Social media for business: How does social media impact business growth?
Wondering whether social media impacts business growth for any brand out there is so 2009. There’s no denying now, especially that we’re in 2021, whether or not social media is important and affects businesses regardless of which sector they are in.
The positives and negatives of social media on the world is a different discussion entirely. What we’re looking at is your business and how it impacts growth, profitability, and long-term sustainability.
With the impact of the global coronavirus pandemic, we have come to realize just how important it is to have a virtual presence. Businesses which failed to innovate and adapt to the new normal have either had to shutter down or bear major.
There’s no telling how and when life will return to the normal we remember it to be, which is why now is the next best time to be planning your social media strategy.
Social media is where the world is
From people living in the most advanced cities of the world to those in rural and remote communities, there are swaths of communities which are active on various social media platforms on a daily basis.
Now, it’s important to understand that there is a wide variety of social media channels to choose from, so don’t think about needing a presence on all of them. Even though it seems like each one will give your brand the limelight, it’s still important to understand the safe options and actually those platforms which actually have your ideal customers in its audience.
Facebook alone has over 1 billion daily active users. Over a month, there are more than 2.3 billion unique users. That is nearly one third of the world’s population! Even more surprising is that the average person spends nearly two hours every day browsing social media apps.
The popular and fast-rising Tik Tok has a whopping 500 million monthly active users and Twitter is a close third with 335 million. It’s incredibly detrimental to any business strategy focusing on growth to not consider utilizing the power of social media.
How does social media impact business growth?
Social media for business: Here are two major aspects for any business considering ramping up its growth.
- Brand Awareness
- Consumer Engagement
Without these two, businesses would fail from the get-go.
1. Brand Awareness
Talking about brand awareness, it doesn’t only mean reaching out to retail customers and only an aspect which the generic businesses should focus on. Brand awareness is essential for companies which only may be dealing in a B2B environment. With the world being on social media, using the right channels such as LinkedIn will increase the exposure to the right audiences if your audience of choice is other businesses and professionals. In fact, 84% will buy from a brand they follow on social media.
E-commerce has blown up and after the coronavirus pandemic, we’ve all become accustomed to ordering online. Making sales through brick and mortar isn’t the only revenue stream you should have in mind. Planning an effective e-commerce strategy is one solid way of blasting off your brand’s awareness in today’s digital marketplace.
It is also essential for companies looking to make an impact with an upcoming invention and needing investment. Without that awareness, how would investors know about the potential opportunity? Social media for business is a key way to get the word out there.
2. Consumer Engagement
Engagement is another powerful way of keeping potential consumers in the loop and updated with important information. It’s not surprising to see that almost half of consumers are expecting to get an informative response on social media within an hour.
And more. According to research done by Sprout Social, 90% of people use social media to contact a brand.
What happens when customers don’t get any reply? They feel like they are being left on the backburner and it ends up ruining the effort you have put into building that relationship. Being online has its immense benefits, but at the same time, the expectations are just as high. This is where the concept of high risk, high reward comes into play.
Social media for business isn’t always straightforward. There are several aspects to playing your cards right and gaining the most possible exposure while also limiting the risk. Social media is an important touchpoint between businesses and customers. Businesses who effectively master this touchpoint are able to grow.
Staying on top of your social media activities doesn’t have to be time-consuming. Creating a social media marketing strategy is the first step to do so. There are many great marketing tools out there that can help you with that. Nanos is a company which can help you do exactly that. Through the use of innovative technology, you could be setting up your social media campaigns in minutes.