Learn about using social media strategies to effectively promote your business.
Social media is becoming big business for small businesses. Seventy-two percent of small and medium-sized businesses use some type of social media, according to a recent survey conducted by BIA/Kelsey. The most commonly used social media was a Facebook Pages, used by roughly half of those polled.
But, does a Facebook Page actually help boost business revenue? Yes, according to the BIA/Kelsey survey. Those using Facebook Pages reported a very good return on their investment (ROI). Thirty-three percent of those with Facebook pages rated their return on income as either "excellent" (returning 10-19 times spend) or "extraordinary (returning more than 20 times spend).
Bear in mind that simply creating a Facebook page isn't sufficient if you want "extraordinary" ROI. You need to update it regularly and offer opportunities for your fans to engage with your page--and your business. Our article, Facebook Tools Can Help Draw Customers, provides some tips to make managing your page simple and effective.
However, the winner hands-down for "most effective social media by a small business" was Facebook Ads. Granted, the number of respondents using Facebook Ads was far smaller than those that had Facebook Pages (15.5 percent and 52.1 percent, respectively), but the ROI was significantly greater. Those who used Facebook ads were extremely pleased with the results. How pleased? When asked to characterize their ROI from Facebook ads, 45.5 percent rated it as either "extraordinary" (26.1 percent) or "excellent" (19.3 percent).
For those small businesses that are planning a foray into the world of digital advertising and are already using Facebook, Facebook ads are a natural avenue to explore. Facebook provides online ad creation tools that can walk you through the process--from determining your ad budget to creating the ad itself and then monitoring results and boosting your ads performance once it starts running.
For a small business, Facebook ads are a natural extension of word-of-mouth advertising. Facebook ads in the United States can be targeted to reach local customers within a radius of a specific city or Zip Code. For a brick-and-mortor business, targeted advertising means you don't waste money on viewers who are unlikely to become customers.
Given the potential for a high-return on investment and the user-friendly tools to develop the campaigns, launching Facebook ads could make an excellent New Year's resolution for your business.