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How can we use social media to increase our sales and revenue?

For most companies, the bottom line in social media is this: how can I use it to increase sales revenue? There are four ways social media can help you achieve this goal: marketing, traffic, loyalty and innovation.

  1. Marketing: Increase the awareness and cachet of your brand so that more people want to do business with you.
  2. Traffic: Drive traffic to your on- and offline point-of-sales so that you sell more.
  3. Loyalty: Increase your customers' commitment to your brand, products and services so that they buy more often or in larger volume.
  4. Innovation: Use social media to add value to your existing products or services, create new offerings, or sell more effectively, so that you can sell at a higher price and/or higher volume.

The resources in this Dear SoSi offer our best insights on each of these four fronts. You don't have to pursue all four strategies; in fact, you'd be wise to focus on one or two (at least in the first instance).

Dig deeper into our related Dear SoSis on engaging customers, driving traffic and innovating online revenue streams.

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Comments

Priyanka D says

April 7, 2009 - 2:56am

These are good tips, sometime back we had written a blog post on twitter. It included case studies of the four above aspects of social network.

On twitter (http://twitter.com/DeskAway), recently we started a daily work tip tweet where we tweet some relevant work tip for our followers who are mostly working people.

 

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