Running a business is incredibly challenging, even if you consider your company to be small and fairly basic. If you can utilize the right marketing tools however, growing your business and increasing your profits will become a great deal easier. In terms of importance, social media is considered by many businesses to be the single most profitable commodity for them to have at their disposal. More and more business owners are now seeing the huge potential in social media, and are utilizing it to their advantage.
A quick breakdown of analytics
When you understand some of the analytics behind the world’s most popular social media sites, you instantly see why social media is considered so beneficial. Instagram for example, generates $799,200 in Ad Revenue, every single hour! 345,600 new users sign up to Instagram every day. Facebook sees an average of 8 billion video views in 24 hours, so that alone shows you how many people are using the social media platform on a daily basis. Twitter, which is another of the ‘Big Three’ as they are known, is also still incredibly lucrative, as each month the site generates $44,064, 000 from Ad Revenue alone. That is astonishing! If you’re looking to build your business and expand your company, social media could be the key. Below you will see a screenshot of the tool that the folks at Casino pick have created.
7 key benefits of social media for businesses
Now that we’ve looked at a few quick figures, it’s now time for us to look at some of the more prominent business benefits of social media. Here’s a look at how social media is helping businesses, large and small, worldwide, and how yours could be next:
1) Targeted advertising
People seem to think that the primary benefits of social media simply revolve around gaining as many friends/followers as possible. This isn’t true. It’s all well and good having thousands of followers/friends, but if the majority of them are not your target demographic you’re pretty-much wasting your time. If for example, you sell women’s clothing, if 70% of your followers/friends are men, they’re probably not going to want to buy from you. Social media however, allows you to focus your ads on your target audience, which in this example is women.
Many ad campaigns can be launched based upon location, age, gender, interests, and more. Yes, we understand that GDPR is now in effect, but even so, targeted ads are incredibly lucrative for businesses and they are largely only possible via social media.
2) Build brand awareness
As a business, brand awareness is vital. After all, if people aren’t aware of who you are and what you sell, how can you expect them to buy from you. Your brand is your company’s identity and you want as many new people to be made aware of your business as possible. This is yet another reason why social media is so beneficial.
You see, with social media, you can build brand awareness at the click of a button. With just one click, your post will be exposed to a multitude of individuals, making each one aware of who you are and what you have to offer. Eventually, when people see your company name/logo, they’ll associate it with your brand. The more people that are aware of your brand, the more potential customers you can obtain.
3) Build brand loyalty
As a business owner, loyal customers are like gold dust, so you should do whatever you can to find them in the first place, and hold onto them. Loyal customers are likely to become repeat customers, and not only that, but they will also likely recommend you to their friends and family in the process. According to market research, studies have found that brands that regularly engage with their friends/followers on social media are far more likely to benefit from loyal repeat customers.
By connecting with your audience, you help show that you’re not just another faceless corporation driven purely on profits. It provides your business with more of a human element which helps build trust and loyalty with your followers/friends, and helps ensure that keep coming back to you again and again.
4) Increase web traffic
Another great benefit associated with social media for businesses is the fact that if utilized correctly, it can significantly increase web traffic to your website. The more traffic you can drive to your website, the greater your profits are likely to be. Whether you offer products and/or services online or not, a website is still a valuable piece of kit to have at your disposal. The more people you can direct to your site, the more people will be made aware of your products and/or services, and the more people there will be to likely make a purchase in the process.
Social media can be utilized to direct traffic to your website, ensuring you see a significant increase in clicks each day. Though not every visitor will make a sale, they will still be made aware of who you are and what you are offering, and will therefore be more likely to think of you in the future. If you imagine your website as a shop on the High Street, would you rather 2 or 3 customers walk into your shop every hour, or would you rather have 20 or 30 customers per hour? The same principle applies to your website.
5) Enjoy feedback from customers
When it comes to doing business, all feedback, providing it is constructive, is beneficial. Feedback helps you gain valuable insights into your business from the perspective of unbiased customers. Social media is great because people can offer you feedback in a number of ways. They can message your business directly, they can comment on pics, videos, posts, and links, or if your page allows for it, they can leave you reviews. Say for example, you are selling a product that works very well, yet there have been a number of customers mentioning how it’s perhaps a little too expensive for what it is, you can take this feedback on board and perhaps reduce the price slightly.
If people have been largely impressed with your products and/or services, and have no real complaints to make, this feedback shows you that you’re doing something right, and shows that there is no real need to make any unnecessary changes. Basically, feedback lets you see what customers are not entirely satisfied with, and what they are satisfied with, and allows you to make any necessary changes accordingly.
6) Promote your company/content
As we looked at earlier, there is big money to be made in the advertising market on social media, and the owners of these sites know that. Many business owners pay to have their pages/contests/posts promoted on social media so that it reaches a wider audience. The more people your content reaches, the greater your brand exposure becomes and the greater your chances of gaining more followers and potential customers.
There are many companies that offer to promote your content through a network of “influencers”, but there are also many options that will allow you to do this yourself. Businesses often use tactics such as “like and share” competitions to gain their profiles more views and interactions, these can be a pretty effective way of reaching a large audience for the price of some unused stock they may have leftover.
7) Potentially go viral
All it takes is just one post and your business could potentially go viral. Going viral basically means that your post/page etc is spread across the world on social media via likes and shares, which in turn serves as a wonderful form of advertising. Nobody can even guarantee whether or not a post will go viral, but if you use social media, there is always the possibility.