The social media industry is booming like never before. With more and more people joining social sites, the marketing is bound to shift completely online in coming years.
As a business owner, you may have convinced yourself that your business is doing great the way it is right now. But, truth to be told, you are missing out on many benefits that social media can offer for your business.
Before moving forward, let’s look at some statistics.
There are more than 4 billion people (4.021 billion to be precise – 2108) around the world using the internet. This means over half of the world’s population is online. The number of social media users in 2018 is 3.196 billion, and this number is increasing at the rate of 13% each year.
Data also shows that people are spending more and more time on social media. Users are using social media for various purposes like following their favorite brands, news, entertainment, and to stay updated in the industry.
Now, let’s look at the top 7 reasons why social media is important for your business and how you can benefit by having your presence online.
1. Cost-effective Marketing
Social media makes marketing easy compared to traditional marketing. Social media Marketing is free as you can create an account and start building followings. However, if you plan to use paid advertising, start small and look for things that work for your business.
It doesn’t matter what your business is selling, there is always an audience for your niche. Reaching potential customers on social media is easy. You can invest some time and money into social media and it can do wonders for your business if done right.
2. Brand Awareness
Small businesses often find it difficult to spread their name across their targeted demographic. With the help of social media, it becomes easy to increase brand awareness and build a following. The general rule of marketing states “Go where your customers are”. As more than half the world’s population is online, there is no better place than social media to grab new attention.
Millions of businesses are solely operating via Social media. 60% of Instagram users say that they discover new products on this platform. Many reputable CMO’s agree that social media impact brand awareness and loyalty.
3. Engagement with potential customers
Designing the content for your social media is a very important step. The content must be entertaining, educating, relevant for both your business and audience. By putting in effort into social media, you will earn engagement and ultimately leads because you are attracting relevant traffic which is ready to convert.
Engagement leads to higher conversion rates. Brands have this great opportunity to act like people do on social media. This allows them to build trust and credibility in their brand.
4. Increased traffic
Social media posts are a great way to generate traffic and bring new visitors to their storefront. You can generate even foot traffic by using social media. For example, you just opened a coffee shop and you posted a video of your new shop along with a link to your website and directions to your shop. Now, you showed this post to coffee lovers living in driving distance from your shop. Can you imagine how much traffic you can get from a single post?
This is one of the many ways to grow your business. Social media helps small businesses to get discovered by people who are looking for that kind of service.
5. Understanding your audience
Traditional marketing has a negative point when it comes to listening to their audience. Social media is a place where customers can interact with business in real time. This allows businesses to learn what their customers are actually looking for. This way, they can improve their services and offer exactly what their audience wants.
Some of the questions which can be answered by listening to your audience are:
- What products do they like and dislike?
- What hobbies do they have?
- What kind of posts do they like and share?
- What parts of the business can be improved or what new services can be added?
6. Active social media builds relationship and trust with your audience
Social media is more of a place to interact than a marketing platform. Most businesses try to hard sell their services on social media.
In reality, customers don’t want to be pitched all the time. This is why it is important to provide the content which adds value to their life. This can really transform your brand and build trust among your followers. Provide them with something which can help solve their problem and they will automatically buy from you. The idea here is to build a relationship, not a sales page.
7. Unbeatable ROI
When it comes to advertising, social media can offer best ROI (Return On Investment). Almost all major platforms offer paid advertisement and they are really good at targeting. Targeting refers to selecting a group of people with relevant interest and specific demographic which are ready to convert. Social Media makes it super easy to customize factors like age, location, education level, industry and even behavior.
But remember, paid advertising can be a little tricky sometimes. You may spend a little and get an amazing result or you may invest a lot with no returns. Be careful and keep learning.