Shopping on social media: a new way for businesses to build revenue

Written on 29 July, 2020 by Julia Hammond
Categories Social MediaTags facebookinstagramonline marketingsocial media

Selling on social media is when businesses choose to upload and sell their products on a social platform. It’s a relatively new concept that is gaining steam and is a new opportunity you won’t want to miss.

By using social platforms as a means to reach specific audiences to sell, businesses can double the available opportunities compared to only using a traditional website.

With 71 per cent of consumers stating they are more likely to purchase based on social media referrals, businesses need to seriously consider both advertising on social media and now, adding shopping to their profile.

Here are some tips to help you get off on the right foot.

Choose the right social platform

When it comes to social media selling, there are a number of platforms you can choose from. But how do you know which one is right for your business? Should you be selling on one or all? Choosing the right platform to sell on is similar to choosing the right platform to use as your social media outlet.

Take a look at the platforms that you have business accounts with right now. Are you on Pinterest, Twitter, Facebook, and Instagram? Then take a look at your metrics from each. Which one are you receiving the most engagement on? That’s a great indication of which platform would bring you the most revenue when it comes to product sales, as an engaged customer is more likely to proceed to purchase.

If your business is yet to set up social media profiles, do your research first as not all platforms will efficiently reach your target demographics. As a first step, analyse your business’s target audience, and then compare that to the available demographic information for each social media platform. This will also ensure you don’t over stretch your resources by trying to do it all.

Understand your demographics

The key here is that not every social network is going to be a good fit. If your core customer is a teenager, focus on Instagram. A modern parent who is looking for a great recipe, look at Pinterest or Facebook. Maybe your customer is a savvy thought leader, then boost your LinkedIn presence. Different audiences prefer different social media platforms and understanding this can inform your business’s strategy moving forward.

So, choose accordingly, start listening for the problems your products can solve, and share alongside the hard selling, meaningful advice. The first step of any purchase is earning trust.

Remarketing

Remarketing is a way to target your ads toward users who have previously engaged with your brand. Recent research found that first time is definitely not the charm, with 97% e-commerce visitors leaving a website without making a purchase. That leaves a tiny 3 per cent of first time visitors likely to buy – so it’s a no-brainer. Re-marketing will make your brand more visible to the people who have recently engaged with it, increasing the likelihood of that impression becoming a customer.

Measure the value

Like any other selling initiative, constantly measuring the value and return on investment will give you the insights to determine if a particular platform is successful for your business. Once you start recording the data you are collecting, set benchmarks and the intervals at which you want to reflect on your progress. Don’t make them too close as you may be missing key trends by looking at your sets at a micro level.

Social media advertising made simpler with Netregistry

Whether you’ve used social media for your business before or are completely new to the practice, Netregistry can make things simpler. We’ve been working with Australian small-medium businesses for decades and understand how to help them reach their full potential.  With expert teams in SEOPPCSocial and Websites – we have all the experience you need for a successful online business. To get started, call us on 1300 638 734 or submit a message online.

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