Is your social media strategy limited to being a branding exercise for your company? There may be more to social media than you think.
Over the past year, 52% of socially-engaged consumers have made a purchase directly from social media platforms. Social commerce brings with it opportunities for brands to create more consumer touchpoints that will boost sales and drive revenue growth. From shopping on Facebook to now Tiktok, consumers are more connected to businesses than ever before. Are you losing out on customers by not engaging in social commerce? Find out why social commerce is important and how you can use it to accelerate your sales performance.
📌 Why is Social Commerce Important?
The online customer journey has become increasingly complex with 67% of consumers interacting with multiple channels before transactions. Social media platforms become essential touchpoints in this journey with 84% of shoppers looking for insights on at least one social media platform before making their purchases. But the role of social media doesn’t end there as social commerce takes on a new position in the online shopping arena.
Social commerce is the buying and selling of products and services directly on social media. With consumers finding it more convenient to shop directly while scrolling through social media, big social media companies are realizing the importance of making their platforms more commerce-friendly for consumers and sellers.
Catching up with Facebook, Instagram rolled out their Shop tab last year, and now has further enhanced this experience for sellers by allowing ads on this tab. This gives sellers another touchpoint to present their brand to their target audience. Tik Tok and Pinterest have also formed partnerships with Shopify to better integrate brands’ online marketplaces with their social media channels for a seamless shopping experience. Tik Tok is doing its trial run in the US, UK and Canada and plans to go global with this practice eventually. Consumers can now also add products to their shopping carts on Whatsapp after browsing catalogues.
The options for consumers are endless with more touchpoints that are seamlessly integrated. Not joining in on the social commerce trend might be a missed opportunity for your brand to engage with its audience. Social commerce is one more step towards being where your customers are, and this can significantly boost your sales performance while building a stronger online brand presence.
📌 How Can You Use Social Media to Boost Your Sales & Revenue?
Here are some steps you can take to begin selling your products and services on social media:
1️⃣ Customer Journey: The first step should be to understand your target audience’s customer journey in order to know which social media platforms they are shopping on. Primary and secondary research of your audience as well as competitive benchmarking can be some of the ways of gathering such insights.
2️⃣ Multi-Touch Attribution Model: Next, it becomes essential to ensure that all your touchpoints are integrated and you can attribute the value of each touchpoint in getting conversions. Making your platforms integrated also leads to an uninterrupted and smooth experience for consumers, allowing for better engagement and relationship-building.
3️⃣ Track and Review: Keeping track of your sales through performance marketing analytics allows you to see what is working for you and what is not. Experimenting with your ad copies and content can help you make the adjustments needed to optimize your social commerce platforms in order to drive high revenue growth. Repeating the cycle of gathering customer intelligence and tracking performance will help you devise the strategy that is best for your business to flourish.
📌 What’s the First Step to Conquering the World of Social Commerce?
Creating a social media strategy for social commerce can be a daunting task for new venturers. VK Transformation brings first hand experience to the table, having crafted Integrated 360° Digital Marketing Strategies for our B2B and B2C clients. With services like Social Media Management and Online Marketplace Management, our experts can tap into the Enterprise Development Grant for SMEs (up to 80%) and non SMEs (up to 60%) to transform your business model and accelerate revenue growth. To know more about how we can help you take the first step in your social commerce journey, feel free to join us for a virtual coffee chat: https://www.vktransformation.com/contact-us
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