In this age, technology and social media have literally dominated the world. Practically everything has a digital footprint. Since the advent of Facebook and Twitter, social media has become a vital part of our lives and not just for entertainment. Be it business, education, networking or any other aspect, social media plays a vast role in our daily lives.
Especially for businesses, social media can be hugely impactful. Any business that has a well-developed social media is almost guaranteed to have an edge over one without the social media. That is because the world thrives on it now. Read on to find out how it is so.
- Cost effectiveness:
To run a digital media campaign and execute your strategies, it costs a huge amount of money if you are going for the traditional way. With social media however, you can sign up and create an account for free. Plus you would have a better reach and output with your planning. Because social media significantly reduces your costs, you have a better chance to increase your ROI (Return On Investment).
- Brand awareness:
As mentioned above, the world thrives on social media. Everyone wants to feel connected with each other. And since practically everyone IS on social media in some platform or other, you can easily increase your brand awareness and consequently benefit your business. The more people see you, the more the brand visibility your business would get. And marketing is all about increasing your brand visibility and loyalty.
- Customer engagement:
The ease in interacting with each other on social media platforms is one of the reasons social media is so popular. If you are running a business, your goal should be conversions. The more you engage with your customers and set up a two way communication method, the more your customers are likely to be pleased with you. The best way to actually promote your business and convey your message is through interaction. And you would be hard pressed to find a more convenient medium for customer engagement than social media.
- Stronger brand loyalty:
Connect. Connect. And connect. That’s what you have to do when running a business. Once you have made a firm connection with your customers, they are going to come back again and again. One of your main targets should be increasing customer retention rate and customer loyalty. Social media isn’t merely for launching a new product and creating hype. It can be used for whole campaigns with the result that your customers feel they are an integral part of your brand. If you have achieved that, know that your business is doing well.
- Improved customer satisfaction:
For improving your brand loyalty, your customers need to be satisfied obviously. In the old days, the focus of running a business was to generate profits. Now it is to satisfy or delight a customer. Customers are appreciative of the fact that when they post a comment on your post, you take out the time to reply to them, provided if done in a courteous and polite manner. They can clearly see that your business actually takes out the time to value them.
- Market awareness:
You want to design your products and your strategies so they specifically target your audience instead of just throwing it out haphazardly. And for that, you need to know what exactly your customers’ needs are. You can do a good market research on your target audience by identifying their interests and hobbies and the number of times they view your videos or your posts. There are several tools for these analytical studies which would help you know your market.