Is It Too Late For Brands To Get On The Social Media Bandwagon?
Written by: Sarah No, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
The use of social media is growing at a rate of at least 10% YOY and has risen exponentially owing to the pandemic. The expected growth for 2021 has already been surpassed, having reached 4.33 billion users in April 2021. That’s 6 in every 10 people!
What Does This Mean For Brands?
Having more online users translates to more opportunities for brands to connect with them.
Even so, some brands have huge hesitation about embarking on the long road of social media.
For brands who were not early adopters of social platforms, it can almost feel like it is too late to compare their growth to brands or influencers with followers in the 6 or 7 figures.
The Fear To Start
It is, without doubt, a long and daunting road, but it is essential for brands to dive in if they want a piece of the social media pie. It would be the equivalent of hesitating to open a store on the busiest high street just because there were already so many shops there. There may be an abundance of stores, but with an abundance of stores comes an abundance of walk-bys. Don’t you want in on that?
So let’s explore the fundamental factors for any brand to organically, sensibly, and strategically achieve success on social media. But first, you need to know that this is not about gaining 10,000 followers overnight or doing 30 days of Reels on Instagram, or becoming a TikTok star. Just as much as it is about the tactics involved in social media growth, it is also about having the right mindset and realistic goals for your business, not someone else's.
So, here we go!
Expectations And Mindset
Many times I have a conversation with a new client who is concerned about their growth when compared to someone else’s. When you compare your business to others, you need to factor in when they started, what their reach is in terms of their existing influence, and how big their potential universe is.
A niche business owner selling candles comparing itself to Nike or a household brand is clearly inappropriate and unhelpful. A boutique selling candles on a shopping strip couldn’t expect to have thousands of people walk past, so they shouldn’t be expecting millions of followers online. Once you can get rid of any unrealistic social media expectations, it will be a lot simpler!
When Is It Too Late To Start?
Firstly, it is never too late, and here are two really good reasons for this. The first reason is that social media is not going away, and the second is that it is absolutely possible to reach your goals within a year. However, it requires hard work.
The True ROI Of Social Media
Brands that use social media and expect a sale from each of their followers have the wrong idea. Social media is a powerful tool that gives brands a much-expanded potential to achieve reach and brand awareness.
Depending on your customer lifecycle and customer lifetime value, this can be an incredibly valuable asset. It offers a channel to attract prospective customers into your sales funnel and increase the customer lifetime value through nurturing and connecting with customers outside the store.
Lastly, the platform provides brands with social proof not only in regards to prospective customers but also potential investors and retailers that otherwise would be inaccessible.
Multipliers
A common misconception is that social media will be a brand's savior when it comes to building sales. Rather, the more channels you can add to your marketing mix, the more ROI you will gain. It is called multi-channel marketing and revolves around the very basic premise that it requires more than just one touch to reach and convert a customer. Every channel you add can improve ROI and effectiveness by up to 35%. [1]
What About Influencers?
40% of millennials say that their favorite influencers and creators on YouTube understand them more than their own friends do, and 60% would follow the advice of what to buy from their favorite creator more readily than from a TV ad or a celebrity. [2]
In spite of that evidence, brands are often apprehensive about becoming involved with influencer marketing due to fear of brand values being compromised or concern that consumers might not “fall for it.” However, that fact stands that 40% of people have purchased a product as a result of seeing it being used by an influencer on social media, and 72% of customers have greater trust in a business when an influencer recommends it![3]
The key to making things work is to strike up the right influencer collaborations in order to ensure values are aligned, influencer engagement is of a good standard, and that there is adequate tracking in place to monitor successful outcomes in terms of reach or sales.
Some brands are even acquiring influencers through their internal teams.
How Does A Brand Start?
There is a range of options - from employing someone to do it in-house, hiring a virtual assistant, bringing in a social media marketing agency specializing in the field, assessing your needs, and understanding the relevant platforms, strategies, and algorithms. This largely comes down to budget, time, and levels of in-house expertise.
Regardless of how you choose to launch your brand, it is essential to be part of this ever-growing economy that resides on social networks in order to give your business the best hope of forging ahead and not being left behind.
Sarah No, Executive Contributor Brainz Magazine
Sarah No is a digital strategist and the owner of Brighter Co, a digital agency that helps small businesses and entrepreneurs reach their business goals. An expert in social media marketing, social advertising, eCommerce website development, and more, Sarah is passionate about developing marketing strategies for clients that are going to yield growth. Sarah's values include positive thinking, integrity, and kindness, and she wishes to see more of these values in business.
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