It was less than ten years ago when Twitter became a global phenomenon and only five years ago when Facebook introduced the now iconic “like” button. Flash forward to this year, 2015, and social networking is at an all-time high. According to Erik Qualman’s research project, “Socialnomics,” social media is the No. 1 most popular activity on the internet. Businesses, whether large or small, have come to realize that sharing content online with thousands of followers is necessary for success in the digital age. By utilizing media channels, companies are more likely to achieve longevity and relevance in a competitive world. The increasing power of social media is undeniable. However, there are still social media skeptics who remain loyal to traditional advertising. At SOCI Agency, our hope is that the following five benefits will turn the skeptic into a believer.
Five Benefits of Social Media for Business
1) Decreased Marketing Costs
The financial and opportunity costs associated with a social media strategy are significantly lower than with traditional marketing. Using social media platforms to reach the masses is typically free. However, if you’d like to attain an even greater audience, it would be wise to invest in paid advertising as it is relatively affordable. By utilizing social media marketing, you will not have to worry about going over budget to promote your business.
2) Instant feedback
Social media enables a business to view positive and negative feedback, which provides valuable information on the customer perspective. With the number of social media users estimated to rise to 1.73 billion people this year, the world of social media is a great place to conduct focus groups, polls, and surveys. Getting feedback from your consumers will help your business to make appropriate changes, if necessary, to provide a winning product or service.
3) Meaningful Relationships
Social media, at its core, is about relationships. Just as people use online platforms to meet potential mates, businesses can use social media to create lasting connections with potential consumers. With social media, you have an opportunity to deliver exceptional customer service to a wide audience. More and more brands are thinking outside the box to come up with ways to build personal relationships and influence purchase decisions.
4) Increased Brand Authority
Social media is the most effective way to increase awareness of your business. By demonstrating consistent customer service on social media platforms, consumers will want to interact with you. When consumers talk about your product or service on Instagram or Yelp, for example, new audience members will follow. The more followers you have on social media, the greater your authority and reach will be.
5) Better Search Engine Ratings
The greater your presence is on social media, the greater your search ranking will be. Accordingly, Hubspot claims that over 58% of marketers who have been using social media for at least one year have seen improved search engine ratings. The more efficiently you use social media, the better your results will be. The hashtag, for example, has evolved to become an information source for millions of social media users. As a result, using hashtags can even further increase your exposure to widen your audience.