How Nigerian Businesses Can Boost Revenue With Social Media in 2020

Millions of Nigerians use social media daily and businesses are finally seeing the opportunity for marketing. One of the best reasons among others to use social media is to connect and engage with your customers; you can post status and engage in conversations.
 
Social media is one of the greatest innovations in technology. It is one of the most effective ways to attract new clients and engage with your existing clients.
 
 
Statista report shows powerful social media platforms, the likes of Facebook, YouTube, and Instagram pulls over two billion daily active users worldwide. It’s a huge figure. It will shock you to know that it doesn’t guarantee revenue growth if you fail to embrace and deploy the state of the art digital marketing techniques.

In this post, we will understand the incredible benefits of social media marketing with an emphasis on 9 ways Nigerian businesses can boost revenue in 2020 using these social media channels. Let’s jump in proper!

Benefits of Social Media Marketing for Business

8 out of 10 small to medium scale businesses use social media marketing to drive the growth of their business. However, this number drops in the space of Nigerian Businesses. 

 Consider that there are now over 3 billion using social networks across the world.

And these people are using social media to actively engage with brands.

Statistics by Facebook as of the 2nd Quarter of 2019 show that there are now more than 50 million small businesses use Facebook Pages to connect and engage with their customers. And this data is attributed only to Facebook, so imagine how many businesses use other social media platforms such as Instagram, Twitter, LinkedIn, and so on.

Most importantly, is the fact that almost 60% of people use social media to research brands, products and to know how genuine those businesses are. Social networks and businesses go together well and the relationship is only but getting stronger each second.

But what is the goal of social media marketing to Nigerian Businesses? Are there any practical benefits it can bring to your company? There are numerous advantages of using social platforms for brand promotion says Jake Gardner, a CMO at Assignment Helper. They include:

  • Raise brand awareness and grow the number of fans
  • Promote the business using low-cost or no-cost campaigns
  • Grow the number of verified leads
  • Solidify customer satisfaction rate
  • Increase the number of conversions
  • Improve search engine ranking
  • Boost brand authority
  • Make the business more profitable

The last benefit on our list is probably why you are still reading further, so that will be our driver on these discussions.

boost-business-revenue-social-media

 

10 Profitability Social Media Marketing Strategy To Boost Business Revenue

Social networks allow you to utilize different styles and formats, hence the opportunity to boost business is literally endless. However, some techniques and strategies have been tested and proven to be universal. These we want to share with you the top 10 strategies to increase the profitability of your business in Nigeria using social media. Here they are:

 

1. Drive qualified traffic to your store or landing pages

Social media posts and ads are effective ways to drive quality traffic to your website, landing pages, or eCommerce store. Sharing great content from your blog or website to your social channels is a great way to get the reader’s attention to it as soon as you publish a new post.

A lot of today’s business has gone digital, which means you can make use of Facebook and other networks to direct potential customers to your pages.

For example, a savings and investment app in Nigeria exploits social media to achieve her planned sales objectives and also to improve search engine ranking. Furthermore, it gets more interesting if you add social sharing buttons to your website because users will get the opportunity to share your content on their social media accounts quickly and effortlessly.

Note: Your social medial profile must be optimized to spark interest and build trust and credibility for your brand.

 

Read: 15 Best Social Media Marketing Tools for Nigerian Online Marketers

 

2. Collaborate with Influencers

At a basic level, influencer marketing is a type of social media marketing that promotes brands, products, and services through endorsements and product mentions from influencers–individuals who have a dedicated huge social following and are regarded as experts within their defined niche.

Studies reveal that 49% of consumers depend on influencer’s recommendations.

In Nigeria today, Influencer marketing is booming on social media as consumers tend to trust reliable and authoritative niche figures in making purchase decisions. 

The only effort you need to put in as a business is to identify the right person for this job. The point is to find a social influencer who suits the style and vision of your brand.

It is important to note that it is more of the quality of the audience than the number of following in as much as the following is a factor as well.

Besides that, you need to also put into consideration additional factors such as average engagement per post, location, and so on. All these factors will make the selection process easier and seamless.

 

 

3. Post Quality Content Consistently

Creating content is hard, and harder staying consistent at it especially if you are running a business and wearing a lot of different hats.

So how in the world do you stay consistent with the quality content output? First off, by being keenly aware of what happens if you slack off.

Social media offers Nigerian businesses the opportunity to connect with their target audience every time they log in. Keep your social posts entertaining, informative and inspiring, and your followers will be glad to see your new content in their feeds, keeping you top of mind and their first stop when they’re ready to make a purchase.

It is important to have a mix of content.

What does it mean?

To put it simply, it means going beyond the usual suspects such as textual posts and images. Deploy varieties to your content. You should use many different formats, including infographics, animations, videos, memes, GIFs, charts, and audio files.

 

Read: How to Generate Leads for a Real Estate Agency in Nigeria

 

4. Make Video Marketing a Priority

Without a doubt, the video has absolutely dominated society. According to a recent HubSpot Research report, four of the leading six channels on which global consumers consume video content are social channels.

Why is this important to Nigerian businesses? If you are not creating a video yet, you are likely falling behind. But don’t fret. Over the years, we have come to realize that for most videos, the more simple and raw it is, the more authentic the content would seem… and that is what matters to your target audience interacting with you on social media.

Speaking of videos, we have to emphasize the great importance of this content format because it represents a dominant segment of modern marketing.

More than 70% of users would rather watch a video about a product or service than consume a textual description.

This suggests that you need to invest in video marketing to increase your brand awareness. Live videos are getting increasingly popular and interesting these days, but you cannot put off the good old product reviews and testimonials; they still works magic.

Better yet, video production is becoming more cost-effective than ever —with your smartphone, you can shoot in high-quality, 4K video.

 

5. Don’t Pushy and Aggressive with Content

However, when trying to build a relationship on social media platforms, you can’t be pushy. Otherwise, your efforts will be dashed in the mud. You may even generate negative results, and turn off your target audience.

Remember, nobody wants to be sold to but everyone wants to buy it.

After all, social media users want to be entertained, inspired, and educated, so don’t feed them with too much promo content.

On the contrary, you should try to use the famous Pareto Principle (80/20 rule). According to this rule, 80% of content should be entertaining, inspirational, or educative, while only 20% of content should have the intention of a sale and inspire the audience to make a purchase.

 

6. Use Social Ads to Target Qualified Leads

Another extremely useful strategy is to target qualified leads with social media ads. Social networks have developed excellent advertising tools to help Nigerian businesses grow, so you might as well deploy this approach to reach your target audience.

You can use these advertising tools to create awareness, drive consideration, and inspire conversion.

For instance, Facebook Ads allow you to target three types of audiences:

  • Core audiences based on demographics, interest, and behavior 
  • Custom audiences based on earlier interactions with the brand
  • Lookalike audiences based on similarities with the existing customers or custom audiences.

This is an incredibly powerful and cost-effective way to reach out to your prospects and seal more deals.

 

READ:How To Target Wealthy Individuals With Facebook Ads

 

7. Tell Your Story

The concept of storytelling hasn’t changed but the channels through which we tell the stories to have. With the emergence of social media and ever-changing consumer attention, you now have to tell a story as a Nigerian Business in new and interesting ways than ever, be it 6 seconds or 60.

With storytelling, you connect with your target audience at an emotional level. Successful businesses use it to convince their target audience that they share the same vision, values, and beliefs. 

In such circumstances, you should definitely try to create and tell your own story on social networks and use it as a medium for your business promotion.

However, in case you’re not much of a storyteller, no worries, we recommend you to consult with expert writers or any content creation agency.

 

8. Encourage user-generated content

Be it through micro-influencers, brand advocates, or celebrity endorsers, we all have seen the consistent rise of user-generated content on social media.

As reported by  SEMrush, 86% of businesses have tried user-generated content, but GoodVid discovered only 27% have a laid down strategy for this content in place.

It has been found that User-Generated Content sometimes sparks conversations, increases engagement, and builds trust. But if deployed the wrong way, this content will have your followers packing up and leaving.

Sometimes you don’t have to do all the work by yourself. It’s a valuable marketing tactic because you get to turn ordinary customers into brand promoters. Nigerian Businesses deploying this strategy have been able to skyrocket their revenue. 

This you can do it through social contests and giveaways. However, there is always the option of offering small incentives to individuals who create the most attractive brand-related posts.

If you still don’t believe the capacity of this strategy, check out this stat: 85% of consumers find visual UGC more effective than brand content.

READ: 35 Benefits of SEO & Why Every Nigerian Business Needs SEO

9. Improve Customer Service Using Social Media

Today, consumers have become more powerful than ever. They can post their opinions – good or bad – on a digital global sphere. It has become fundamental than ever for business leaders to make sure that they are effectively managing their digital presence.

The majority of Nigerian consumers expect businesses to solve customer service related issues via social media. And most of the consumers’ rate customer’s service experience of a brand through this medium.

Also, you should take this fact to your business advantage and improve customer service deploying social media as the modern means of communication. That way, you can always make yourself or Hire a Social Media Manager to be available for the customers and answer their questions in a more casual, informal, and timely manner. It will help you to strengthen the relationships with your customers, position you ahead of your competition, and earn the golden etiquette of a highly professional business.

 

10. Mind The Timing

Is there really the best time to post content on social media?

Yes.

The best time to update your social media platform is whenever your audience is most active. A well-timed post can result to more likes, comments, shares, and click-throughs.

However, there is no one size fits all as the best times vary depending on industry and your specific audience. It is your responsibility to understand your audience’s behavior and what time they are most likely to be active.

 

Conclusion

Most Nigerian businesses use social media to create awareness and increase their reach. However, they fail to recognize one simple fact – social media can also help them to skyrocket business revenue. All that is required is to figure out the best platforms for your brand. Then use proven contemporary digital marketing tools and strategies to promote your products or services.

In this post, we discussed the benefits of social media marketing to Nigerian businesses. And showed you 9 ways to increase the profitability of your business using social platforms. How many of these strategies have you used before? Which of them do you consider to be the most valuable for your business? Kindly leave a comment – we would love to share from your experiences on this topic!

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How To Target Wealthy Individuals With Facebook Ads

For most Digital Marketing Professionals, targeting wealthy individuals with Facebook Ads has been one of the most challenging aspects of their job.

Conventionally, Facebook users are considered to be the most solvent audience among other social networks. 

They are older and have a higher income level, as well as the amount of an average purchase check carried out online.

Certainly, there are some cases where it’s necessary to advertise on Facebook the products and services that have the value on top of the type or the premium services that not everybody will be able to afford.

And then the issue of finding the right audience is thrown into sharp relief.

 

How to Target Wealthy Clients on Facebook

In this article, we will consider different ways on how to target wealthy people and business owners on Facebook with Facebook ads in the Facebook Ads Manager, as well as the criteria of solvency for each of the ways.

The following are how to target wealthy individuals with Facebook ads:

  1. High-end device users

  2. Frequent international travellers

  3. Small business owners

  4. Office workers of class «A» business centres

  5. Residents of housing communities

  6. Online — buyers

  7. Engaged shoppers

  8. Luxuries fans

  9. Restaurants lovers

 

Read: Top Social Media Tools for Online Marketers

Notes:

1.  All the mentioned below is equally applicable conjointly to Instagram users because the setting of the advertising platform for Instagram is meted out within the Facebook Ads Manager.
 
2. The reach totals for every thought-about methodology square measured shown on the foundation of the Facebook Ads Manager automatic placements.
Figures will vary if you specify solely Facebook or solely Instagram, etc. as the placement.
 

Facebook Ads Targeting: High-End Device Users

Facebook can hatch which device (computer or phone) and of which brand (Apple, Samsung, Techno, etc.) a user login into a social network with. In such a simplest way, we have got a chance to reach owners of devices of a specific brand as we are mostly interested in the owners of Apple phones per campaign objective. 

Perhaps, targeting iPhone users is the most popular solvent audience finding. Everything is straightforward: if someone has an iPhone which means that he has funds. Hence, a good method to target wealthy people with Facebook Ads.

And, it must be confessed, that such an attitude is working also in other countries (for example, through targeting iPhone owners after many unsuccessful efforts I managed to get first sales promoting cosmetics for ladies with the cost above the average in the United States).

Disadvantages of Targeting High-End Device Users

To every advantage comes with a disadvantage. And targeting iPhone users are not different. Because this setting on the solvent audience has such popularity, the final price of a click at the advertisement is much higher than the average. In other words, this kind of targeting is overheated as competition is high.

Also, you should note that not every iPhone users are a big spender. An iPhone can be purchased on credit as an indicator of status or prestige. As an add-on, while targeting, try to also focus on the owners of recent and penultimate phone models. As a rule, it gives good results.

How to settle

Let’s review options available in the Facebook solvent audience of New York residents of both gender and owners of the recent iPhone models. In the targeting settings we choose «Behavior — Mobile device user — All the mobile devices of this brand — Apple», and then we should choose those iPhone models the users of which we are interested. At the moment of writing of this text the recent and penultimate models of iPhones are:

  • Apple iPhone X
  • iPhone 7 Plus
  • And iPhone 7

Furthermore, in the geo-targeting section, we select New York. We set a lower age gate on 25 years old, as people younger than this age have significantly lower purchasing power. Higher Facebook age-gate we do not limit. We will indicate them as residents.

Note that setting a Facebook lower age gate of 13 might be a fruitless effort as your ads will be served to audiences who are not able to make a purchase decision.

how to target wealthy individuals with facebook ads

Based on the targeting, we get the solvent audience of New York residents with an estimated potential reach of 1 400 000 people.

facebook-audience-meter

 

Facebook Ads Targeting: Frequent International Travellers

Why we are interested in frequent international travellers? That is right! This is a powerful criterion of solvency. If a person frequently travels abroad, that implies that he can afford it.

Facebook always tracks its users by analyzing a huge amount of data.

For example, tracking GPS-location and IP-address from which a user comes online Facebook understands that if this data is the same within 2 weeks in the evenings this location is a house of this particular user.

Also, the mechanism of frequent international travellers detection is working. If a user has gone abroad several times for the recent half a year (following the data of GPS and IP-addresses from which he entered Facebook), in this case, this individual is accorded the status of a person who regularly travels abroad.

How to settle

Let’s review the number of all the Facebook users in Warsaw older than 25 years old who have been abroad for recent half a year.

In the detailed targeting section, we choose «Behavior — Travels — People who regularly travel abroad». Then, at the Facebook ads, specify a city and a lower age gate.

Facebook-frequent-international-travellers

This results in an audience of Warsaw residents that frequently travel abroad with the potential reach of 190 000 people.

Audience-definition

 

Read: How to Generate Leads for a Real Estate Agency in Nigeria

 

Facebook Ads Targeting: Small Business Owners

As a rule of thumb, successful businessmen are people with a steady stream of income. There is a huge opportunity in Facebook to target business owners or a class of individuals on Facebook who owns a small business. Employing this targeting, we can find those users that pointed out that they are owners of small enterprises or have Facebook pages of small enterprises.

Still, this Facebook Ads Targeting method has a few downsides because of which the audience that we get will be rather narrow.

1. Not everyone who owns a small business point in Facebook the fact of ownership.

2. Not everyone who owns a small business has pages of enterprises on Facebook.

However, this kind of Facebook audience targeting has its right to exist and it is obligatory shall be tested.

How to settle 

Let’s target all the Berlin residents within the ages of 25+ years old that highlighted in Facebook that they owned small enterprises.

In the detailed targeting settings, we choose «Behavior — Online actions — Owners of small enterprises».

Facebook-small-business-owners

This gives an estimated audience of 58 000 people.

facebook-small-business-audience

 

Facebook Ads Targeting: Office Workers of Class «А» Business Centers

Business centres of class «А» differ from business centres of other classes of the high level of the rental rate. Location, repair quality, and infrastructure allow landlords of these business centres to hold the maximum rental price and those companies that rent premises in such business centres can afford it.

We are interested in targeting workers of the companies that rent offices inexpensive business centres. Perhaps, the salary level in such companies is above the average. That is why workers in the offices of class «А» business centres will be considered as a criterion of solvency.

How to settle

In search engines, search the phrase «class «А» business centres» in “your city” is possible to find websites of real estate agencies that provide offices for rent in such business centres. On the website of the agencies, you find a list of business centres with addresses. We take these addresses and deploy them for geotargeting and on a map around the pin that shows the address we outline the radius of 1 km.

As an example, we will find all the office workers of Moscow-City business centres with the age of 25+ years old.

Then, in the detailed targeting settings on a map of Moscow, we will mark with a pin a region with a coverage of 1 km. In such a way, we can include all the skyscrapers of the Moscow-City business centres into this radius.

facebook-working-class-audience

This gives an estimated audience of 88 000 people.

audience-meter-facebook

 

Facebook Ads Targeting: Residents of Housing Communities

The income rate of the housing community residents is predominantly above the average. Families that live in housing communities own one or more automobiles. The fact of living in a housing community is almost the absolute criterion of solvency.

How to settle

Firstly, identify the address of housing communities and districts with private houses near your geographical location.

If necessary, we can also sort out housing communities by the class of residence to enable us to deploy audience segmentation with the targeted audience per the income level:

Elite-class — executives of huge companies, top-manages of enterprises, owners of the business;

Business-class — business unit supervisors, private entrepreneurs (owners of the medium-sized business).

Economy class — middle-rank managers, highly qualified specialists.

Therefore, we take the necessary addresses of housing communities and use them for geotargeting putting pins on a map and outlining the required radius depending on the area of the communities.

As an example, let’s find the residents of the housing communities near Moscow

In the detailed targeting settings, we will input pins on a map and choose the required radius of the territories. We have got such a result, but if required, you can expand the area of coverage.

resident-housing-community-targeting

Let’s set the minimum age target to 25 years old. It is important to point in targeting that we target residents (or as Facebook calls them «living in this place»). The result of the solvent audience we get is 27 000 people.

resident-housing-community-targeting

 

Read: 12 Biggest Facebook Ads Mistakes To Avoid in 2020

 

Facebook Ads Targeting: Online Buyers

One more criterion of solvency linked with purchases — the unique interest of a user to online shopping. Facebook determines the user’s interest in online shopping through certain actions such as likes to advertisements or internet-shops pages on Facebook. These could be products or services. 

How to settle

As an example, let’s review available in the Facebook solvent audience of Paris inhabitants (females) older than 25 years old who are a fitness enthusiast and are interested in online shopping

In the detailed targeting settings, we choose «Interests — Shopping and fashion — Shopping — Online shopping».

online-buyers-facebook-ads-targeting

Set a lower age gate of 25 years old, narrow the audience with the help of the setting «Interests — Fitness and wellness — Physical Fitness» and get the audience of 430 000 people.

Facebook Ads Targeting: Engaged Shoppers

Targeting online buyers as highlighted above is amazing and often works very well but all the same, this is a method of passive buyers targeting who just show interest to available offers, but do not carry out desired actions. How then can we target directly wealthy people with Facebook ads who are ready to make or who are already making some purchases (Facebook ads engaged shoppers)? That is right, Facebook Audience targeting has a behavioral response which is called involved buyers.

Facebook users who in the last week saw an advertisement for some of the online shops and pressed the call for the action button “Shop now” are Involved Buyers. They are users that made a purchase, as well as those who went to the online-shop website to study an offer get here.

How to settle

Let’s review available in Facebook target audience of involved male buyers from Russia with the age of 25–34 years old that last week in the advertisement clicked the button “Shop now”.

So, in the detailed targeting settings, we choose «Behaviors — Purchase Behavior — Engaged Shoppers».

facebook-engaged-shoppers

Then set the gender to male, age of 25–34 years old and get the solvent audience result of 270 000 people.

engaged-shoppers-facebook ads

 

Facebook Ads Targeting: Luxury Fans

Luxury is a market segmentation of luxury items and lux-premium services. Consumers of luxury items, beyond all doubt, are buyers with high buying capacity. Hence, there is an opportunity available to Facebook Advertisers to target the audiences showing interest in the luxury products or services.

How to settle

Let’s review the available option in the Facebook audience of female buyers from Los Angeles with the age of 35–55 years old that show interest to luxury items.

In the detailed targeting settings, we choose «Interests — Shopping and Fashion — Shopping — Luxury goods». But remember that these criteria are not behavioral. The implication is that this kind of targeting includes those users who are interested in the offers of pages that represent luxury-brands and those who are subscribed to the pages of such brands.

luxury-fans-targeting-facebook-ads-targeting

Also, set gender to female, age of 35–55 years old, and get the solvent audience estimation of 370 000 people.

luxury taste-facebook

 

Facebook Ads Targeting: Restaurants Lovers

Marketing research was published a few years ago by which during the crisis consumers reorient on fast-food. But when the economy on the upgrade restaurants is visited more often. We can deploy this strategy on Facebook Advertising to target people who have shown interest in restaurant offers. And also those that have checked in, or are following their pages.

How to settle

There are two(2) segments under this targeting «Restaurants» on Facebook and it is important for us not to mix it up. The first targeting option that comes to mind could be found in such a way: «Interests — Food and beverage — Restaurants». It includes such subcategories as:

  • Coffee houses
  • Snack-bars
  • Quick meal restaurants
  • Fast food restaurants

From these subcategories above, we could be interested in coffee houses. However,  it is worth focusing directly on restaurants. Neither drinks nor fast food but exactly the restaurants.

Furthermore, to achieve this, in the detailed targeting, we will write in the text field for targeting search the word «Restaurants». And we will see exactly those with the intent for: «Interests — Additional interests — Restaurants».

Let’s review available in the Facebook audience of restaurant female visitors from Barcelona with the age of 25–40 years old who do not like fast food.

In the detailed targeting settings, we choose «Interests — Additional interests — Restaurants». Then we further exclude from the targeted audience fast food lovers: «Interests — Food and beverage — Fast food restaurants».

resturant-targeting-facebook-ads-targeting

Set the age of 25–40 years old and get the solvent audience of 400 000 people.

resturant-based-targeting-facebook-ads

 

Wrapping Up

You can deploy each of these targeting criteria to reach a cold audience at the top of the marketing funnel.

However, you can move to the middle and bottom of the funnel.  With a custom audience targeting criteria, this can be achieved.  By remarketing to existing customers or retargeting those who have shown interest in your business.

Also, lookalike audiences targeting criteria are highly recommended to reach a similar audience in the marketing funnel. With lookalike audiences, you have higher chances of quality leads at the lowest cost per acquisition.

Final Note

We have considered different marketing strategies on how to how to target wealthy people with Facebook ads.

And they include:

  1. Demographics: sex, age, place of living, visiting of definite places in the city.
  2. Behavioral: users of mobile devices of a definite brand, regular abroad travellers, owners of small enterprises, involved buyers.
  3. Interests: luxury items, restaurants lovers, and specific interests that are relevant to us.

Most noteworthy, you can combine these types of targeting to get the solvent audiences following the required criteria. And you can also deploy custom and lookalike audiences as an advanced targeting option

Make the audiences that you find more specialized per the key parameters. Also, exclude inconsequential ones from the solvent. The aim is to get the final coverage more specific and more intended.

Top Secret:  How to Make $800 – $1,000 Monthly With Mobile Apps

 

If you have any questions about how Primegate Digital’s full-service digital marketing agency can help your business grow with Paid Advertising, please contact us online or Call/WhatsApp +2347039686407

 

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