Fresh Takes

How Is Social Media Shaping The Business World?

Over the last 20 years, with the introduction of social media, information and communication technology has evolved significantly. Today, there are over 3 billion social network users worldwide who use media to engage with brands. A recent study found that more people follow brands on social media than celebrities. Hence for the growth of business, companies should take advantage of social media, for not missing out on an easy, affordable, and effective opportunity to reach nearly half of the world's population.

The curated list below will help in understanding the importance of social media in business communication.

1. Brand Awareness - With over half of the world's population using social media platforms like Facebook, LinkedIn and Instagram, they're a logical place to reach new and highly targeted potential customers. Companies build a name and engage their customers more intimately through timely responses and interactions.

2. Increased Website Traffic - Social media posts and ads are an effective way to generate organic traffic to a company’s website. Sharing engaging content from your enterprise’s blog or website on social media is a brilliant approach to gather new readers.

3. Generate Leads - Potential clients can express interest in your business and products through social media in a low-commitment and straightforward manner. Lead generation is such a vital benefit of social media for businesses that several social networks have advertising formats designed solely to collect leads.

4. Boost Sales - Social media can help companies sell anything. A business’s social accounts are an essential part of their sales funnel, which is the process by which a new contact becomes a customer. Social networks have become progressively common for product discovery and e-commerce as the number of individuals utilizing social media grows and social sales tools also evolve. Every company should align social marketing and sales objectives and simultaneously promote their brand through engaging campaigns.

5. Keeping Track of Competition - It is also critical to be aware of what the audience says about a company’s competitors. One of the main advantages of keeping track of the competitors online is that it will reveal issues and shortcomings of a company’s products. A brand can then reach out and address the same, gaining new customers in the process. Observing a company’s competitors on social media also means being informed when they launch new products, run discounts, or share reports or statistics. Further, if there is a particular trend going viral, a company can quickly implement the same by checking their competitor’s social media accounts.

6. Reporting and Analytics - It is always difficult for marketers to demonstrate return on investment. However, using social media tracking and analytics tools, a company can observe the full impact of their social media activity, from follows and engagements to purchases. Tools like Google Analytics evaluate social media website traffic, conversions, email sign-ups, and ROI for both organic and paid social media campaigns.

7. Targeted Advertisements - Social ads are an economical way to promote a brand and distribute content. They also provide powerful targeting benefits, allowing businesses to reach the right audience while making the most of their budget.

8. Customer service and Customer Support - Consumers expect brands to be active on social media and seek out their social networks for customer service. Brands that fail to match these expectations damage their bottom line. As a result, addressing and resolving issues through social media is critical to a business's reputation and reliability.

9. Promote Content - Promoting a company’s content on Facebook, LinkedIn, Instagram, YouTube and other online platforms is an excellent method to get a brand’s creative, well-researched content to new potential clients, demonstrating its expertise and increasing its audience. To make the most of social media for your business, a company has to ensure they have a proper content marketing strategy in place.

10. Reputation Management - Whether or not a company is present to answer, their customers are already talking about them on social media. If the marketing team of a brand is watchful, they can spot key social posts about the business and highlight the positive aspects while addressing the negative before it becomes a major issue. If someone is spreading false information about a company, the team has to come up with a strategy to present the brand in a positive manner. Similarly, if someone appreciates a company’s products and services, the brand has to thank them generously and draw emphasis to their pleasant words.

It is said that information is power. One of the main social media benefits for business is the distribution of information. Platforms such as Facebook, LinkedIn, Twitter, and others have enabled instant access to information at the click of a button. Social media demands attention because it has completely reshaped businesses and consumer behaviour - a phenomenon that is still evolving and expanding as people of all ages begin to use this medium.

Businesses can use social media to form more meaningful interactions and get to know potential customers better. A small enterprise can quickly develop a fan base and solicit feedback from its target audience. It can generate new streams of traffic that can lead consumers to products and strengthen the brand’s reputation.