lilachbullock
Juli, Lilach and I are no strangers to each other. I work in a different segment of the market — for big brands and larger SMEs.
I only challenged one point: it wasn’t a case of — as you claim — an “assessment of Lilach’s social media tactics”. It was pure feedback as one professional to another.
I think there is general consensus that ““give maximum exposure of your products/services through your social networks” is better done in an indirect way, not as a ‘push’ campaign. Her phrase could be misleading. You need to advise people to produce quality content rather than think in terms purely of getting maximum exposure.
If that is too subtle for you, fine. This was no confrontation. If you think ‘protecting’ your friend from feedback will help, then that’s also fine. There was no malice, no confrontation and I think Lilach is well able to see that.
Jeremy Dent recently posted..Google rolls out Analytics to YouTube
With respect Jeremy I too work for some big brands and large SME’s
Thanks for your feedback though, noted.
Twitter: lilachbullock
I completely agree that social media is here to stay and we need to work with it. More and more businesses realise this and that they need to do it, but instead of stopping to think and make a clear strategy like they would in any other part of their business they jump straight in because it’s “just” social media. I think it’s vital to remember social media is a tool to use to make connections and promote your business not the end in itself and like any tool it requires some skills and planning to make the very most of it.
Thanks Jenny, great points:) There are more and more businesses that jump on the band wagon of social media and yet don’t have a clear goal or strategy in place. They then moan they’re not getting results from it.
Twitter: lilachbullock
That’s were people like you and me come in isn’t it! I don’t intend to put myself in the same league as you but I am in the same field. A few hours consultancy from someone who knew even just the basics of social media strategy really well would help most businesses, a small initial outlay to gain in the longer term.
Thanks Jenny, I of course completely agree:)
Twitter: lilachbullock
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Hi Lilach,
I think that you are right, that social media is here to stay, but it will be particularly time consuming for
small business people who are under time management pressure. I believe that the occupation of social media consultant is well and truly launched as a lot of social media work will be outsourced. It augurs well for those who want to work from home as freelancers in this area.
Regards
John Cosstick
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Twitter: frelanceWkGuide
Thanks John. I tend to agree with you. Social media has many benefits but the pitfalls are it’s time consuming, particularly if you want to get good results (why bother otherwise?!)
Twitter: lilachbullock
Great post Lilach.. social media can be a mine field. This post really puts forward some good information to help navigate that!
Twitter: johnmoussan
Thanks John, I appreciate your comments. Feel free to have a look round my blog, there’s lots of articles about social media:)
Twitter: lilachbullock
Lilach, you always have great checklists to use to make our businesses better. We can choose which ones we want to use or not use, and, if they even apply to our individual businesses. We are defined by our individuality, not by the masses. Thanks for giving us more everyday!
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My pleasure Val, appreciate your comment. I agree, everyone is different and unique and we all have to find our own way of doing things. What works for one may not work for someone else:)
Twitter: lilachbullock
Hi Lilach,
I love how well-organized your tips for strategizing your social media approach is presented. The tips you share are spot on and are a definite asset to everyone learning to use social media wisely and time efficiently. The only tip that I would add and would love if everyone ‘got it” is to play nice in the sandbox; that is, follow the Golden Rule… “Do onto others as you would have them do unto you.” Thank you for sharing this valuable information.
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Thanks so much for your great comment:) I agree, I love your Golden Rule and it’s a shame more people don’t “get it”.
Twitter: lilachbullock
Hi Lilach,
Great tips, as always.
You reminded me about goals. Keeping them in mind will keep me from wasting time on other things. Maybe I could write more.
Thanks,
Bob Guzeman at UBMighty Success Strategies recently posted..Use Content to Sell Yourself
Thanks Bob:) Well with New Year approaching I think there will be a lot of people writing goals:)
Twitter: lilachbullock
Lilach, the more time I spend on your blog, the more I’m coming to know, like, and trust you. The value you provide concerning social media is bar none. Thanks again for your great post! Juli
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Twitter: Juli_Becker_
Thanks so much Juli:) It’s great feedback like this that makes it all worthwhile:)
Twitter: lilachbullock
For me social media can be a time sucker. But to be able to reap the benefit of social media, most of my post are scheduled.
Lately have been able to know the best time to tweet with using timetotweet.com. Durning these time i tweet manual and have been getting great click through rate.
Still all the ideas you share are great tips and i will start practicing them now.
Thanks Joyce. Yes that’s definitely one of the challenges with social media – you really do have to be disciplined with your time. Whilst I love automated tools for social media, it’s also really important to take the time to do as much as you can manually – I find I get better results. But of course it’s about finding the right balance so you can get everything done whilst getting a positive return on your time:)
Twitter: lilachbullock
I’ve done a lot of writing for other sites on how to measure the ROI of your social networking activities, and I think that’s an important concept to keep in mind. Social media sites are great for increasing site exposure and building brand awareness, but if you’re investing hours and hours into them, it’s also important to be sure you’re getting something of demonstrable value out.
Thanks for sharing these tips!
Thanks Sarah. I agree whilst social media is great it’s also very time consuming and you need to have a plan and be able to measure the time you put in that you’re getting tangible results from.
Twitter: lilachbullock
Hi Lilach,
These are some helpful tips you have outlined here. What I like most about it is that you offer a disclaimer that social media is longterm and not something you are likely to see the results the next day. It helps to protect us from false expectation and to stick with the process.
It’s also important to develop a strategy.
Thanks for sharing
Twitter: thowsyne
Thanks Toslin:) I think in business it’s important to be transparent and as honest as you can be. There are no quick wins in anything and although I’m a huge fan of social media it does take time to really start seeing results. Anyone who says otherwise… well you can probably guess what I would say to that:)
Twitter: lilachbullock
Wow, you have reason to say that we can’t ignore the social revolution!! Thank’s for this very interesting article!!
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Thanks Martina:) appreciate your comment.
Twitter: lilachbullock
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Thanks for your comment:)
Twitter: lilachbullock
Hi Lilach,
– but that with good foundations, commitment and patience, the rewards do come! I think that’s something that businesses often need to be reminded of! 
Thank you for another ‘solid’ post. I think you make lots of relevant points and cover the bases. One of the aspects I know you often re-iterate is that using Social Media to build reputation / community and profit does take time and hard work (although of course that doesn’t mean you can’t enjoy it and have fun with it, I’m sure you’d agree!?
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Thanks Claire:) Really appreciate your comment.
Social media is like many marketing approaches. Remember the days before social media when everyone was attending zillions of networking events (which I still recommend people do) it took time to get results. It takes time to build relationships and get to know people. The same principals apply with social media.
As you say – “good foundations, commitment and patience the rewards do come” completely agree
Twitter: lilachbullock
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Hi Lilach, what a great article! You covered everything from concept, to placing it all in action. Reality is social media is like real life. It’s sad to say but the same elements applies. If you build the relationship you will get the ROI. I’ve been working online now since 2007 part time and just recently was lucky enough to work full time with blog engage, I know how much work it takes and the key has always been the relationship. If you do not connect, make an impression and build on the relationship there will be little to no ROI.
Twitter: bbrian017
Good Morning Lilach,
I’m not sure if anyone mentioned this before in these comments, but I think the issue with people profiting from social media is the fact that people are looking for an immediate return. In my opinion, social media is an extension of and a new iteration of word of mouth. Social media can help reinforce your branding messages and create stronger connections. These oft forgotten or overlooked techniques in today’s now, now, NOW society are important to the sales process and should be documented in one’s strategy.
I am very glad that your article stresses the importance on coming into a social media campaign with a plan. I’ve encountered (I’m sure you have as well) many who simply try to jump into social media because is the “new big thing” not realizing that while it is still relatively new it’s more so another communication channel whereby you can reach your audience quickly. If used as such with the cutomer relationship in the forefront of your actions, it’s a very effective tool.
Thanks much!
Twitter: mr_mcfly
Most definitely! I run the social media efforts for PostcardMania and I generate between 50-60 leads per week. Most of those leads come from LinkedIn as we’re B2B business and that’s where most of our target market hangs out. We’re also SUPER anal about tracking our efforts and knowing where each lead comes from, which is how I’m able to track the profit and revenue social media produces each week. Last year alone we grossed about $250,000 in revenue from our social media leads and we landed a couple large accounts for the coming year.
What makes me successful on social media is 1. posting valuable and helpful content (not expecting anything in return) and 2. track everything I post and how well that post does. Also continuing to stay active is a MUST. Like any good marketing campaign, you gotta stay in front of your audience over and over…
Twitter: postcardmania
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Great insight here as usual Lilach. It’s helpful to have a strategic way of approaching your social media because it’s easy to transfer feelings of low self esteem and lack of self work into your social media and come from a place of believing that you have nothing to contribute.
Whether you use social media for business or personal use you have to approach it with a mindset of “I’m worth knowing about” or it is easy to second guest everything you might want to say and end up not contributing anything. The amount of times I hear people say “why would anyone want to know that”. Social media is about sharing things of interest with others – out of 7billion people on the plant it is very unlikely that you will be the only person in the world that finds something interesting – so get sharing.
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