Quora Question: Do you think Social Media is a Good Source for Sales?
Yes and No!
The answer really depends on a business’s customer acquisition cost across different channels in comparison to social media.
An important aspect to consider is that when individuals are using social media they really aren’t in the “buying phase”. Rather the majority of users use social media to consume content. Now compare that with someone on Google searching for a specific product and is already in the “buying phase”. Direct search in this comparison is a better source because now you only need to convince that your product fits their needs. In comparison to finding the audience and then convincing them to purchase.
Social media can definitely be a good source of sales for impulse buys, low-cost items, subscription models, freemium models, and visible products that don’t require a lot of consumer education. When someone sees an Instagram Ad of a t-shirt, they instantly know what is being sold. The user skips over the process of understanding the product and goes right into the decision process of purchase or not.
These product categories, with a good tagline and CTA, can capture attention and have a higher chance to lead to sales. In this scenario, social media can be a cost-effective source for businesses.
On the other hand, some businesses require a lot of convincing in order for a sale to occur. These businesses can include but are not limited to financial retailers, real estate market, manufacturers/distributors, many B2B companies, etc. For these types of companies, it can be extremely expensive to generate sales and therefore not worth the company’s time.
Although this shouldn’t be the main sales channel for some businesses, it’s still important for them to engage, create, and build a community on these social media channel. The reasons being are more for brand awareness, company reputation, and SEO. Also, the possibility if a user comes across and is in need of their services/products.
Businesses should have a social media presence but businesses should rely on numbers. Specifically, customer acquisition costs per channel, to determine if the amount of time they should invest in social media compared to other channels.
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