Top 5 Reasons Why Social Media Is Good for Business
According to Wikipedia,”social media refers to the use of web-based and mobile technologies to turn communication into interactive dialogue.” Businesses are using tools like Facebook, Twitter, LinkedIn, and YouTube among others to effectively connect and communicate with their customer.
Out of 250 million Facebook users or 175 million Twitter users, or even 100 million LinkedIn users, how many of these consumers are you reaching with one or more of these platforms to grow your business?
In the world of business, using social media is a true game changer, according to a Fox Small Business article, “Social Media: Embrace It or Risk Falling Behind”. It’s a method of reaching your customers and potential customers when, where, and how they like to communicate. Basically, social media is like word of mouth marketing on steroids. It’s more than a phone conversation of one friend or colleague to another, it’s potentially hundreds, thousands or even more “friends” listening, talking, and sharing information. In this article, I will share the top five reasons why social media is good for business.
1. It builds on traditional marketing efforts
When you think of traditional marketing, you may think of television, print, or internet campaigns used to sell a product or service. But, ultimately marketing is focused on what the customer needs and providing those needs. When you integrate social media into your marketing strategy you give your company a turbo charged marketing boost. Social media is one of the most powerful forms of marketing, not only because it is cost effective, but it can produce a ripple effect, reaching your audience faster, with more precision.
2. It can increase your bottom line
Well, maybe not so fast, but having a social media strategy can produce favorable results. Whether you operate a small business or large corporation, building customer loyalty and increasing your bottom line takes time and effort. Having a Facebook page or Twitter account will not result in increased revenue immediately, but it can reduce your sales cycle. If you reach out to your customer (in a strategic manner) with valuable information, answering questions, announcing new product or service offerings, providing discounts, specials, or gifts, or even developing contests or polls, you can increase customer engagement. Building lasting and meaningful relationships with your customer through customer engagement can increase your bottom line. After all, people buy from people they know and trust!
3. Connect with your audience in a meaningful way
Why do people buy the same product or service time and time again? It could be because of relationship, satisfaction, or habit. We are all creatures of habit, we are social creatures, we want to feel a sense of connection and social media provides that for millions of people on a daily basis. With social media you can effectively connect, communicate and create meaningful relationships with your customer. If your customer is on Facebook, Twitter, or LinkedIn, for example, why not join the conversation? It’s a cost effective way to learn more about your customer and build meaningful relationships. As the saying goes, “Rome wasn’t built in a day.” Neither are relationships.
4. Increase brand awareness and visibility
According to an Inc.com article, “Why Social Media Really Is Worth Your Time”, business owners use social media to close sales and create buzz for their businesses. The number of consumers using social media to share, exchange, and discuss ideas is unparalleled. Facebook has 250 million active users, Twitter has 175 million registered users, and LinkedIn has more than 100 million members. These numbers represent opportunities to increase brand awareness and visibility for your business. Having a company presence on one or more of these platforms can definitely get your company noticed!
5. Improve customer communication, retention, and referrals
How do you get repeat business? One of the most effective ways is to know what your customer wants and needs and providing it. When you connect and communicate with your customer using social media, you create opportunities to learn more about what they want and need, simply by asking, sharing, discussing, and listening. If your customer is using social media and they are satisfied with your product or service, they can be your best champions for spreading the good news!
Create a social media strategy that aligns with your business goals and objectives. Listen to online conversations; they provide valuable consumer insight like no other form of market research. Talk with your customers or potential customers online, it can be an effective way to develop meaningful and lasting relationships. Finding the right marketing mix takes time, effort, and commitment, but the results can be deeply rewarding. Are you ready to get started? Give us a call to set up a no obligation consultation today. We want to hear from you.