Social media is a great way to share pictures with family, update friends on what you’re doing and even check out available jobs through professional platforms. But there’s so much more to using social media than sharing cat videos or travel blogs. As a business owner, it presents you with a number of outreach options you simply don’t have access to without social media.
Few things in the world of business are free. Outside of word of mouth advertising, very little comes to you without a hidden charge or recurring fee. However, social media doesn’t cost a cent to start up with. Yes, you can spend on social media advertisements, but creating profiles and giving potential clients additional connection methods is easy, free, and has the potential to bring in new clients from around the world.
While there’s no limit to the reasons why you need to take advantage of social media for your business, here are nine of the best reasons why it’s critical to your company’s survival.
1. Your Customers Are Here
Probably the top reason why your business needs to be on social media is the simplest one: it’s where your customers are.
In fact, in research conducted by WeAreTop10, 70 percent of Americans have at least one social media account. Additionally, 2.5 billion people around the world use social media. On top of this, 59 percent of people log onto at least one social media profile once a day, with a third of these individuals checking their profiles more than five times a day.
All of this points to continual access to a platform your business is on. You need to be where your customers are. Social media can help.
2. Customers Will Follow Business Social Profiles
If a consumer likes your product they are more inclined to follow you on social media. This means every time you post a sale or showcase a new product, these followers will see it. Without social media, you have to pay for this kind of exposure. Social posting is free.
Of adults between the ages of 18 and 34, 95 percent said they would follow a brand they like on social media (according to Marketing Sherpa). From learning more about you to landing sales and discount codes, when a customer follows your social media accounts there’s a greater chance of turning them into repeat customers.
3. Learn Valuable Consumer Insights
Analytics drives business. In fact, data is driving just about everything these days. If you watch professional baseball you’ve probably noticed infields shift based on where a batter is more likely to hit the ball more now than ever before. Why did this change? Because the analytical data shows it increases the chance of getting an out.
In business, consumer insights give you greater analytical data on your customers, what they are doing, how they spend their free time, and what is more likely to attract them into making a purchase.
Website analytical data does not provide you with this kind of information. Social media does. At the very least, you can take what you learn from consumer insights via social platforms and use it to improve your marketing and sales approach across the board.
4. Boost Brand Authority
A strong social following boosts your brand authority. It also increases the number of individuals you receive with a single tweet or Instagram post. Powerful social influencers can move the needle when they have something to say or a product to share. Do you want to give up this kind of powerful control to your competition?
If the competition has a stronger brand authority, what they say goes and you’re left to play catch-up. It’s far better to lead than to follow. In business, this begins with your brand authority.
5. Discover a New Demographic
You likely already have a pretty good idea as to who checks out your products and who typically buys it. However, with social media, you may discover a brand-new demographic.
By studying the analytical data from those visiting your profile, engaging with posts and sharing your pictures, you may lean another target audience is interested in what you must sell. This can represent a brand-new revenue stream you didn’t know existed.
The power of social media isn’t just about advertising your company to clients who already know you exist. It’s about exposing new customers you didn’t know were interested.
Social media is all about being social. Users want to share ideas and highlight great products they love. In fact, according to Omnicore, social media users are 80 percent more likely to try new things because of a friend’s suggestion on social media. They are also 74 percent more likely to share a product or brand they like on social media.
Even if these social shares and purchases are not a new demographic, it is a new customer and just another reason why your business needs to be on social media.
7. Boost That Conversion Rate
Whether you’re trying to increase your email list or boost sales, a higher conversion rate is critical to the overall return on investment for your marketing plan. According to HubSpot, social media helps you increase that conversion rate.
In fact, social media has a 10 percent higher lead generating to conversion rate than any form of outbound marketing. And all you need to do is post content to your social profile and stay active.
8. Valuable Marketing Opportunity
You don’t need to purchase advertisements on social media. However, if you do, you’ll find it is far more cost effective than other methods out there.
According to Lyfe Marketing, you’ll pay an average of $2.50 per thousand impressions while using social media marketing. For this kind of exposure, you’ll pay $10 for a radio advertisement, $28 for a commercial and $57 for direct mail (for a thousand impressions). Just think of the kind of money you can save by switching to social media marketing.
9. Keeping Up With The Jones’
The old saying comes from post-World War II when soldiers returning from war and their families needed to have the latest and greatest products, not necessarily because they wanted it because they needed to keep up with their neighbors.
In modern business, you need to keep up (and stay ahead) of your competition. If your competition is on social media and you’re not, you’re falling behind.
By fully taking advantage of social media you have the opportunity to reach new customers, showcase your company in a new light, and communicate directly with consumers, all without paying a cent. Very little in the world of business is free. Social media is something that is, and it has the power to transform just how successful your business really is.