Tuesday, October 2, 2012

How Social Media Makes Money For Your Business - Generating Referrals

The viral aspect of social media is one of the driving forces behind social media success for businesses. Each person who chooses to befriend your brand by liking or following your company has a list of friends who will be reached by any interaction between you and them. In this blog we will explore how social media helps your business make money by generating referrals.

How Social Media Generates Referrals

1. Top of Mind Advertising

One of the keys to successful advertising is keeping your brand foremost in the minds of customers and prospects. Social media accomplishes this marketing goal, but with unique methods. In part 1 of this series we saw how by sharing your company's expertise on social media, you will build up a collection of loyal followers who trust your brand. When one of your followers sees one of their friends ask about products / services related to your field, who do you think they are going to recommend? When they are in the market themselves, whom will they think of? If you have won their loyalty, your business will come to mind.

2. Word of Mouth Endorsements

When people buy your products and think highly of them, they will refer you to their friends and praise your company across their social networks. Make them aware of your social presence if they are not already followers. When they "Like" your page or "Follow" your company, it serves as a recommendation in itself. More people will be driven to become your prospective customers.

3. Seek Out Business Opportunities

The powerful search functions of Twitter, for example, allow your business to seek and find potential customers, who are looking for products/services in your niche but may not be aware of your company. This provides a powerful tool for engaging in a more direct type of sales referral generation with a ready-made audience already in the market for what your company sells.

The use of social media by businesses requires a different methodology, but still follows basic marketing principles, which continue to be valid on these relatively new platforms. Social media can generate referrals for your business and drive sales for your company.

Written and produced in beautiful Naples, Florida by Visit today to get your free trial subscription to our Social Media Marketing Service.

Posted via OnFast -