EBA: Effective business tips for 2022. How to increase sales with SMM

Social networks can be of great use in promoting and scaling up a business. However, it is important to remember that this process is based on the ability to work with analytical arrays of information, the ability to track the effectiveness of a chosen tool, and the ability to adjust the strategy to the goals of the company.  

Many opportunities are open for companies at the beginning of the year. So, it is a great time not only to reconsider the business approaches but also to work on brand recognition and goods/services promotion which will help to stand out among competitors. That is why we propose to your attention some useful SMM tips and tools.  

Before we start, I would like to emphasize that by Social Media Marketing (SMM) I mean an independent direction of Internet marketing which covers the full range of tasks and goals related to the promotion on social networks. 

So, the first step is to gain a comprehensive understanding of why you need to increase sales, what business goal you pursue, what tools you will use to achieve the results, and what are the deadlines for your plans in this direction. This will be the starting point for creating a marketing strategy in SMM.  

How to create a quality strategy?   

Analysis of the situation. We start building a strategy by analyzing the situation and answering the question: is your company B2B or B2C? The whole strategy will depend on this as your business model determines the decisions on target audience, competitors, trends, product evaluation, etc.  

Evaluation. SWOT analysis will help you determine the starting point of your journey in the SMM strategy. At this stage, you should identify and address the strengths/weaknesses of your company, identify opportunities and threats. Strengths can always be enhanced, while weaknesses can be tackled. Next, we analyze our competitors using common indicators and service evaluation. This may include evaluating page design, subscriber quality, engagement, etc. This will help determine which perks we do not have compared to other companies and promote our position in the market.  

Objectives. A business goal is the essence of any strategy. It is what the company should achieve upon the implementation of a marketing strategy. One company can seek leads, incoming inquiries, and sales, while it can be loyalty, image, and reputation for another one. Therefore, we propose to analyze the key differences on the example of two worlds – B2B and B2C-oriented companies.  

What are the differences between B2B and B2C strategies?  

B2B. B2B usually has a more complex decision-making center, more rational consumers and more complex products, fewer needs for satisfaction (security, power, speed, self-expression), and more important personal relationships with the long-term focus. Thus, B2B is characterized by highly specialized segments of the target audience, personalized relationships, big average checks, emphasis on the quality of service provided over a long period, the work with commercial offers, creative advertising, individual approach, and long-term partnerships. The strategies, in this case, are usually less innovative.  

B2C. The B2C market is characterized by the following goals: wide segments of the target audience, transactional relationships, small average check, emphasis on product branding, quick deal and payback, 1-2 people making decisions, emotional quick convenient purchases, bright advertising that is easy to remember, etc. So, the B2C strategies need to be innovative and creative.  

How to choose your promotion tools?   

If you are in the B2C segment with the goal to boost sales and generate leads, feel free to experiment with such a feature as impulsiveness of customers. For lead generation, you can use chatbot promotion, paid advertising posts on local community pages, content marketing, advertising with bloggers, collaborations, targeted advertising, advertising within the established contact base.  

If you are in the B2B segment with the goal to enhance your image, you can work on creating a personal leadership brand, demonstrating the professionalism of employees with the expert content, profile YouTube channel, making publications, and profile pages on Facebook.  

Also, you always need to focus on your financial goals – how much you want to sell and the average advertising cost check that you can afford as a business owner. In any case, do not be afraid to experiment!  

How to analyze the effectiveness of selected tools?  

Analysis of effectiveness and the return on investment is very important because it allows you to calculate which SMM tool works for your business, and which should not be used in the next marketing year.  

For the B2C segment, the main questions are how many leads, for what period and how we will get them, how much they will cost us.  

To calculate the effectiveness of lead generation, use ROMI – the rate of return on marketing investment or our payback rate.  

We can see that SMM is as simple as it is the use of social networks to reach out to potential customers and promote certain products or services. But with the right strategy and organization, any business can turn SMM into a tool for increasing sales manifold. 

Author: Yarmoliuk Anastasiia, Communications Manager, the Southern Ukrainian Office of the European Business Association.