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.
Use LinkedIn’s new Ad Tools
LinkedIn marketing has come a long way. LinkedIn has developed new ad vehicles that some marketers have found to be very valuable. Though these ad options are new, by getting to know them and mastering them before anyone else, it can work to provide first-mover advantage.
Gated content on YouTube
YouTube has an audience of 2 billion people every month and offer a wide range of advanced advertising possibilities. By using compelling YouTube videos to promote gated video content hosted on your website, this is arguably the most effective way to maximize revenue-generating video content as an entrepreneur.
Build a Community in Facebook Groups
Multi-million dollar brands have built thriving online communities through Facebook Groups. Starting a business based around the idea of mobilization, an entrepreneur can learn how to dominate a space through consumer engagement.
Viral Growth via Social Media Integration
Though not the easiest strategy to master, the world’s biggest organizations use viral marketing in social media to expand their customer base. If you can find a way to thoughtfully integrate your product or service within an existing social media brand, viral marketing and/or viral growth is much easier to instigate.
Master a Social Media Platform that your Competitors do not use well
Creating revenues are all about finding a competitive edge and filling in gaps in the marketplace where they are found to exist. If a competitor in your space is not using a major social media platform, learn how to dominate that social media site. Creating an effective strategy here can help you win new customers in this social media space. Learn how to easily outperform your competitor’s output.
Be the First to Use AR or VR on Social Media
Augmented reality and virtual reality may be the next big trends on social media. Figuring out how to best implement these technologies may assist you in learning how to derive revenues from an entirely new tech.
Help Brands find their under-25 Audience
Young people are obsessed with social media. Build from that. Many brands struggle to find meaningful revenue-based connections with this generation of consumers. If you can be an expert on this audience, you’re going to win big points with brands small and large.