Social media is built-in advertising in everyone’s pockets. These days, influencers can earn millions of dollars from posts on social media. Businesses of all sizes can benefit from a social media presence. Whether you reach 500 loyal clients or 1 million, a strong social media presence can help build your brand.
Now, let’s find out why is social media important for a business.
What Is Social Media?
Social media are interactive technologies that create and share information, ideas, interests, and other forms of expression or business information through virtual communities and networks. Major social media channels include Facebook, Instagram, Tiktok, Twitter, Youtube, and Snapchat. Most businesses will choose one or more social media channels to build their presence systematically.
20 Advantages of Using Social Media for a Business
As part of building a successful business, social media is a powerful tool. Whether you’re starting a business with $1,000, or have an established brand, here are 20 advantages of using social media:
Cost-Effective Marketing and Advertising
Marketing and advertising are used to build brand awareness and increase customer trust. It is also designed to attract new customers and increase market share. Social media is essentially free marketing and advertising, although you can also use paid ads. By using social media, you can build organic reach, trust, and awareness.
Compared to traditional advertising methods, social media marketing is often more affordable, making it suitable for businesses with limited budgets or those just starting. Even self-employed individuals or those just starting a business can use social media as a powerful tool to market their services.
Get Attention and Increase Awareness
Getting attention and increasing awareness is essential to building a market share. Think of Nike’s swish and slogan, “Just do it.” Great marketing is easily recognizable and reaches popular culture. Social media platforms allow businesses to reach a wide audience and increase brand visibility.
Build Brand Loyalty and Trust
Loyalty and trust are essential for attracting and retaining customers. Regular interaction on social media platforms helps foster stronger customer relationships, leading to increased loyalty and repeat business. Even when customers complain, you can use social media to reach out and address their concerns, further building trust for the brand.
Increase Your Market Reach
Social media, especially viral posts, is one of the fastest ways a business can expand its market reach. Because of social media’s algorithms, a targeted social media plan with strong engagement can be shown to new and potential clients, automatically expanding market reach. Learn how to start a business in PA, or check out Doola for more state-specific brand building.
Humanize Your Brand
Brands need to relate to potential clients, address their pain points, and essentially relate to people. Social media can offer an honest, humorous, or sincere window into your brand’s message, your team, and what you’re offering. All of this will make the brand more relatable to people, further building trust.
Social media isn’t like traditional advertising, where you try to “sell” something. Instead, you build trust by offering valuable information and insights that help people. Sharing valuable insights, expertise, and thought-provoking content on social media positions your business as an industry leader, building trust and authority.
Social media fosters direct communication between businesses and customers, enabling faster response times and building stronger relationships. When people are engaged, they’re more likely to buy and recommend your products and services. Be sure to respond to comments, DMs, and all other customer engagement to build momentum!
Provide Customer Service and Support
Social media provides a direct channel for customer support. With social media, clients may seek support and resolve issues directly and quickly, enhancing the overall customer experience. Just be sure to respond quickly, or those benefits are lost or can even become a detriment to the business.
Use of Market Research
Market research helps in a better understanding of your target audience, their pain points, and their unique needs. With market research, you’ll look at your company’s strengths, weaknesses, opportunities, and threats (SWOT) to understand how to capture a greater market share.
Social media platforms offer valuable analytics and insights into customer behavior, interests, and preferences, aiding businesses in understanding customer needs to refine marketing strategies.
Stay On Top of Your Customer’s Mind
In the age of social media, if you’re out of sight, you’re out of mind. You could lose market share simply because a competitor is more present in potential clients’ feeds. Building a strong social media presence will make you ever-present in customers’ minds. This can give your business an edge over competitors who are not utilizing social media effectively.
Increase Website Traffic
Website traffic equals increased brand awareness, conversions, and sales. The more people you can get to your website, and the more time they spend there, the better for your bottom line. Sharing content and links on social media platforms can drive traffic to your website, boosting your business’s online presence.
Build and Maintain Partnerships with Influencers
Influencers can optimize brand presence, build trust and awareness, and help reach your target audience. While some influencer partnerships could cost as much as major advertising contracts, micro-influencers with a focused presence can offer effective marketing to smaller brands. Collaborating with influencers can help expand your brand’s reach and tap into its engaged audiences, increasing brand credibility and customer trust. Check out influencer tax write-offs too!
Leverage User-Generated Content
Satisfied customers are some of the best advertising available. When users post about your business’s products or services, you can repost this content, tapping into organic testimonials as valuable advertising. Social media then becomes a tool to build trust and showcase organic engagement.
Get Feedback and Improve Products
Feedback is essential for brand growth. You must listen to your customers to develop great products or services. Social media platforms provide an avenue for customers to voice their opinions, allowing businesses to gather feedback and make improvements.
Stay Up-to-Date with Current Trends
Social media trends change daily, weekly, and throughout the year. Capitalizing on these trends can increase brand reach and be a fun way to reach customers. Using these trends can also increase viral potential, generating significant exposure and brand awareness within a short period.
Keep an Eye on Your Competitors
In any strong business plan, you need to include a competitor analysis. This is also part of any SWOT analysis and market share analysis. Social media makes it easy to see what competitors are doing and how they’re engaging on social media. You can also access their followers, engagement, and sharing statistics to see how your brand performs compared to key competitors. Also, consider competitors with the same or similar business names.
Utilize Social Media Analytics for Business Insights
Social media analytics can offer significant insights, including likes, shares, engagement, and followers. Google Analytics for websites offers a deeper dive into website traffic to understand which social media platforms and specific posts drive website traffic. With this information, you’ll better understand customer needs and engagement points to grow your business through social media.
Recruit Skilled Staff
Recruiting and retaining skilled staff is essential for any business’s success. Social media platforms serve as effective recruitment tools, allowing businesses to showcase company culture and job opportunities and attract top talent.
Grow Leads and Boost Sales
You can learn which leads create conversions to boost sales with Google Analytics and specific social media platforms’ analytics. Understanding what works can make building a more successful campaign easier and increase trust and engagement.
Use for Crisis Communication
If the worst happens, from a natural disaster to major supply chain issues, you can inform customers directly via social media. This builds trust and allows you to stay ahead of the crisis and engage customers in the process.
Things to Consider Before Using Social Media for Your Business
Unfortunately, posting randomly on social media won’t bring all the benefits mentioned above. Instead, it’s important to identify your goals, understand your target audience, and create a content strategy that will resonate with your business.
You will also need to carry out a certain amount of trial and error as you fine-tune the strategy in response to what works. Additionally, working with a social media expert and micro-influencers early on can help increase your business’s reach.
Importance of Social Media for a Business
From market reach to building customer loyalty, social media is the most powerful marketing tool of the 21st century. All companies need to engage on social media. But you don’t have to do it yourself. Take the help of a social media manager or consultant to build a realistic plan.
Likewise, you don’t have to handle the bookkeeping and accounting of your business yourself. Doola Books is designed for busy founders like you. The bookkeeping software takes care of accounting so you can focus on business growth. Get Doola bookkeeping services here!
What kind of content should you post on social media?
The content that you post on social media should resonate with your audience, represent the brand, and be honest and authentic.
How often should and what’s the best time to post on social media?
How often you should post and the best time will depend on your location and the social media platform. Posting two to three times a week for a business is enough for most social media platforms. The key is consistency; pick a routine and stick with it!
How can you measure the success of your social media campaigns?
Different brands will have different measures of success of a social media campaign. Social media engagement, increased website traffic, follower growth, rise in brand awareness, and leads and conversions are all common measures of success on social media.
How can you create engaging content for your audience?
First, research which social media channels your audience is engaged with. Try to understand what they need and their pain points. Then, build social media posts that resonate with what your audience cares about, and try to post at times when they’re most engaged.
Should you outsource your social media management or manage it in-house?
Whether you should outsource or manage social media in-house will depend on your company, goals, and budget. However, no one understands your brand values and goals better than you, so it’s important to be engaged in social media development, especially in the early stages.