When it comes to SMEs, finding the best cost-effective method that has the highest return on investment is key.
The implementation of marketing methods like email marketing and automation has shown us that your brand doesn’t need to be a large enterprise to take advantage of various tools and services to succeed.
With strict budgets and the need for the best cost-effective tactics, finding some good MailChimp alternatives like Moosend can help SMEs to do more with less.
So, what other methods can be as cost-rewarding as email marketing?
The answer is social media and influencer marketing!
Social media can be an efficient low-cost ally to combat even the most powerful competitors by giving SMEs a huge boost in sales and brand awareness.
Facebook, Youtube, and Instagram, for instance, have become some of the best social platforms to drive sales and create bonds with your customers.
With 37% of consumers using social media networks to find inspiration for their next purchase, it’s no wonder why large enterprises use social media marketing to attract more customers.
So, developing successful social media and influencer tactics can also help SMEs compete with bigger brands and win loyal customers.
Since consumers use social media to search for brands and products, creating a solid social media brand image can determine your brand awareness, engagement, and conversion rate.
To build a great brand personality, SMEs should be able to demonstrate the qualities that distinguish them from larger brands similar products.
Using social media to show that their company has kept, for instance, its initial character and qualities will bring SMEs a step closer to acquiring customer trust and loyalty.
To get the most out of social media, SMEs need to come up with consistent feeds that will give their audience an excellent customer experience that will encourage them to come back to the brand.
For example, the Great Lakes Brewing Company has some great best social media posts that highlight their company values.
When you create your brand social media profile you should keep in mind that posting content and products is not enough since social media is about sharing experiences and engaging with other users.
In the world of marketing, though, engagement and interaction are two things that marketers tend to neglect after the success of their brand. After all, no-one has enough time to reply to every single comment.
However, engaging in conversations or commenting on your followers’ posts on social media can help you build trust and humanize your company, something that will lead your audience to favor your brand over others.
With 76% of users expecting companies to respond to their comments on social media, interacting with your audience is one of the most crucial tactics SMEs need to use in their social media marketing.
A good example to understand the impact these interactions can have on sales and brand awareness is MoonPie’s use of social laughter.
According to their agency, the brand experienced a 17% increase in sales without having product innovations, discounts or TV ads to promote its products.
For MoonPie, replying with funny comments was enough to increase their sales and take a place among other brands like Wendy’s who have turned snarky Twitter comments into revenue-generating tools.
For marketers, social media marketing is profitable when multiple social media networks are involved.
While running multiple social media accounts can be a profitable tactic, smaller businesses should avoid it.
As tempting as it may be, SMEs with small social media teams will find themselves spending their time and money without getting more followers.
For instance, let’s say you run a small business with a single social media manager who decides to run five social media accounts simultaneously.
To engage your followers equally on all five, your social media manager has to divide their time and attention into five equal parts.
Statistically speaking, this means that they’ll only use 20% of their time to come up with engaging posts that will increase your followers.
So, if the perfect Instagram post takes up to five hours to craft, spending only one hour on it won’t have the desired quality or convertibility.
Here’s an example of an SME using four different social media platforms.
Favoring quality over quantity can benefit SMEs better since they have closer customer relationships compared to big enterprises.
So, if SMEs spend more time on one social media account, they will be able to increase their followers and convert them into loyal customers faster.
It is common knowledge that customers love getting samples and free stuff from brands.
Whether it is in the form of giveaways or free samples, the act of giving something back is one of the most efficient ways to earn customer trust and increase your traffic.
Rewarding your followers is a great tactic to let your old customers know that you value them and an even greater way to create some buzz that will attract new customers.
To plan the best giveaway contest you should consider using images of the product you are giving away, a well-crafted copy that will lead to action and follow-up posts to keep your giveaway on top of your followers’ feeds.
Here’s a simple Instagram giveaway post from Natura Siberica:
Even the best marketers sometimes fail to materialize to put their ideas into action and, as a result, they come up with strategies that can harm their brand image.
Take, for example, Sunny Co’s Instagram giveaway back in 2017.
What this brand’s unsuccessful giveaway taught us is that if you want to get more Instagram followers, you shouldn’t make promises you can’t keep.
So, to avoid receiving bad press, the first thing in your giveaway checklist should be the delivery of your reward.
Finding the right people at the right time can save your brand valuable time and resources.
If you look at large enterprises, you’ll see that they usually target influencers with followers belonging to your target audiences.
For example, Nike usually collaborates with people who are connected to sports instead of collaborating with famous chefs or makeup artists.
Smaller businesses can also take advantage of this tactic by finding the best influencers to promote their products without spending a lot of money.
A good example is FIJI Water’s product promotion through Instagram influencer Danielle Bernstein.
For a medium-sized company like FIJI, targeting influencers that promote lifestyle content can boost brand awareness and build customer trust since consumers’ purchases are often influenced by the bandwagon effect.
Sometimes getting the best influencer to promote your brand can be quite expensive.
The solution to SMEs is to take advantage of micro-influencers who will offer smaller brands a low-cost service that will have a high ROI.
Despite their smaller number of followers compared to celebrities, micro-influencers have stronger connections and better engagement with their audience.
So, using multiple micro-influencers can be one of the most important tactics you need to promote your brand and have a qualitative exchange between their followers and your products.
C2O Coconut Water, for instance, is a good example of using micro-influencers to promote its products in the most cost-effective way.
Social media marketing and influencers are here to stay.
So, taking advantage of modern consumers’ love for social media and influencer posts can help even the smallest brand build a loyal audience and expand its profit margin.
While there are a lot more tactics to use, building your brand identity, engaging and rewarding your audience with the help of the right influencers can be some of the most beneficial tactics you should implement to make your SMEs thrive in a highly competitive market.
Marilia is a Creative Writer working for email marketing software Moosend. Her passion for writing has made her find new ways to combine the art of Creative Writing with SEO Copywriting. When she’s not writing, you’ll find her spending time on her drabbles. You can follow her on Twitter for more.
The logo, name and Graphics of Invictus Studio and its products and services are the trademarks of Invictus Studio. All other company names, brand names, trademarks and logos mentioned on this website are the property of their respective owners and do not constitute or imply endorsement, sponsorship or recommendation thereof by Invictus Studio and do not constitute or imply endorsement, sponsorship or recommendation of Invictus Studio by the respective trademark owner.