Meta Leadership Primer: Social Media Network Effects

While social media networks started as a way to connect with old friends and meeting new ones, a lot has changed. Today, social media platforms are seen as one of the best marketing strategies for both big and small businesses.

 

With social media platforms in their mature stage, we see many businesses which have taken advantage of the opportunity to build communities of fans, raise brand awareness, and to find as well as educate prospects. On the other side, you have the B2B marketers who have also been evolving.

However, none of this would have happened if buyers hadn’t changed their behavior. The reality is that buyers are feeling more comfortable with social media and being targeted in social media. In fact, three-quarters of social users are following the brands they are interested in.

So, what has once started with the goal to create a buzz, it has all evolved into conversions and interactions. These are the network effects that marketers try to leverage every minute of every day. With memes, hashtags or shock content. The aim is to get individuals to like, retweet and share the content provided in hopes of getting more and more exposure by leveraging a single person’s network and hopefully their influence within that network.

Leveraging the Effects of Social Media Networks

#1: Building Social Proof:

When you are looking to increase your conversion rates, you need to know that building social proof is one of the best strategies that you can adopt. The truth is that logos, testimonials, reviews, and trust seals are crucial. And you can get all these by legitimately using social media platforms.

#2: Social Selling:

No matter if you are trying to sell a physical or a digital product, the truth is that social media platforms are not only a great option but in today’s marketplace a mandatory branding tool. (Showing my age): Think about Social Media today the way companies thought of the yellow pages in the days of yesteryear. One of the things that we keep seeing is buyers trying to meet and talk to vendors. So, it is extremely important that you maintain active profiles and that you ensure that you offer advice and build trust with these buyers since they may buy from you.

However, increasing your revenue is not dependent on indirect ways. The reality is that you also have the chance to do a more direct selling. After all, most social media platforms are transforming into large stores.

#3: Ad Re-targeting:

I believe no one can even question the power of ad re-targeting. The reality is that people need to visit your website a couple of times to make a purchase. While in the old days you would pay for them to visit your website once and they wouldn’t go there again, today, you can use ad re-targeting to show them the way back into your website. At their second or third visit they will be more willing to buy from you, increasing your overall revenues. With the use of tracking technologies and personalization this can be even more engaging and exponentially more persuasive with each site visit.

In case you don’t think this is a powerful tool to use to leverage the effects of social media networks, you may not know that organic content receives a limited reach.

The name that comes to mind when speaking of Social Media is Facebook, but there are so many others depending on who you target market really is. LinkedIn, Twitter, Instagram, Pinterest and the list goes on and on.

Learn more about this and other “Next Practices” in Meta Leadership

Visit Michael Stattelman  for even more….

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#4: Competitive Analysis:

One of the things that many businesses do (and that you may be doing as well) is to check out your competitors’ social media pages. After all, you’re eager to know how you can make as much (or more sales) than them.

So, most businesses keep looking at the shares and likes. However, there are other metrics and aspects that you should focus your attention on.

When you are defining your content strategy, for example, it pays off to take a look at what our competitors are doing. You may get some ideas in terms of content but also on the way they are distributing and sharing it.

Either way you look at it, like it or not. In the current age, you must have a social media presence, but beyond that you need a social Media/Content Strategy. One that serves the aims of the business. What are you posting, what conversations are you engaging in what groups are you subscribed to that will help you drive sales, awareness or attendance? These are key. A lot of people are on social media, but that is very different then having a social media presence which is also different from having a strategy that supports the aims of the organization. Ignore this if you will and suffer untold financial losses not just in terms of what you can account for but also in terms of substantially missed opportunities for growth, content co-creation, partnerships and explosive brand exposure.