Tuning Up Your Social Media for 2024

Photo of people looking at social media on their smartphones and pressing like  buttons.

Your business is your brand, and It is no secret that social media has a powerful effect on brands. Over the past decade, the adoption of social media as an awareness tool for selling and building customer relationships has moved from large companies to mom-and-pop stores.

Most modern consumers carry their purchasing power in their pockets, and when they’re not buying, they utilize social networks for reviews about a product and where to (or not to) shop from. With 80% of consumers making purchasing decisions based on a friend’s social media post, the era of virtual word-of-mouth recommendations is in full effect.

Popular social media platforms have integrated a wide variety of options for consumers to interact with brands and companies, even offering the ability to make purchases of goods or services directly on their apps. Setting the focus of your social selling strategy toward advertising your products or services on these apps is one of the ways to bridge the gap between current customers and sharing what your business offers to fresh eyes. Consider social selling as part of your overall sales strategy.

If you are an owner or marketing manager, the following list will help you tune up your social media marketing for 2024.

Social Media Strategy: The most important first step is to develop a comprehensive strategy that aligns with the organization’s goals, budget, and resources. It creates a roadmap to guide content creation, engagement, and campaign implementation.

Customer-Centric Approach: To properly market your product or service, you must identify and understand the target audience. A simple way to gain understanding is to survey your current customers as to their needs, preferences, and pain points. This enables you to create tailored content that resonates with your audience.

Compelling Content: Repetition is the key to brand recognition, but you must keep it fresh. Creating engaging and shareable content captivates an audience. The challenge is to continuously come up with innovative ideas and visuals that reflect the brand’s personality, values, and products or services.

Community Building: Social media does something that regular advertising doesn’t do; it builds community. Good social media managers know how to foster conversations and, more importantly, respond to comments. This will make followers feel heard, valued, and connected to the brand.

Platform Management: Not all social media platforms are equal, and each has unique nuances. Understanding the algorithms of social platforms and the buying options that expose your brand’s services or products to relevant audiences is vital. Knowing triggers such as demographics, geographics, and personal interest helps you spend your marketing dollars wisely and increase sales. By understanding the platforms, you can determine which your customers follow and which are most likely to drive business.

Data-Driven Decision-Making: The cash register is only a small indicator of the success of your social media marketing. In addition, you need to use backend metrics, track engagement, and use insights to optimize content, targeting, and campaigns.

Collaboration and Networking: Time Magazine just announced Taylor Swift as the 2023 Person of the Year. Ms. Swift has a social media following of 530.3 million and is what insiders call an “influencer.” What she eats, drinks, wears, and follows creates trends. There are hundreds of “influencers” in the social media world, none as big as Ms. Swift, but they impact brands. Marketing managers know the value of collaborating with influencers, industry experts, and like-minded brands. By leveraging partnerships, you can expand reach, drive engagement, and enhance credibility.

Crisis Management: In the digital world, crises can arise unexpectedly. Successful social media managers can handle such situations gracefully, responding promptly, transparently, and effectively to mitigate damage.

Agility and Adaptability: Social media is an ever-evolving landscape; what is popular today could be passé tomorrow. Successful marking managers keep up with the latest trends, algorithm updates, and emerging platforms, adjusting their strategies to stay ahead of the curve.

Most modern consumers carry their purchasing power in their pockets, and when they’re not buying, they utilize social networks for reviews about a product and where to (or not to) shop from. With 80% of consumers making buying decisions based on a friend’s social media post, the era of virtual word-of-mouth recommendations is in full effect.

At Business Finance Corporation (BFC), we understand trends and the importance of monitoring performance. An essential part of your revenue stream is the customers that do business with you. And when your accounts receivables start accruing beyond 60 days, you are losing the ability to respond quickly to market trends. Call BFC at 702-947-3800 or go to www.BFC.vegas to see how we can turn your receivables into ready cash.

Your Partner in Success!

David Cabral