How do you actually make money from social media?
It’s a question that companies grapple with in every industry. If you are pouring time and money into building a Facebook or Twitter audience, yet failing to generate real enquiries and leads, it can be enormously frustrating.
One issue is that building up a solid base of social media followers takes time. If they are your only or main source of new email subscribers or webinar registrants, you are going to grow slooooowly.
It’s also difficult to control who follows you on social media. Your pages may be full of excited fans – but they are not necessarily the best prospects for your business.
Last, but not least, even if you have 3,000 fans on Facebook or Twitter, only a tiny percentage are going to see any given post. You either have to have a massive following to make a dent, or a lot of time and resources on your hands to post continually.
There is, however, a quicker and far more efficient way to reach the right prospects on social media fast, and drive them exactly where you need them to go – perhaps a download, a webinar or a sales page.
I’m talking about advertising.
Many people are scared of advertising on social media. Perhaps because they don’t know enough about it, they perceive it as a money pit.
Here are three reasons why I consider it by far the most valuable opportunity for any company online:
- It is incredibly well targeted. Facebook, Twitter, LinkedIn – they know everything about you. And I mean everything.So if you need to find 35-year-old women in Leicester who are looking for a facelift – they’re there. If you need to find HR managers in London companies turning over £1m+, or owners of buy-to-let properties in Scotland – you can reach them too.Imagine your marketing messages reaching thousands of the exact right prospects, not once but several times a day…. That’s what we’re talking about there.
- It’s cost-effective. Compared to practically every other form of advertising, you are paying a pittance to reach a huge number of exactly the right leads. Advertising on Facebook can cost as little as 20p a click. If you are converting enough of your leads with a well-built sales funnel, it’s hugely profitable.
- It is easy to measure and refine. If you put an ad in a newspaper or on TV, it’s very difficult to tell exactly how they performed, and if the ads aren’t working, it takes ages to fix. Online, you can see minute-by-minute exactly how your ads are doing, and tinker with them endlessly to improve their performance. This immediate-response will help you make far more bang for your buck.
So if you’re wondering how companies really make money on social media – that’s their secret.
They advertise first, and worry about building up organic audiences on social media later.
