Starting a small business is no easy feat. Since the pandemic, many businesses have leveraged on social media marketing to scale up. An increasing number of small businesses are also using social media to increase brand awareness and generate leads in a quick and cost-efficient way1.
As a small business, there are several challenges you may face, like working within a tight budget or the lack of brand awareness in the market. How can you optimise your social media marketing strategy to ensure your brand stands out? Read on to find out!
Build your brand identity
A strong brand identity helps in boosting marketing ROI. Set aside time to build a unique and authentic brand identity. Have a think about the customer experience you’d like your business to offer, and the values and beliefs that your brand hold.
86% of consumers say that authenticity is important when deciding which brands they like2, and consumers also tend to connect more with brands who are genuine. With a strong brand identity, consumers are also more willing to pay a premium price for your products3. Your brand identity helps shape your business, and how people perceive it. In short, setting your brand apart from others can aid in increasing brand value, awareness and conversions.
Collaborating with like-minded influencers
The truth is, you don’t need deep pockets to explore influencer marketing. Did you know that influencer marketing generates 11X higher ROI4 than digital banner ads? Influencer marketing allows businesses to tap on the trust and credibility they’ve built with their followers, in turn boosting leads and awareness.
38% of shoppers rely on influencer reviews5 when online shopping while 30% said they’re open to hearing from influencers several times per day. Start by identifying influencers who are aligned with your brand identity. Collaborating with the right influencers increases your chances of attracting potential customers.
Next, set a clear goal for each campaign as overlapping goals may result in your campaign underperforming. Some of the most common influencer goals include boosting brand awareness, generating sales and increasing followers.
Lastly, choose your platform. The State of Influencer Marketing 2021 report found that 93% of respondents use Instagram for influencer marketing. Interest in using TikTok for the same has risen by 325% in just one year, from 2020 to 2021, with 68% of marketers planning on leveraging the program in 20216. Tapping on the wrong platform may result in your campaign underperforming, so choose strategically!
Paid Media
Paid media can also be an effective and efficient marketing strategy for small businesses. If you’re working on a tight budget, focus on retargeting to grow your existing customers and already-engaged audience. Retargeting serves ads to those who have seen and interacted with your page, and this group of consumers are most likely to purchase from you. In fact, acquiring new customers would cost five times7 more than retaining existing ones!
This would give you the opportunity to learn what works and what doesn’t work for your consumers. With insight on your audience interests and behaviours, you can then target to reach new like-minded audiences as the next step.
Don’t Stop Exploring
On top of all these strategies, it’s key to stay agile. With the digital landscape constantly evolving, it is important for brands to stay on top of current trends so that you can adapt accordingly. Explore new ideas that would help you connect with your audience. Test out different post formats, content and messaging on your social platforms to see what resonates best with them — after all that’s the fun part of the job, so go wild!
Speaking of going WILD — want to take your brand’s social media marketing to the next level? Drop us a note at [email protected]!
Sharene Lau
Senior Account Manager
Header image: Digital marketing photo created by rawpixel.com - www.freepik.com
Sources:
1Why Small Businesses and Start-ups Should Invest In Social Media Marketing, Tony M Fountain, 2021
2The Consumer Content Report: Influence in the Digital Age, Stackla, 2017
3The ROI of Branding, Brian Lischer, 2019
4The Shocking ROI of Influencer Marketing, Jay Baer, 2016
5Do Consumers Trust Social Media Influencers? Here’s What Statistics Show, SlickText, 2021
6The State of Influencer Marketing 2021, Linqia, 2021
7Customer Acquisition Retention, Khalid Saleh, 2019