7 Benefits of Social Media for a Business Firm
Social Media basically refers to the interaction of people on virtual network and online communities. People may share or create new ideas and exchange information based on various different topics and user generated content. Today most of us are aware of this trending phenomenon as social media has infiltrated our very lives.
Networks like Facebook, Google+, Twitter, LinkedIn and many more have become a part of our day to day routine. And if social media is such a strong medium to get connected to people all around the world, it is without a doubt a brilliant tool for business networking and marketing. Social media marketing has its fair share of advantages and disadvantages, however, in this article; we shall discuss the various benefits of social media for the growth of a business.
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1. Increase Your Brand Awareness
Social media is tremendously widespread and is prevalent in almost every corner of the world where we can find human population and internet connectivity. Through social media, a company can easily increase its reach to a massive crowd. Regular updates on the company’s page will not only provide information to the existing customers but in turn will increase the chances of creating an arsenal of new customers.
2. Connect With The Customers Directly, Both New And Old
The best part of social media marketing is the benefit of personalizing with your customers. You can always host group chat sessions and also send personal message or chat requests to your existing customers. This is important as you can get various ideas and suggestions directly from the customers, which is beneficial to your business. You can invite new potential customers to your company’s page. Social network is a massive tool to personalize with your customers both new and old.
3. Immediate Feedback
Blogging has always been an essential part of social media’s stronghold. The more people will talk about your products or services, the more feedback you will get on how people respond to the service or product your business has to offer. You can find many ideas which will save on the brainstorming you have to do in order to improve your products and services. Hence, social media will provide you with that competitive edge.
4. Identify New Product Or Service Opportunities
In search of new ideas, people spend big bucks on door-to-door surveys or market research. But now, you can find almost everyone on the social media network; your work of identifying and keeping up with the new trends and needs of people has become a cakewalk. You can host various discussions and group chats which involve your potential and existing customers to know what they need and what their expectations are from your organization.
5. Increased Chances Of Business Partnerships
Social media not only provides a ground to attract new customers but also people who might want to join with you for mutual gain. There is always a need of people who invest or contribute to a particular business. Social media can help you in finding such people and also be a common-place where interested people can find and connect with you. This can greatly improve the chances of your company’s growth opportunities by a huge margin.
6. Increase Traffic To Your Website
More likes or visits on your company’s social network page can increase your search engine optimization score by a major degree. You can increase the number of people who visit your website through social media. The more people read and come across your company’s profile on a social network, the more chances are of them visiting your company’s website. More traffic on your website will again increase the reach of your organization to a wider audience and the chances of finding new customers.
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7. Minimal Cost Advertising
We all know that most social networks are free to use and are used by millions of people worldwide. Statistics show that 78% of small businesses get their customers through social media. And 61% of youngsters decide on what to spend through social media. Social networks are a great place to market your product with a minimal costs that can only decrease the money, time and energy you spend on advertising through conventional methods. This is important, especially for small and medium business enterprises who want to cut their expenses as much as possible. Social media is hence one of the cheapest and most effective methods of advertising.
Social media not only has provided a common platform to interact with each other but is, without a doubt a powerful tool for businesses to increase their reach to a wider audience and increase their chances of growth by a monolithic margin.