Thursday, May 5, 2016
It’s time to challenge a common misconception; that social media is better for engagement with existing fans and building brand reputation than it is for generating leads and sales. If you’re not currently using social media for lead generation, then you’re missing out on a hugely lucrative and cost effective business development channel.
According to a QuickSprout infographic, ‘45% of companies using social media saw reduced marketing costs’, while delivering a ‘100% higher lead-to-close rate’ compared to outbound marketing. These statistics demonstrate the social media’s potential for delivering lower cost, higher quality leads for any business.
“If you’re not currently using social media for lead generation, then you’re missing out on a hugely lucrative and cost effective business development channel.”
Below, we’ll discuss how this can be applied specifically to the retail fashion and clothing industry, offering – hopefully – a convincing argument as to why it should be using social media for its lead generation activities.
A marketing database of emails (and phone numbers) is one of the most valuable assets for any brand. And bulking it out by 5,000, 10,000 and even 20,000 new email “leads” can result in a significant uptick in sales in both the short term and over a longer period.
Social media can deliver these kinds of numbers – just look at our work for Barbour – but there are several reasons why social channels offer compelling lead generation opportunities for retail fashion brands:
The single most important consideration when generating leads is quality. A quality lead you know has a higher chance of converting is worth far more than a lead that hasn’t been targeted or gone through any qualification process.
The fundamental nature of lead generation on social media – and particularly Facebook – means that individuals can be targeted at a very granular level. You can, for instance, target everyone with an interest in your closest competitors – people you know are also likely to be interested in your collections.
“The single most important consideration when generating leads is quality.”
Attracting the attention of your target demographic through organic and paid content across social channels, you can direct these potential new customers to an on-brand and incentivised data capture form on your Facebook page, website or microsite. Here, customers can be asked to confirm that they’d like to receive further information from your business via email.
This process of targeting and qualification is exactly why social media delivers a ‘100% higher lead-to-close rate’ than other marketing approaches; the lead is already engaged and willing to receive your brand message.
Despite having the power to consistently deliver high quality leads with a higher rate of conversion, social media has proved to be a particularly cost-effective channel for lead generation.
How much do you usually pay for a qualified lead? Well, with the right messaging, social media could drastically beat that. In fact, Hubspot’s ‘State of Inbound’ report found that social media is one of the cheapest forms of inbound marketing. A claim backed up by numerous business leaders across verticals.
“…social media is one of the cheapest forms of inbound marketing.”
And this finding has been accurately reflected in our experience working with the fashion and clothing industry to generate leads through social media. Indeed, £1.50 per qualified lead isn’t unheard of, and that’s not even taking into account the…
One of the key benefits of running a lead generation campaign on social media is the potential it holds for ongoing organic business benefits. Having encouraged a customer to follow you on Twitter, or ‘like’ your Facebook page, there’s every chance that they are going to continue to see your message, provided you have an effective social media strategy in place.
“Lead generation through social media isn’t a simple investment in leads, it’s so much more; it’s long-lasting engagement and reach.”
Feed your audience the right organic content based on thorough research and a developed understanding of your demographic and your initial campaign could still be driving leads and sales months down the line. Lead generation through social media isn’t a simple investment in leads, it’s so much more; it’s long-lasting engagement and reach.
And this increased focus on social media – particularly an effective strategy – means that your brand will be more likely to be able to capitalise on viral sharing and user generated content when you launch your upcoming SS or AW Collection. The success of social media is based around active sharing, and a lead generation campaign will only help you further harvest that success.
Like what you’ve seen? Don’t hesitate to get in touch to discuss your specific needs and targets. You can reach us directly on +44 (0)1179 111 420, or submit a request here…
Categories: Social Media Articles