Growing Your Business

Want to Grow Your Business? Social Proof Is How You Do It

Want to Grow Your Business? Social Proof Is How You Do It

Regardless of the type of business you're running or even the industry you're operating in, it's safe to say that growth is probably one of your biggest priorities as an entrepreneur. Especially in a time where most fields are getting increasingly competitive all the time, growth — and the momentum generated by it — is truly one of the best opportunities you have to not only accomplish your short-term goals but to also cement your future success.

Many small business owners have questions about how they can better organize their finances to help grow their business over the long-term. While the financial side of this conversation is undoubtedly an important one, often the key missing ingredient in many companies’ marketing plans can ultimately be summed up in two simple little words:

Social proof.

These days, people don't want to be "sold to." They're being bombarded by digital information during every second of every day. They're not just going to take your word for it that your product or service is a good one — they need to hear it from someone they trust during that critical moment right before they make a purchase.

If you want to take full advantage of the powerful opportunity this represents, social proof is how you do it.

The Art of Social Proof: Breaking Things Down

At its core, the idea behind social proof is simple: It's any type of online interaction that essentially amounts to the digital version of word of mouth. It's particularly helpful on social media sites like Facebook, Twitter, and Instagram, as these are the online networks that people are devoting most of their attention to these days.

Case in point: online reviews. According to one recent study, about 97% of people say that they actively read online reviews when searching for a local business to partner with. 90% of people who responded to a survey said that positive online reviews helped directly influence their buying decisions. 86% of people said that negative online reviews also prevented them from calling a local business.

Things have gotten to the point where people trust online reviews and recommendations they get from social media more than they do recommendations from people they actually know in real life. So never let anybody tell you that social proof DOESN'T matter — because, in the modern era, it couldn't be more important.

Leveraging Social Proof to Your Advantage

When it comes to actually using social proof to grow your business, there are a few key strategies that you can take advantage of.

Online testimonials — both written and in video form — are a particularly powerful form of social proof. This is because they're objective by their very nature. Someone who has no direct relationship with your brand is giving their opinion, thus making them appear more credible as well. 

As social proof, online video testimonials are great because they're emotional. You can SEE the look on someone's face and HEAR the emotion in their voice as they describe their experience in great detail. For many people, this alone can be enough to help get them down off the fence to make that purchase.

There are other social proof ideas to grow business revenue that you should be looking into, too. The aforementioned positive reviews(and their associated ratings on sites like Yelp) are a big one, but equally so are influencer endorsements. If there's a particular person in your industry that your audience members A) love, and B) trust, you can absolutely help make that work to your advantage. Every time you get a positive review or a compliment from a well-known person, a little bit of that trust your audience feels for that person rubs off on you. But don't wait for these people to come to you — these are the types of relationships you should absolutely be seeking out in any way that you can.

Media logos are another great form of social proof that many people don't think about. If your business has been featured in trustworthy publications like the Wall Street Journal, on CNN.com, in USA Today or on industry-specific sites like Wired, you should broadcast that information far and wide. Include the media logos on your website and make mention of the articles on your Twitter and Facebook profiles. Never underestimate the number of people who might say "if it's good enough for Wired, it's good enough for me."

Social proof shouldn't be the only technique you rely on in your quest to grow your business — but it should be a major one. Soon, it too will begin to build its own momentum — and that is something that can carry you much farther than you realize.

Martinez & Shanken, PLLC writes for CountingWorks, an accounting news and advice website. Reach the firm at [email protected].

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Julie Farless

Julie Farless

Martinez & Shanken, PLLC is a Certified Public Accountant (CPA) firm based in Gilbert, Arizona. We provide a full range of accounting, bookkeeping, consulting, outsourcing and business services, but we specialize in tax preparation. We work with you to ensure that your personal or business processes are conducted in a manner that ensures ongoing integrity in your financial transactions. We are available to answer your questions and help with your ongoing tax planning and changing business needs.

Deborah Martinez & Earl Shanken
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Arizona

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