Social media is mostly used by entrepreneurs to raise awareness to their brand and products and to boosts its visibility in the market. It cannot be denied that making the brandâ€™s presence known in the social media world is a must do in able to connect to the growing numbers of social media users globally.
Since social media is the only gateway to connecting to the almost 1.5 billion users around the world, brands are not holding back when it comes to spending money on it.
According to Entrepreneur, in order for companies to build and maintain a social media empire, they need to spend within the range of $100,000 to $300,000 or even more for bigger companies. This amount covers the expenses on ads, social media managerâ€™s pay check and the needed marketing tools and services to maintain it all. Most brands consider their social media following as an important investment in order to grow as a company.
For a starting brand and even the existing ones, building and maintain a social empire is necessary and they have spent the past few years growing their followers and making people aware of their brand as well as the products and services they offer. The question now is what happens next? What do they do to make all those followers be their customers? How can they utilize social media as a medium to get more customers to patronize their brands and make a profit in return?
This is the challenge for today for brands who have already established a great social media following. Brands need to start thinking on how to stop spending a lot of money on their community of followers but rather transforming them into profit centre. They need to own the audience and understand them.
What does it mean by understanding them? Successful companies know how to use the data gathered from social media interactions and utilizes them to their advantage. Consider what kind of posts or tweets get the most likes and comments then interpret these data and make something more out of them. Observe in what time of the day a certain posts gather more attention from a certain time zone and the next time a brand post a product, they know exactly when to post for a certain audience.
Once a company is able to interpret and analyse these data, they know what contents will be more successful in reaching their target audience. Then you can start on thinking about different ways to monetize the companyâ€™s social media channel.
A brand that constantly interacts with their customers is more likely to engage more followers. Social media is the best line of communication between a brand and the customers. It is slowly changing its role from creating awareness to being a profit centre.