8 Benefits of Social Media for Business

With over half the world’s population online and 367 million people new to Social Media in the last year alone, it is the natural place for your product or service to be promoted. Social Media has given companies the opportunity to sell to the masses but has also opened up geography to make a niche business sustainable and profitable.

Spending a few hours per week could increase your companies brand recognition, boost traffic to your website and increase sales at a relatively low cost. Social Media is now a major part of any companies marketing strategy. On Instagram alone, 80% of people follow at least one business.

With so many platforms and so many businesses online, it can be hard to know where to start. It may be hard to see why you should put time and effort into this when so many are already there.

While this is true there are serious benefits that can be applied to your company if done correctly. While these are all separate points, a lot will overlap and are part of a complete marketing mix to help you to stand out from the crowd.

 

We’ve listed the 8 reasons why we feel you need to spend the time and investment on Social Media for your business.

1. Customer Engagement
Whether or not you are on Social Media the likelihood is that people are online discussing your product or service. Being online is giving you the chance to be part of the conversation.

One of the biggest benefits of Social Media is that instead of constantly bombarding people with messages you can actively engage with your customers.
This is also a great way of humanising your brand. People appreciate that there is someone there that they can engage with online whether they are posting a question or a complaint.

This will allow your brand to have a voice and can be a great way to build a community.

 

2. Gain Insights
By monitoring what is being said on each profile, you can learn more about your customer’s interests and opinions that you might never have got the chance to know otherwise. This is a great way to conduct research into what it is the customer actually wants and can help your marketing strategy be more specified.

This also gives you the ability to further segment for a more detailed look. You can segment this by geography, what topic it is people are talking about, investigate a male/female point of view and so on. The information is all there and by knowing what your customers are talking about and what is important to them than you can give a more personalised relevant service.

You can also learn when is the most popular time to post for your company.

 

3. Branding and Brand Loyalty
Customer service has now gone online. Most customers that post a comment online, expect a response in an hour. By creating this two-way conversation, your customers know that you are there for them should something go wrong. This ties in with our earlier point of engagement but can be so much more.

One of the main goals for any business is to achieve a loyal customer base. We’ve all heard the saying maintaining customers is cheaper than finding new ones. One of the easiest ways of building a loyal customer base is to make sure you have customer satisfaction. By taking the time to answer questions or complaints with a personal message you will be sure to keep your customers happy.

By being active on Social Media you also make sure that your brand is top of mind for your customer’s when it comes time for them to make purchasing decisions.

Regular posting also gives your customers a chance to look behind the scenes at your company and gives an insight into what happens there day to day. By sharing what it is you are passionate about from your company and sharing your story, will lead to others understanding, supporting and trusting your brand. This is one of the biggest impacts that Social Media has had on branding.

4. Generate Leads
With over half the world’s population on social media, it’s the natural place for your brand to be. Social Media at its basic function is a communication platform. It’s where people go to engage with family and friends however 60% of Instagram users admit they discovered new products on the platform. It’s a great way to provide your customers with information about your product or services and for them to express interest in a low commitment way.

Each platform has a different purpose and as such should be used in a different way. Content should be modified for each platform and is the starting point of the sales funnel for generating leads. By advertising on Social, you can draw attention to your product or service and gain interest. No matter what it is you are selling, Social Media can help you to sell it.

 

5. Keep an eye on your competitors
One of the fundamentals of any business is to know what is happening in your industry. As we have already said one of the benefits of Social listening is knowing what it is your customer is looking for exactly, but this also works to know what promotions/sales your competitors are offering.

You can also learn from the competition. By tracking what your direct competitors are doing you can see what they are doing well but more importantly, what they have done that has gone wrong and by applying this to your own efforts you can be one step ahead.

 

6. Increase SEO
Your social media pages are effectively like an extension of your physical shop and your website and can be a great way to direct traffic back to them. If your content has created the interest at the start of the sales funnel, then the next step is to click the link to learn more. 86% of Irish customers visited an online store in 2018.

There’s an old saying that the best place to hide a dead body is on page 2 of Google because no one ever looks there, and this isn’t where you want your business to be. Google recognises higher click-through rates and will start to rank your page higher organically. Content such as blogs, business information, employee profiles as well as a behind the scenes will make your profile stand out and gain more credibility with Google.

 

7. Recruitment
While 70% of recruiters admit to checking a candidate’s social media when they apply for a job, the same applies the other way around.

Having a great social media presence will attract talent to your company. Insights into a company can be gained by their profiles to showcase their image, cultures and room for progression.

It can also be a way a cost-effective way to advertise a new role.

 

8. Remarketing
You’re trying to find time online to buy that dress you’ve been looking for or looking up ideal holiday destinations, but the doorbell goes or one of the kids comes running in because they feel sick. We all have distractions in our daily lives, and this adds up to 70% of shopping carts being abandoned.

If people have gone to the effort of looking up your product, followed it through to your website and added to their cart, they shouldn’t be ignored. By tracking who has already visited your site and shown interest you have the potential to get a higher conversion rate through retargeting.

Facebook pixel can be easily installed on your website so that you can see just who these potential customers are and effectively re-offer your product or service to them. One study has shown that a potential customer may need to subconsciously see your product 20 or more times before they click through and buy.

 

If you are not taking advantage of what Social Media has to offer you are missing out on an effective, relatively inexpensive way to reach over half the worlds population.

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