The
importance of social media in business is growing at warp speed. With more and
more people joining social media sites and using them regularly/efficiently,
the social media industry is bound to become bigger in the coming years. It’s
booming like never before.
No,
the social media wave isn’t ending anytime soon. And your business should take
advantage of it if you want it to survive.
With
such amazing growth, every business today needs to leverage proper social media channels in the best possible way. Not
because it’s the “in thing”, and not because it sounds simple, but because
their target audience is hanging around the popular social networks. And
they’re engaging with their favorite brands and connecting with them on
different levels.
By
giving your business brand the social media touch, you not only generate more
business but also connect with your customers better and serve them on a higher
level. It actually makes your digital
marketing easier.
According
an info graphic published by Ambassador, 71% of consumers are more likely to
recommend a brand to others if they have a positive experience with it on
social media.
Here are some more social media statistics that prove beyond
doubt the importance of social media in business. Your business needs to
leverage sites like Facebook, Twitter and LinkedIn to keep up with the
competition.
- According
to 2019 social media statistics, there are now 3.2 billion users around
the globe. That is about 42% of our total present population.
- 68% of
adults based in the U.S reportedly have a Facebook account.
- Active
social media users are composed of 48.2% Baby Boomers, 77.5% Generation X
and 90.4% millennia’s.
- An
interesting research shows that a user spends an average of 2 hours and 22
minutes in his social media account everyday including messaging.
- 73% of
online marketers agree that their efforts in implementing a social media
marketing strategy for their business has been effective.
- 2 million
business today use Facebook advertising for promoting
their products and services.
Let’s
now look into the importance of social media in business by analyzing its
advantages.
#1: Leverage
Social Advertising
Social
media advertising may be the new kid on the block, but it’s growing faster than
imagined. Take Facebook Ads for example. Even though the social network
launched ads in 2005, it managed to reach 9.16B in ad revenue in the first
quarter in 2017. This just goes on to show that social advertising is here to
stay — for a long, long time.
As
more and more businesses successfully experiment with digital advertising,
they’re realizing that taking the social media advertising route makes total
sense. Here’s why:
- Lower ad
costs: When compared to traditional advertising methods such as print
media, TV and radio advertising, social ads are not only dependable, but
also cheaper. What’s more, you’re allowed to engage on various social
media channels for free before scaling with paid ads. You’re free to grow
on your own, at your own pace.
- Targeted
reach: Traditional advertising doesn’t give you the luxury to reach
out to your target audience the way social media ads do. It simply doesn’t
work that way. When you’re doing offline advertising, you’re taking the
blind, shotgun approach where your returns are dismal even if you’re
making big investments. Using social media ads you reach out to targeted
prospects, increase your conversions and ultimately get a higher return on
investment.
- Real-time
performance analysis: Knowing if your ad is working or not is integral in
order to improve it. When you’re doing any type offline advertising,
you’re unable to analyze the performance of your ad campaign. Which
cripples massively cripples your efforts. Social media ads on the other
hand allow you to constantly keep track of how well (or how bad) your ad is
performing. You’re able to change your ad on the fly and instantaneously
see the results.
Last
but not the least, it’s important for businesses of all types to understand
that social media ads are only getting bigger and smarter. Social media
advertising is where the future is headed. It’s the new wave. The question is,
are you a part of it?
#2:
Boost Brand Awareness
Social
media proves to be a powerful tool when it comes to growing your brand
awareness. There are businesses who dismiss it as a way to build a brand, but
by doing that, they’re leaving an open ground for competitors. On the other
hand, many reputable chief marketing officers agree that social media has a
definite impact on brand awareness.
Increasing
your brand awareness via social media isn’t rocket science. Here are a few tips
on how you can do so.
- Find
Your Audience: Before you start focusing on a particular
social platform, find out whether your target audience is on it. You can
do this by searching for relevant conversations about your product or
industry. For example, a B2B company may find their audience on LinkedIn
rather than Facebook. Don’t just assume or follow other brands.
- Use
Visuals: Once you know where your target audience
is, it’s time to grab their attention by using eye-catching visuals with
your content. Images and videos play a big role in helping you grow your
brand awareness on social media channels. Because they not only increase engagement but also
boost social shares.
- Create
Conversations: Social media is all about building
conversations. If you use these social platforms for one-way
communication, you’ll only grab so much attention. Instead, talk and
listen. Get involved. Showcase your personality by conversing, tagging and
mentioning others.
- Measure
Your Efforts: Don’t just
aim in the dark. Use the tracking tools provided by the platforms (eg:
Facebook Page Insights) along with other external tools such as URL softeners,
Google Analytics, etc. to measure your social media activity. Use the
insights you gain to understand what’s working so that you can optimize
your efforts and build a stronger brand with social media.
- Build
Authority: If you want a higher engagement rate along
with better brand awareness, then work on building your authority by
sharing real value. Along with borrowed content, your content you post
should also have something original, as it adds to your credibility.
Remember,
every single step that you take to increase brand awareness with social media
will impact the overall growth of your business in the long run.
#3: Increase
Inbound Traffic
Inbound
marketing is one of the most effective ways to generate targeted traffic to
your website. It’s the kind of traffic that actually converts because it’s
super relevant. However, if you leave you ignore the importance of social media
in business, you will be limited to your inner circle of customers or the
people that are already familiar with your market or brand.
By
putting in more effort in social media promotion, you create a whole new
channel to draw in laser targeted inbound traffic and get more inbound links.
For
example, having an active blog makes it easy for you to connect with your
audience with the help of fresh content. But by having them share this content
(on the right time) on Twitter or Facebook increases your reach 10X. You’re
suddenly reaching out to a bigger audience that may like plus share your
content, follow your brand and ultimately become a customer.
Similarly,
people that are already actively searching for keywords related to your product
or service are a smaller percentage than those who aren’t. Social media helps
you connect to this larger, untapped segment of the market.
To
help you understand, here’s the amount of referral traffic social media
management platform Buffer generates by creating and sharing quality content on
some of the biggest social media networks:
By using social media, you diversify your marketing efforts in
more than one way. You don’t reach out to just one type of crowd, but connect
to a versatile customer base. Which is crucial to for your brand to make a mark
in your niche.
For
instance, serious professionals may find your website via LinkedIn while the
younger crowd or the millennial may find you on Instagram. Each piece of social
media content that you create is a new door for new customers to enter. It’s a
different opportunity for you to connect.
Ultimately,
it boils down to creating enough high quality content that you can post on
social media sites, and in the process attract high-converting inbound traffic.
#4: Improve Search Engine
Optimization
Every
seasoned social media marketer knows that there is some connection
between social media and search engine optimization. While Google has
clearly stated that it does take “social signals” into consideration when
ranking a page, there’s more to it.
Here’s
how understanding the importance of social media in business and working on it
can help improve your SEO.
- Higher
Chances to be Found via Web Search – According to Matt Cutts,
the former spam head of Google, social shares have no impact on your
website’s ranking. But, it’s a fact that social media properties do
dominate the front of the search engine result pages for brand names.
Which means, social media profiles indeed have the power to rank in the
top 10 results. Social media profiles are a great way to connect to
your prospects and customers. They work as a doorway to your business
website because they show your human side. They not only inform the
searcher about your business, but also help them become a part of your
conversations.
#5: Increase Conversion Rates
Another
importance of social media in business is the fact that it is great for
capturing targeted leads for your business, but it doesn’t stop there. Getting
quality leads is only one part of the equation. The other part is converting
those into sales.
Can
social media help you increase your conversion rates? Does it have the ‘x’
factor when it comes to giving you the ground to achieve more sales?
The
answer is a resounding yes, but only, if you do it the right way. Here are some
ways you can use social media for better conversion rates.
- Use It for
Social Proof: According to Wikipedia, “Social proof, also known as
informational social influence, is a psychological phenomenon where people
assume the actions of others reflect correct behavior for a given
situation.” In simple terms, people do what others do. They like to
believe what the majority likes to believe. The reason why social proof
works is because it gives a sense of assurance to your prospects and lets
them know about the benefits of your product, without any
selling. Social media is brimming with activity that can be used for
social proof. If someone commented on your Facebook post praising your
company, use it. When someone tweets you about how your product changed
their life, use it. When someone posts a happy Instagram picture of them
enjoying your service, use it. Look at how KWFinder smartly embeds
tweets from their customers on their site as social proof:
There
are many ways that social media can impact conversions and help you increase
sales. But for that, you need first to understand the importance of social
media in business and take the necessary steps. We at LYFE Marketing are
committed to helping you do just that. Check out our pricing page to see how we can work together to help you
get better conversions.
#6: Satisfy
Your Customers
Losing
a customer is hard, and gaining a new one is harder. But retaining an existing
customer is 10 times easier. Which is why customer satisfaction should be your
topmost priority.
By
using social media to connect with your customers, you have the opportunity
monitor what they want, the problems they’re facing and how you could serve
them.
In
order to truly satisfy your customers and make their life easier, you need to
offer them customer service that is more personalized and effective. And social
media helps you do just that.
Customers
these days know that social media is a lot more approachable and friendly than
a call center executive, thousands of miles away, who has a hard time resolving
your problem. In other words, customers want superior service without the
hassle.
Increasing
customer satisfaction with social media includes:
- Monitoring
conversations to see if your customers are talking about your brand and in
what context.
- Broadcasting
important messages, announcements and offers to customers via a social
media platform such as Twitter.
- Offering
prompt customer service to customers who are facing genuine problems or
need some help with the product or service.
- Holding
regular question & answer sessions with customers to understand their
concerns, get real feedback and see how things can be improved.
- Connect
and build a relationship with power users or customer advocates so that
they can help serve other customers.
Regardless
of what social media platform you’re using to help your customers, it’s
important to speak their language, give them personalized service and respond
to them without much delay.
#7: Enhance Brand Loyalty
A
lot of businesses are stuck on their follower count, which is nothing but a
vanity number. It doesn’t serve a real purpose if the followers aren’t loyal to
your brand. There’s a difference between a random follower and loyal one,
because the latter adds real value.
If
you want to get the most out of your social media marketing efforts, it’s
crucial that you focus on increasing brand loyalty. Having a loyal following
means better engagement and better conversations.
Ask
any loyal social media follower about their trusted brand, and they will speak
positive about it without the need to push. Which leads to natural word of
mouth marketing.
You
can enhance brand loyalty on social media by:
- Having
a Solid Social Media Strategy – Social media platforms
are evolving, and each has its own personality. Facebook is not Twitter,
and Twitter is definitely not LinkedIn. Which means, you can’t take the
same old, outdated marketing and advertising methods and apply them to
social media. You need to formulate a social media strategy that
clearly aligns your goals with other areas such as content marketing,
search engine optimization, etc. This should give you a fair idea of what
type of value you can create for your loyal social media followers. It’ll
allow you to not only retain them but also help them spread the word.
- Sharing
Value-Oriented Content – There’s a reason why
your followers are loyal to you. They’re looking for value, which you will
have to deliver at all times by sharing quality content. For example,
sharing a detailed case study is much better than a 500
word article. The more useful and relevant the content you post, the
better. Plan how and what type of content you would like to share
with your following. By spending time on strategizing your content
creation, your content will fetch you a higher ROI when you share it. So
don’t rush. See what sets your content apart from others. For
example, visual content gets more shares than regular social media
content. Which means you’re free to use photos, videos, etc. as long as
they add some value.
- Being
Consistent – Your brand has a personality, and
certain aspects that are unique to it. By identifying these personality
traits and by bringing them out, it gets easier to connect to your target
audience. Your aim should be to be consistent in your approach and
maintain the same voice throughout your interactions. The content that you
create/share along with how you converse with others should reflect your
brand’s personality.
- Responding
to Queries – You may not be a celebrity for your
social media followers, but they do look up to you for answers. So when
they approach you with a relevant query, you should get back to them with
the right answers. This way they will know that you are the real deal. And
that your business actually cares about others. But don’t limit your
answering adventures to your loyal followers. Go out there and hunt for
questions that have partial answers or no answers. You can search using
targeted keywords and look for questions that need a response. By
answering these questions, you establish yourself as an expert or an
authority.
- Show
the Human Side – While it’s okay to automate your
social media posting with a tool like Buffer, it’s not-so-okay to keep
doing it. Personally interacting with other people and humanizing your
brand will go a long way. It will keep your followers/fans keeping coming
back for more.
Conclusion
The
importance of social media in business can only be understood once you start
applying what we discussed.
If
done right, in the long run, social media marketing can prove to be really cost
effective. Because as of today, even the paid social media campaigns, such
as Facebook Ads, are cheaper than other advertising options such
as search engine ads. Which means there’s a higher return on investment.
Jumping
on the social media bandwagon is no longer a matter of choice if you want to
succeed. Your business needs it. Every business needs it. The importance of
social media in business is now more prominent than ever.
