10 Benefits of Social Media for Business
We have provided a list of the 10 Benefits of Social Media for Business. Think about your life ten years ago and how we would communicate with friends, family, or people you have never met before. Who would have known that social media would become so popular? It’s exceedingly difficult to find a person who doesn’t have a social media platform. We’re living in a time where utilizing social media is crucial if you want to grow your business. Twitter, Facebook, Instagram, Pinterest- they’re all free, and businesses can use them to directly engage with their audience. Below are ten reasons why social media can help your business!
Here are 10 benefits social media has that will help your business grow.
Customer Insights and Why They’re Important
When you receive customer insight, you have a better understanding of your customer. Meaning, their experiences with your business, their needs, and their buying behaviors.
How can customer insight help your business?
Social media activity is high. How high may you ask? In one day, there are over five hundred million Tweets, 4.5 billion Facebook likes, and ninety-five million posts uploaded to Instagram. Those numbers are astronomical. If you plan to start a business or happen to already have one, having customer insights, social media can’t be overlooked. The data received from customer insights will help you when it comes to understanding what your customers are looking for when doing business with you. In addition, you can run real-time reports and conversations happening around your products and/or services.
Run Targeted Ads with Real-time Results
Businesses can’t survive on social media alone. It’s surprising how many businesses are not aware of what can be done with social advertising. An inexpensive way to promote your business & distribute content is through social ads. Businesses have spent over $23 billion on social advertisements to reach consumers and this number continues to rise. Look at Facebook for example. With their database, you can get extremely detailed with your targeting. A Facebook user can put things like age, sex, location, interests, job title, the list goes on and on. This all can be used as a filter for your ads.
Increase Brand Awareness and Loyalty
When you have a social media presence, it’s much easier for you to be found and connected with. By connecting with your customers through social media, you increase loyalty to your brand. The Social Habit has shown that 53 percent of Americans who follow a brand on social media tend to be loyal to those brands. Running contests or posting promotions or coupons will show your loyal customers that you appreciate their business.
Generate Higher Converting Leads
By regularly interacting with social media, sales increase and so does customer retention. So “why is it important,” you ask? Because the buying process has changed, and marketers need to find new ways to reach buyers. Almost 75 percent of companies that utilize social media platforms have reported they seen an increase in sales over a year period.
Provide Rich Customer Experiences
Most of your customers will expect you to be on social media. With over 67 percent of the population now utilizing social media, businesses Facebook pages have become a place to review services/products they have received and or to research prior to buying. These users expect quick responses to their questions/concerns within normal operating hours. Companies who can deliver that come out on top.
Increase Website Traffic and Search Ranking
One of the biggest benefits of social media is being able to use it to increase traffic to your website. With social media directing people to your website, the more social media shares/likes or followers you receive will result in a higher search ranking and brand recognition.
Stay One Step Ahead of Competitors
By monitoring your social media, you can get insight into your competitors and what they’re up to. By having this information you’re able to make business decisions that keep you one step ahead of them. If you do not have a social media presence, your competitors are one step ahead of you!
Sharing Content is Easier and Faster
In the past, companies used to have a tough time reaching customers with events/promotions and or any updates. Now that you there is social media, all you should do is share it on your social media platforms and the rest is history.
If you want to send out a message to a specific audience based on location, geo-targeting those users will help get your content in front of the right users. Facebook and Twitter allow you to get the right type of content to your audience which will ensure you the highest ROI on your campaign.
It really isn’t about putting your company’s sales pitch on social media. It allows you to build a great and lasting relationship with your customers. Traditional marketing cannot compete with social media marketing simply because there is no conversation between customers and brands. Tourism brands, for example, create a dialogue with travelers which creates a relationship before, during, and after they’ve booked a trip with the company. Traditional advertising cannot offer what social media can.
Start Using Social Media Now to Grow Your Business
By using social media to learn more about your customers, engage with them, and extend your brand reach, you’ll be transformed before you know it. It is never too late to fix a problem, especially if it is marketing your business. Like the good old saying “if you can’t beat them, then join them”. This is one of those cases. Social media is here and will be a part of our everyday life and now is the time to join the masses.