In the recent years, we’ve seen food and retail industry giants setting up social media profiles and transforming ‘likes’ and ‘follows’ into concrete sales. Now, the good news is that you don’t have to be a part of a Fortune 500 company to have a successful social media page. In a way, social media has levelled the playing field by allowing both small and big businesses to use its platforms to boost their profits and achieve their goals.
Easier and better customer service management
Remember the time when customer service management was an expensive and complicated process? Promoting a new item meant picking up the phone and calling every single person in your database. Dealing with multiple customer queries meant having a phone that rings off the hook the whole day.
These days, it’s possible to reach out to thousands of customers using customised Facebook and Twitter pages. Whether your page has 40 or 4 million followers, these social media platforms will allow you to respond to customer queries 24/7.
These platforms also have ‘insight’ sections that let you manage and monitor the activities of your business page. You can accurately gauge whether or not your business is providing good service to your customers.
Free Market Research
Decades ago, companies doled out thousands of dollars on researchers and field experts to aggregate and interpret customer sentiments on their respective brands. Today, social media platforms like Facebook, Twitter, and LinkedIn, are doing the brunt of the work for free. The data offered by the analytics/insights page makes it easier for Community Managers to track what’s being said about a product or company. These figures also reflect the performance of a particular page, promo, or post.
Customer information that once required extensive research can now be viewed with a click of a button. Using this data, you can tailor your marketing strategies to appeal to your target demographic. These metrics can also be used to determine more effective ways to engage with your customers.
An Excellent Tool for Marketing
Back in the day, promoting a new product meant spending heavily on large in-store banners and advertisements on radio, TV or print. With social media, you can reach roughly the same amount of people without breaking the bank.
According to Statista Inc., there are currently about 1.96 billion social media users worldwide. To get your message through, all you need to do is create a post or tweet your message to your followers. To reach a larger audience, you also have the option of going for a paid advertisement. Social media platforms such as Facebook, Twitter, and LinkedIn all offer this type of service, and so far, the numbers are looking good.
Do you want to know what your biggest competitor is up to? Just monitor the company’s presence on social media. Usually, companies with nearly identical products employ the same social media strategies. By taking a peek at the competitor’s page, you can learn a lot about their marketing strategies and hopefully come up with something equally good or something even better.
Facebook, for instance, has a ‘Pages to Watch’ option, which you can use to gather data about your competitor’s page. You’re basically given a snapshot of a page’s total likes and rates of engagement from the previous week. LinkedIn has a similar feature called ‘How You Compare,’ which lists down companies that belong in the same industry and the number of followers they have.
Added Brand Visibility
One of the main benefits of being on social media is that it gives you added brand visibility at little to no extra cost. While your business may have a website of its own, by participating in different social media channels, you’re making your brand more accessible to your customers. The right content strategy can also encourage engagement.
Beyond attracting potential customers, added brand visibility also makes it easier for future investors and business lending companies to find you. Before investors hand over their cash, they’d want to make sure your business is a worthy investment. While lending companies will want to look into your business to see if your company meets their requirements for small business loans. Having a solid social media presence that reflects the potential of your company can definitely help increase your chances of getting that investment or loan.
Succeeding in today’s competitive business landscape means making use of every available platform to advertise, improve, and manage one’s business. With over 3.17 billion internet users worldwide, it’s easy to see why more and more entrepreneurs are using social media channels to reach out to both current and potential customers.