The opportunity to make millions of dollars does exist on social media sites, with the audience estimated at 2.5 billion people across all platforms. Entrepreneurs willing to jump into digital marketing can see major returns if they know where to look and what to do.
Just last year almost $27 billion was spent on Facebook ads alone, highlighting the value that exists in social media. Here are 10 strategies to maximize profits on social media for entrepreneurs and small businesses.
Design Ecommerce with Look-alike Ads
Look-alike ads on Facebook use machine learning to identify your target audience i.e. the people who are statistically speaking the most likely to want your product or service. These type of look-alike ads in ecommerce matches a store with the ideal customers at low cost per click, creating quick sales in the process.
Become a Social Media Influencer
Approximately 94 percent of marketers who use influencer marketing consider it effective. If you can become an influencer in this space or consult on the use of influencers, you can partner with marketing companies to develop more effective marketing strategies. This type of strategy can be worth big money when it’s done right.
Consult on Instagram Stories
Instagram is arguably the most trendy social media site going currently. Instagram Stories has been so successful that it is actually stealing users away from Snapchat. It’s a great way to connect with audience members and by mastering the feature, you can provide brands guidance on how to create compelling posts that engage followers.