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Why Social Media is Important for Your Business Today?
Let’s start with one simple fact, no business whether big or small can escape from marketing. It doesn’t matter even if you’re running a small business shop or a multinational company, social media platform is an essential and vast platform for your business today social media.
The importance of social media in business is growing at warp speed and it’s booming like never before. From the last decade, as you can see that social media is booming through the internet in the lives of millions around the world for sharing ideas, thoughts, and information through virtual networks and communities.
Social media plays a major role in connecting the world through the internet and business marketing has grown up immensely because it provides incredible benefits for reaching millions of customers worldwide.
One of the main reasons why social media presence is important and very much effective for your business is that social media users share information with each other. In fact, that sharing is the main reason why whole social media networks exist.
No, the social media wave isn’t going to end anytime soon. With more and more people joining social media sites today each passing minute and using them regularly and efficiently, the social media industry is bound to become bigger and bigger in the upcoming years. And your business should take advantage of it if you want it to survive in this digital marketing world.
You don’t need to have a huge amount of money to run your social media marketing campaigns. Regardless of the size of your budget, you can easily and effectively run social media marketing campaigns to generate more leads and sales of your business. And for every business, small or big, it’s a boon.
With such amazing growth, social media platforms help you to reach and connect with your customers to gain the attention of more potential customers, increase awareness of your brand to generate more business on a higher level, boost your business leads and sales, enables businesses to get exposure, traffic and gain market insights.
Social media provides immense potential and opportunities for businesses not because it sounds simple but because their target audiences are hanging around the popular social networks and they’re constantly and repeatedly engaging with their favourite brands and connecting with them and also with each other on different levels.
Therefore, by giving social media touch to your brand, you will not only generate more business but also connect with your customers to provide better and high services. And what you might not know is that it actually makes your digital marketing easier too.
Many marketers look at social networks as a way to blast free advertising, and social media platforms have caught on to that idea and are restricting the reach for unpaid-for ads.
The results? Here are some more social media statistics and facts that prove beyond doubt the importance of social media in business.
- According to 2020 social media statistics, there are now 3.81 billion people actively using social media in the world, and this is an increase of 9.2% year on year from 3.48 billion in 2019.
- More than 50 percent of social media marketers believe social media positively influences their company’s revenue and sales.
- Nearly 80 percent of companies share mostly original content on social media.
- Interesting research shows that a user spends an average of 3 to 4 hours in his social media account every day including messaging and chatting.
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If you are still not convinced by these, Here are six reasons you should try to realize social media is a wise move and very much important for your business today.
1. Global Reach
“Social Media”, the name itself says it all. “Social” means relating to society or to the way society is organized and “Media” refers to various means of communication.
For example, through videos, music, photographs, podcasts, radio and television etc. So social media channels are the sharing of information and communication between people on the internet through mobile and computer devices.
Social media can be used to reach a global audience. In contrast, social media provides a very inexpensive means of reaching a global audience in a flash.
Nowadays, people are not only dependent on Google search as search is not limited to the web search engines only. It has moved beyond, and that is why social platforms have become the new search engines.
Just imagine if your content goes viral, then there is no telling how many people it will reach and the great thing is it’s free of cost. With the increased use of the internet over time.
You have surely noticed that now people shift to more advertising online than in print media, radio, and television. For example, have you seen the ads on Instagram, Facebook, or when you play YouTube videos? So in this way, social media allows for tremendous outreach and global networking.
2. More Customer Engagements
Customer engagement is the ongoing interactions and the emotional connection between customer and company over a brand.
Social media opens the conversation for direct and instant interaction with the customer for building a relationship and loyalty.
Social media engagement allow you to show the personalized aspects of your brand and help you to connect with your target audience in a personal way.
When you post some valuable and informative content about your brand or company on social media, you will find an increasing number of people following you and you will also find people discussing your products and company in the comment section.
On social media platforms, business owners have the freedom and opportunity to create a positive experience by being more conversational. This allows you to connect directly and engage in meaningful discussions about your brand with your targeted audience. Ultimately, that will help you to grow your business and sell your products with ease.
3. Cost-Effective Marketing
As we discussed earlier at the starting point, no business can escape marketing. After all, social media is all about marketing.
By creating social media content you not only generate more business, brand awareness, attention, recognition and authenticity, but it also makes your digital marketing easier reaching more potential customers.
Marketing costs add up and not every business can afford huge campaigns, but marketing through social media enables cost-effectiveness by cutting marketing costs – And this is one of the most notable advantages of social media marketing.
You don’t need to have a huge amount of money to run your social media marketing campaigns with a well-defined social media marketing strategy. Regardless of the size of your budget, you can easily and effectively execute social media campaigns to generate more leads and sales for your business. And for every business, small or big, it’s a boon.
4. Building the Reputation
Reputation for a company is the opinion that people, in general, have about the products, services and brand.
Which means consideration. It’s how people consider or label you either good or bad, and it’s a serious matter.
Anyone who has been in a business knows that a single negative comment can be more harmful than just about anything else. Someone has said previously, with every dissatisfied vocal customer, you can lose around ten customers and with every satisfied vocal customer, you can gain around ten more customers.
For this reason, maintaining the image of your business is very important. Through social media, you can track the level of customer satisfaction via their comments, and it also helps in solving their issues and you can easily reply to potentially negative comments immediately to maintain the image of excellent customer service you want your business to have.
5. Knowing Customer Insights
Customer insights refer to having a deep understanding of your customers, their behaviours, their preferences, and even their needs and satisfaction. In other words, collection, deployment, and interpretation of information are used by businesses to have a deeper understanding of how their audience thinks and feels.
If you observe deeply what your customers say on social media, you will become pretty much familiar with their area of interest as well as their likes and dislikes. You can use this information to improve the satisfaction of your customers.
You can also use social media analytics to know what kind of trend is going on within your target audience.
So in this way, knowing the interest of your customer is very important to grow your business today and social media is a powerful platform for you to gain such insights.
6. Provide Support
Those days are gone when customers allow you for a long time to solve their problems related to products or any other services.
Nowadays, everyone wants a quick and supportive response for solutions to their problems. Instead of going directly to the company’s email address most of the customers prefer to post their facing problems regarding the products and services on their social media handle.
So by staying active on social media is an effective way to understand their problems and to take quick steps to solve the problems.
In this way, you can provide support to the customers by creating a system for tracking comments, questions, and complaints on social media. You can respond as quickly as possible to questions and concerns by listening to their queries and making customers feel heard.
By providing the support you can keep your customers happy and positive.
7. Higher Conversion Rates
Using social media, you will have a great advantage of more customer engagements and by engaging your customers on social media you will likely retain them. You should keep in mind that the probability of selling to an existing customer is around 50 to 70 percent, while the probability of selling to a new prospect is around 5 to 25 percent.
Hence, the new customers who interact on social media with your business have a higher chance of staying with you longer. In this way, by focusing on creating meaningful content to captivate the customers you can become loyal to them, and at the same time that improves the credibility of your brand.
Take advantage of social media to build lasting relationships with your customers and convert them into higher conversion rates.
By now, you have understood why social media is indispensable especially for small businesses. Businesses that miss out on this with social media strategies that don’t generate engagement are losing a major opportunity.
But the importance of social media in business can only be understood once you start applying what we discussed. Every business today needs to use social media platforms in the best possible way because social media is essential for business. Take the first step, create a social media profile, and start engaging with your customers.
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