Updated: Sep 6, 2020
If you own a business or you are responsible for marketing for one, then you already know that social media is the top of the food chain when it comes to brand awareness. However, what many professionals don't know is that social media can be one of the most powerful tools when it comes to lead generation and sales. Here are a few facts before we discuss:
Without bombarding you with statistics, it's clear to see that despite a massive, almost captive audience, companies refuse ( or don't know how ) to successfully market over these platforms.
Take a second to think about the fact that social media is a part of our daily lives. Think about the time people spend on these platforms, and the sheer amount of content that they are exposed to on a daily basis. If 92% of Instagram users have followed, clicked and/or bought after seeing a product or service, then why aren't companies taking advantage? Why aren't SMB's like your local coffee shop chasing customers on social media? The answer is simple, they don't know how to successfully implement.
It all boils down to psychology and playing the algorithm.
According to the study Impact of Color on Marketing, “People make up their minds within 90 seconds of their initial interactions with either people or products. About 62 to 90 percent of the assessment is based on colors alone.”
According to the Endowment Effect, people assign greater value to something if they feel like they have some kind of ownership over it. A study by the Journal of Political Economy backs the theory with their coffee mug experiment, wherein two groups of people were given mugs and asked to assess their value. One group had been able to personally keep the mug for a period of time, while the other was asked to name a price after initially receiving it.
The group that had “owned” the mugs gave them a significantly higher value than the group that hadn’t.
Another powerful psychological seller is using the customers FOMO. The Fear Of Missing Out is a relatively new psychological phenomenon where a person may develop anxiety if triggered to think that they will be left out of the "group". Marketing to create a sense that the customer would be the only person NOT using your product/service has proved an incredibly successful strategy to where a person sells themselves.
Now, the algorithm. A release published by Instagram said, "What shows up first in your feed is determined by what posts and accounts you engage with the most, as well as other contributing factors such as the timeliness of posts, how often you use Instagram, how many people you follow, etc." In other words, the more you as a business profile engage, share, post, and involve yourself with your following and reach, the higher placement you will receive in peoples feed. Think about it this way as you implement, your post will be seen first by 10% of your network. Depending on likes, shares, and tags, the algorithm will decide to show more or less. We see that eye-catching and engaging content will fair much better, but what if you weren't the only one contributing that post to the algorithm? Tagging, featuring, re-posting, and otherwise engaging with other accounts directly will increase your organic impressions exponentially.
The Key Takeaway
If your business aims to increase brand awareness, to be the first name in peoples minds when they think of your industry or niche, you have to do three things.
Create simple, eye-catching content that plays to the customers psychology.
Constantly produce content and engage with your following.
Consistently aim to feature and be featured in content across the platform. It's called social media because it is designed to be social. The more engaged you are, the better the results.
Developing your Social Network Marketing Strategy based on these three points will produce results. Use psychology and play the algorithm. Future posts on this blog will go into more detail on specific strategies, tactics and updates so stay tuned!