In 2019, 35.1% of entrepreneurs in the U.S. stated they were afraid their start-up would fail.
Fast-forward to pandemic times when the U.S. saw a drop in the Small Business Optimism Index — a measure of the overall performance and health of small businesses — and we can really see why entrepreneurs are worried.
But even though some entrepreneurs are worried, others remain optimistic that their business can thrive — if they take the right measures.
One of these measures (which hasn’t been negatively affected by the pandemic) is social media.
Social media has seen a surge like never before as people from all over the world take to their newsfeeds to share thoughts, peruse ads, and make in-app purchases.
The future of small businesses may not be clear, but one thing is: social media isn’t going away anytime soon.
Let’s take a look at six ways new start-ups can use social media to increase revenue and stay profitable, no matter what the future brings.
TIP #1: HIRE A SOCIAL MEDIA MANAGER
New businesses usually try to cut costs by having only as many employees as strictly necessary. A social media manager is often seen as a luxury, with businesses trying to DIY their social media management.
This can be a costly mistake. When you recruit the right people, your return on investment (ROI) becomes exponentially higher.
An effective social media manager not only brings enough value to cover their own expense; they also help businesses earn more revenue than they could on their own.
The reason? Effective social media managers are experts in what they do. Their focus isn’t split between accounting, onboarding, and business development. They have set goals to grow your social media following, build long-term customer relationships, and convert leads into loyal customers.
A social media manager can help you:
- Plan and manage your social media content schedule
- Automate posts, repurpose content, and run ads
- Engage with your audiences consistently
- Analyze and interpret social media metrics to course-correct as needed
- Keep up with social media trends (i.e., the latest high-performing platforms)
A social media manager might also recommend a revenue acceleration platform and comb through user-generated content to identify new social media revenue opportunities.
TIP #2: CREATE AND MARKET A PODCAST SHOW
Most businesses assume that it’s not easy to make money from podcasts, but in reality, podcasts help brands appeal to wide audiences. Creating podcasts and promoting them on your social media pages can be one of the best ways to grow your business and cultivate a loyal following.
From a listener’s perspective, listening to a podcast is like hanging out with a close friend. Listeners get to enjoy a discussion on a topic they’re interested in. They get to show up at the same time every week and hear what you’ve been up to. They also look forward to finding out who you’re going to interview next.
When deciding what kind of podcast show to start, start with the end in mind. What do you want listeners to gain from your show? What value are you bringing? What do you want them to do? What expertise do you have, and how can your listeners benefit from it?
Spend some time journaling this out and conduct market research to see what podcast listeners are craving. For instance, you may decide to focus on the latest tech trends, but your market research shows that audiences would rather you hone in on machine learning.
Or you may decide that you want your focus to be on mental health as a whole, but your market research suggests focusing on mental health in the workplace instead.
Whatever you decide, make sure it brings tremendous value, it’s something you specialize in, and it supports market research.
TIP #3: AUTOMATE, AUTOMATE, AUTOMATE
When starting a business, it’s vital to design processes that streamline your operations as you go.
Automating social media management is one of the most essential business process automation steps you should have in place as you’re starting out.
Not only will this save you a lot of time as your business grows, but it’ll also allow you to maintain a consistent brand identity on all social media channels.
Before deciding which posts to automate, it’s vital to have a content calendar in place. Meet with your social media manager to decide the best course of action for automating posts.
TIP #4: GIVE FOLLOWERS A REASON TO BUY
You’ve recorded your first podcast episodes, hired your social media manager, and planned a killer content schedule. But you’re still wondering: how do I use my content to convert my followers into loyal customers?
Although your social media manager will be doing the bulk of the work, it’s still important to give them some additional tools to ensure your conversion rates are as high as possible.
The best way to do that? Give followers a reason to buy.
Here are some quick tips you can use to encourage your followers to become loyal customers:
- Implement a VIP program for followers eyeing your high-ticket offers
- Create a rewards program for followers eyeing your best-selling products and services
- Add a relevant call to action (CTA) at the end of every social media post, so followers know exactly what you want them to do
- With every post, make sure followers understand what’s in it for them
- Promote causes and social issues your followers are passionate about
- Run regular discounts, deals, and paid ads
- Make sure every post is relatable, personalized, and socially relevant
- Humanize your brand by engaging with followers the way you would your best friends
TIP #5: DON’T FORGET ABOUT LINKEDIN
Most businesses concentrate their efforts on social media platforms like Instagram, Facebook, and TikTok without ever stopping to consider LinkedIn as a contender.
But one of the best things about LinkedIn is it’s strictly related to business activities. Meaning your connections and potential connections are expecting to hear from you — and you don’t have to compete with Aunt Sally’s funny cat video to do so.
Track-Pod, a route planner company, uses LinkedIn to convert its connections into lifelong customers. And we’re not shocked by this. With LinkedIn’s ad reach growth of 25 million in the fourth quarter of 2020 alone, it’s no surprise small businesses are seeing success.
Not sure how to use LinkedIn to generate leads? Check out this advice straight from LinkedIn’s VP of marketing.
TIP #6: MAXIMIZE REVENUE ON HOLIDAYS
One of the simplest ways to increase revenue for your start-up is by taking advantage of holidays to share deals and promotions.
From National Donut day to Christmas to Back to School day, holidays are the perfect excuse to shower your followers with freebies and special offers (while massively spiking sales).
SwagBucks, a coupon and rewards program company, loves maximizing its reach on holidays.
In its latest Instagram campaign, Swagbucks capitalized on “Back to School” by sharing a 30% off coupon to a retailer called Vistaprint.
The easiest way to plan out your holiday promotions is by filling in the holiday content in your social media content calendar first.
Here’s a quick example:
- Fill in all holiday special offers first
- Fill in value-driven content (80% of posts)
- Fill in promotional content (20% of posts)
READY TO USE SOCIAL MEDIA TO INCREASE YOUR REVENUES?
Social media has seen a surge like never before as people from all over the world take to their newsfeeds to share their thoughts, peruse ads, build backlinks, and make in-app purchases.
The future of small businesses may not be clear, but one thing is: social media isn’t going away anytime soon.
By hiring a social media manager and using a few key strategies — like automating posts and giving users a reason to buy — your start-up will have the tools it needs to thrive, pandemic or not.
