Is it important for a business to have a social media presence? Is having a social media presence be advantageous for a business? These questions can be answered accurately in a couple of ways. Facts and proofs can suffice such queries. This post adheres to all such queries and the relevant topics associated with it. It can be said with obvious facts that social media presence is of utmost importance for any business to flourish and hence, it can’t be absolutely neglected by any means. After all, a medium that brings in a channel to become successful is very essential for the business and can’t be avoided. After gathering information from the survey that was conducted, it has been found out that, Out of 12 social networking websites it was found that Facebook has the highest conversion rate and majority of orders come from it. Mark Zuckerberg had said, “If I had to guess social commerce is next to blow up.” For more interesting insights regarding the social networks and sales conversion rate, the following infograph needs to be studied seriously:
From the above infograph if studied carefully, it can be clearly seen that Facebook is leading in terms of product acquisition in the online market. Businessmen prefer to socialise and promote their product by doing business that lets maximisation of sales via Facebook. As it can be seen that in the picture where it has shown majority of orders from social media come from Facebook. Market share by visitors account, over here too Facebook leads with 63% share leaving behind Pinterest, Twitter, Youtube and Reddit all of which stands at 13%, 10.5%, 8%, 4.5% respectively. Facebook dominates industries such as – photography, pet supplies, jewellery and watches, health and beauty, movie and music in a very big way acting as a monopolist by nature. Under the Average Order Value category, survey surprises by showing a different story altogether. It’s neither Facebook nor Twitter or Youtube or Google+ that is leading. Instead of this, it is Polyvore with an impressive $66.75 on an average over 436 orders.
Here are some interesting data points unveiled by Shopify who intially conducted the survey:
- Facebook dominates as a source of social traffic and sales. Nearly two thirds of social media visits to Shopify stores come from Facebook. Plus, an average of 85% of all e-commerce orders from social media come from Facebook.
- Orders from Reddit increased 152% in 2013.
- Perhaps most interesting and surprising was community style site Polyvore which has generated the highest average order value ahead of Facebook, Pinterest and Twitter. Also noteworthy in this category is Instagram which is also generating higher average orders than those same sites. This is especially impressive considering the only clickable links in Instagram are those in profile bio available.
- Facebook has the highest conversion rate for all social media ecommerce traffic at 1.85%
How does Social Media help in driving sales or maximize sales?
Ans: Increasingly, social media marketing has become a critical component of successful digital marketing campaigns. From the scratch as casual peer networking services, social media platforms have evolved into analytics-driven promotion networks that marketers can leverage to drive impressive, hyper-targeted sales results for businesses. As per recent Forbes report that has revealed that social media is now one of the leading drivers of traffic and sales for many small- and medium-sized businesses. Social media marketing for business results is not a casual undertaking at any cost. In order to see the highest return on investment (ROI) results, businesses need to commit to a time-intensive and highly metric-driven process in which the right mix of creative content at the right time on the right social networks turns browsers into customers. This task requires sheer intelligence. Each social media platform offers unique demographics, for example, Is it known that, at the time of this article’s publish date, Google+ is 63% male and Pinterest is more than 80% female? If the business demographics aren’t being reached in sophisticated ways by harnessing the unique attributes of each platform, missing of valuable opportunities and waste resources are bound to take place.
Social Media used as a medium for the growth of business :
Social media platforms such as Pinterest, Instagram and Flickr are best suited to ecommerce companies selling products such as apparel or home decor accessories. Having said that it doesn’t restrict it’s usage to a particular type of business but also offers good platform to other kind of businesses as well. Businesses involved in providing services such as taxi service can share infographics regarding deliverance of their service. It can also share happy testimonials, sponsored events etc. With a little bit of creativity any brand or business can search for an effective way to create as well as share visually appealing content. Infographics, quotes, motivational images, usage examples and hilarious memes are various kinds of visual content that can be utilised by the businesses. Another key is to acknowledge and share content that is shared by your customers. Re-posting and re-tweeting any content or an image from a customer not only engages new prospects but also consolidates the relationship with existing users as well. Facebook has really managed well to do so, all others are following up behind it. Competition is tough but Facebook’s performance is unmatched.
Image Credits : everypost.me, shopify.com.