Social media sometimes seems to have taken over our lives. In our personal lives, time is wasted “liking” and “tweeting” about random things but in business, when used correctly, social media can drive your business forward. Here I’ll look at some of the key drivers of why you should be utilising social media platforms as much as possible in your own business.
Know Your Audience
In any industry, whatever it is that you’re selling, it’s important to know your audience. Social media is a great and cheap way to learn about your target market. Platforms such as Facebook give you enormous insight into your audience – from their age and gender all the way to their exact interests. What’s more it’s a great way to interact with your customer base and receive instant feedback from your target market. Sharing new ideas on Facebook or Twitter will give you an insight into what they think – which makes traditional market research obsolete.
The above gives you an insight into another major benefit of social media for businesses – social platforms give you the opportunity to share new contents with a specific group of people almost instantly with no cost. This has made it easier to launch new products and increase interaction with your core audience.
For those advertising online, social media can make targeting your customers more effective. You can literally advertise to an exact “type” of person specifying things such as age, marital status to where you live and how much education you received. You could drive more traffic to your sales funnels with less effort and less of a marketing budget. The landscape is changing however, and in some very competitive industries, we’re already seeing costs go through the roof.
This makes advertising much more effective if used appropriately; which is really a skill on its own. While mastering social marketing advertising can be tough, you could outsource this to digital marketing agencies who specialise in for example Facebook advertising.
Increase Brand Loyalty
All the above help in increasing your brand recognition and brand loyalty. While this applies more to B2C then to B2B businesses, the ability to be in front of your audience every single day throught both social interaction and social advertising can increase brand recognition and loyalty much cheaper than traditional methods could do.