Social media sites have grown tremendously over the past decade, that they have practically become a way of life. Popular sites like Facebook, Twitter and YouTube have millions of users worldwide who cannot think of life without them. This has opened up opportunities for businesses that were unthinkable only ten years ago. They have made it possible to connect and interact with existing and potential customers directly and form a closer relationship with them.
Social media sites allow you to share news and ideas and promote your products and services at the click of a mouse button. By creating interesting content with text, images and videos, you can attract customers to your website. Once you have gained enough friends and followers it practically costs you nothing to reach out to your target customers.
Here are 4 ways that social media can impact your business:
1. Helps you attract new customers
A business needs a constant stream of new customers in order to thrive. When you post something on your page, other users will “like” it or share it with their friends or followers if they find it interesting. They may even make personal recommendations. Within minutes, your content or link will be viewed by hundreds, possibly thousands, of people worldwide. What could be a better way to attract new customers than this?
2. Helps you build a relationship with your customers
The best way to keep a relationship alive and form a strong bond with your customers is to be in touch with them constantly. Social media allows you to do just that. Since so many people are active on social media these days, you can reach out to them and communicate with them every day by posting content and sending messages to them directly. This is a great way to earn customer loyalty.
3. Allows you to get instant customer feedback
All successful businesses listen to their customers so that they can remain competitive by continuously improving the quality of their products and services. If your customers are happy with your product, they will post glowing compliments about it. If they are unhappy, they will post negative comments. By monitoring their comments and reviews, you can get real time feedback on what your customers are saying about your products or services.
4. Minimizes the costs of advertising
Advertising in the newspaper and on television can be costly and suitable for larger companies. Social media allows businesses to cut the costs of advertisement down to almost zero. All of the useful and interesting information you share on Facebook, Twitter and other sites may be “liked”, shared and recommended by hundreds of your friends and followers. Thus, without spending a penny, you can advertise your products and services to thousands of people worldwide.
As thousands of new users join sites like Facebook, Twitter and YouTube every day, the role and importance of social media continue to grow. This has significant implications for companies wanting to advertise and market their business. In order to be competitive, it is important for businesses to develop a social media strategy and stick to it.
Photo by Fabian Medino