Social Media: A Boon to the Present Day Business World
Today Social Media has become an inextricable part of our everyday life. It has become a powerful tool to promote, propagate and to have an impact on a large number of audience. Amounting to this impact and the kind of significance that social media has gained over the years; businesses are now expanding their presence online through business oriented websites, while maintaining active accounts on social media platforms like Twitter, Facebook, Instagram, Youtube etc.
Why Social Media?
In this era of cut throat competition it becomes utterly essential for businesses to not just only distinct their brand from others, but at the same time, it is equally imperative for them to be able to get noticed by their target audience. And marketing on social media does exactly that. It enables the business to build a unique brand entity and also increase its visibility to potential customer by building relationships and engaging in one to one dialogue with them.
According to estimates:
- 78 % of small businesses use social media to attract new and potential customers.
- 33% of customers have identified social media as how they identify new brands products and services.
- 63% of consumers who search for businesses online are more likely to use ones with an informative social media presence.
- 71% of consumers who received a quick response on social media would recommend the brand to others.
- Over 91% marketers claimed that their social marketing efforts greatly increased their brand visibility and heightened user experience.
- 70% of business-to-consumer marketers have acquired customers through Facebook.
- 2 million businesses today use Facebook advertising for promoting their products and services.
Social Media: A great tool for leveraging business
As per 2018 data- Total internet users were around 4.021 billion out of which 3.196 billion are active Social media users. It is now evident that social media is undeniably becoming one of the most important aspects of digital marketing which has the power to reach millions of customers worldwide instantly.
Following are some methods businesses can apply to harness the potentialities of social media
Builds brand awareness:
As stated earlier, social media is a means to reach millions of customers worldwide in one go, thus it can easily provide a boost to a brand, letting people know about it, while networking with new and potential customers as nowadays people like to connect with brands known to them through social media. According to an estimate 60% of people on Instagram say they discover new products on the platform.
Better relationship with customers:
Social media gives businesses a platform to connect with their customers directly, to have one to one communication with the target audience which can lead to customer retention and customer loyalty. A UK study from Trinity Mirror Solutions found that more than half of adults do not trust a brand until they see “real-world proof” that the brand is keeping its promises. Constantly updating of profiles on regular basis showcasing the latest activities and achievements of the company is the key for a business to build a brand authority and to let the customers know about the trustworthiness of company.
- Lead Generation is an important aspect of business in getting connected with the prospective customers. Social media provides a cost effective way to generate leads through specifically designed advertising formats which are tailored to collect them through various sources. .An approximate of 66% of marketers that spend at least 6 hours on social per week have seen more leads.
Boosts traffic on websites:
A business must share a great amount of relevant content on social media so as to maximize the inbound traffic of its website. Creating blog posts, making videos, participating in social chats like the weekly #HootChat on Twitter are some of the effective ways to boost the inbound traffic of a website, thus attracting new visitors.
Higher conversion rate can lead to increase sales:
As in case of generating leads, social media has also the ability to convert these leads into sales if used in the right manner. Several studies have shown that social media has a 100% higher lead-to-close rate than outbound marketing. Using social proofs as a means of letting people know how your existing customers feel about your services is great to establish trust and credibility of your brand, eventually leading to higher conversion rates and increase in sales.
Social media is boon to the present day business world. It has everything to make business a success. All one needs is a fistful of wisdom to use it wisely.