At a time where social media has shaped almost every aspect our interaction and consumption, there’s a lot to be said about how platforms like Facebook and LinkedIn have revolutionised the way businesses operate.
In the case of startups, social media offers a fantastic foot-in-the-door when it comes to spreading brand awareness.
Not only this, research conducted by the Wharton School of Business revealed a positive correlation between a startup’s social media engagement and their ability to gain funding.
This article is going to share the major ways in which founders can elevate their social media marketing, transforming their online presence into a magnet for customers, investors, and capital.
Identify which platforms serve your audience
If your desired audience is high net-worth investors, Angels, or VCs, you’re not likely to reach them by advertising on TikTok. It’s important to think about where your potential funders will be spending their time online, as different platforms are home to different user demographics.
LinkedIn is the obvious choice for startups wanting to pursue funding opportunities, as it allows founders to strategically place their campaigns in front of professionals from compatible industries, with specific job titles and interests.
It’s also a good idea to tailor your content to the platform you’re using.
Facebook is great for telling your company’s story, building a relationship between you and your audience, and staging your brand identity. On the other hand, Twitter favours brief, punchy content that circulates trending topics.
Build a community
Dishing out content that engages your audience and offers value is the golden ticket to forming a connection.
It’s also much classier than regurgitating your sales pitch, which can come across as forcing your product down peoples’ throats.
Think about your target audience and what they might want to learn, then provide shareable material that incites interaction, identification and interest.
Whilst staying professional, you want your online presence to be as human as possible. Aim for engagement, and revenue will come.
Take advantage of lead generation
The volume of data behind social media is monumental. Harvested data opens the door to lead generation, allowing businesses to target their ads towards specific demographics, down to their location, interests, industry, and so on.
Instead of blindly throwing your campaign into the abyss, you can direct it towards relevant users that will be most likely to engage with what you’re providing.
Crowdfunding is a fundraising method that owes a huge proportion of its success to social media.
Growing a virtual community prior to crowdfunding is wise, as content can pre-empt the product or service that you’re offering, planting the seed about why it’s important.
You can also use analytics to receive feedback on your virtual output. This will allow you to implement popular selling points when it comes to launching your crowdfunding campaign.
Different crowdfunding sites cater to different founder-to-investor needs. Making the most of these platforms offers startups the opportunity to pursue equity-focused, debt-focused or rewards-focused funding from just about anyone. Regulation of these platforms also reduces investors’ capital risk by often returning their initial stake if the funding goal is not met.
According to Social Gamma’s Director, Ria Mehta, “it’s all about having relevant conversations with people that may be interested in investing in your business”.
Social media has made it possible to track down the right people, and break the ice in an effective way. This in turn makes potential investors more likely to hand over cash when advertising or reaching out through LinkedIn.
To find out more about how you can utilise social media when fundraising for your startup join us on the 20th of October for a detailed webinar with Social Gamma’s Ria Mehta. Save your place by registering here.