Almost 60% of the global population uses the internet daily. And nearly 90% of those people are active social media users. What a fantastic opportunity for businesses of all sizes. Now, if you've been on social media for longer than 30 seconds, you've probably seen at least a dozen ads on Facebook or three sponsored posts on Instagram and TikTok.
Businesses have learned how to effectively utilize the power of social media outlets to their benefit, and they are plenty. Keep reading if you're planning to expand your marketing strategy. But, you are unsure if you have spent your money correctly.
Benefits of Social Media for Business
1. Humanizes Your Brand
One of the most significant benefits of social media is giving your brand a face. No one wants to be perceived as a faceless capitalist organization looking to shill their products and make money as quickly as possible. You create authentic connections with customers and users by creating an active feed.
Just take a look at Wendy's. In early 2018 they hired a social media manager that started writing sassy comebacks on Twitter, and sales skyrocketed. Now, we don't suggest you do the same, as this is now an outdated tactic – it simply serves to prove the power of social media.
2. Increases Website Traffic
By linking your website to various posts and feeds, the website's traffic will significantly increase. Share website posts or snippets to encourage people to share and comment. If the post receives comments, don't forget to participate in the discussion. It's the most effective way to entice users to continue engaging with the content and keep an eye out for future posts.
3. Influencer Marketing
Partnering up with influencers for the sake of product promotion has become pretty commonplace in the last few years. Companies are drawn to influencer marketing, as it can often be cheap and yet superbly effective.
Regardless of this, this type of marketing is also the most difficult one to pull of. To truly make this strategy worthwhile, you must first understand your target audience's preferred networks and then collaborate with an influencer in your niche with high engagement and does not charge a fortune.
4. Content Sourcing
In two ways, social media can be an excellent source of content. The first step is to look for inspiration in current trends by researching “popular” topics. This way, anyone can see what people like to read and look at on their feeds and gather inspiration for their next post.
Other than that, companies are always encouraged to utilize user-generated content. However, this can be done by either creating contests, using hashtags, or encouraging the audience to post reviews.
5. Data and Targeted Advertising
Social media generates heaps of data about your target audience, all in real-time. This info is crucial for making wiser business decisions. After all, you know the ever-popular saying – make decisions based on data, not a hunch.
Almost every social media platform provides comprehensive analytics tools to help you collect and sort all of the data you may require. This data can range from age ranges to geographical location and social status.
Gathering all of this info and using it wisely also bring about the possiblity of laser-focused targeted advertising. You know exactly who you're advertising to and why, which significantly boosts the chances of success.
6. Showcasing Your Amazing Customer Service
More often than not, customers will share their grievances with a product or a service on social media. Customers are becoming increasingly concerned about the companies they choose to do business with. Especially since the trend of dropshipping and short-lived quick-money companies grows.
If customers choose to interact with a brand and use their products, they want to feel valued; know you'll help them if there's a problem. And most importantly, they want to be sure that they will spend their money on something worthwhile.
This is why great customer service is a must. Check social media feeds and see if anyone has a problem with your products. If so, make sure to ask what went wrong and encourage them to get in touch with customer service.
However, no company can spend endless hours going through everything posted on social media, which is why we recommend you to use a social media mentions tool. Some of the most popular ones on the market are Nexalogy, Reputology, and Mentionlytics.
7. Builds Customer Loyalty
The last benefit we choose to mention today is a conglomeration of all the previous ones. Providing excellent customer service, knowing your customers, engaging with them, and giving your brand a human face are essential factors in building customer loyalty. It's all that much easier to market to an existing customer than acquire a new one.
The Takeaway
Social media is one of the most efficient and cost-effective strategies companies can adopt if they want to grow and retain customers for more extended periods. So, use social media to its fullest potential. It does take time and dedication, but the result is well worth it.