In 2020, it is unlikely that you will be able to find anyone who does not understand the value and importance of social media. Social media has consumed everyone’s lives and has become an important part of existing in the world. However, understanding social media’s importance in business is completely different from simply using it for yourself. The value that your business gains from social media is not the same as what you would personally benefit from, in fact, it is the opposite. Businesses today depend on social media for increased leads, sales and overall, marketing.
Understanding the importance of social media in business is not just knowing that it is valuable. Properly comprehending the importance and value of social media is more complex. It involves knowing the audiences of each platform, the behaviour of the audience on each platform, which content format performs best and more. For example, a person who truly understands the value of social media would know that in 2019, 99% of users accessed social media on their mobiles. This directly impacts the type of content created and how a business is marketed.
To help you understand a bit more about why it is important to thoroughly understand the importance of social media in business, we’ll explore a few direct impacts that it can have on a business.
4 factors that point to the importance of social media in business
Builds brand awareness
Unless you have a massive marketing budget, it can be extremely difficult to break through the noise of other companies in your industry. If people aren’t paying attention to your business, or don’t know about your company, then you won’t secure leads or sales and will never be profitable.
Social media boosts your visibility among potential targeted customers (not just anyone using the platform), allowing you to reach a wide audience who can turn into sales/leads with relatively little budget and time. However, other brands are using social media as well. A content marketing manager and social media manager will know what kind of posts (videos, images etc.) are effective with your audience and will encourage them to engage with your brand.
Your social media platform should be defined by what you want for your company in alignment with brand awareness. For example, do you want people to discover your products or to visit your store? Your answer will dictate the content and strategy.
Shows the authenticity of the brand
More and more, customers are interested in brands that communicate their personality through their posts. They don’t engage with content that is dry, boring and normal or corporate-style. However, like anything else with your company, your tone and content must be aligned with your brand personality/identity.
The authenticity of your brand is shown through its voice and personality. Once you find out what that is, then communicating it through your social media content becomes the next step. Use your voice and personality to take a stand, be funny and come up with query statements or responses. While you have to be polite, be true to who you are. If you know that your audience will appreciate and respond positively to a sassy response, then do it! Gelato Messina is a great example of having the brand’s personality shine through their content. Due to this, their engagement remains insanely high and their authenticity, 100%.
Facilitates and encourages engagement with audience/customers
Engagement on your social media posts does more than just promote interaction between your brand and the customer. Depending on the platform, it organically boosts your post, increasing the number of people who see it and make it appear longer on people’s feeds.
Social media opens the conversation for instant interaction, customer relationship building and customer loyalty. It makes you closer to your customers in a way that would be impossible without social media.
Creating engaging content evolves monthly as social media platforms bring out new and innovative ways of interacting with an audience. Keep on top of trends and ensure that you only use ones that make sense for your business.
Offers a budget-friendly way of growing
Anyone who has owned a business knows that marketing costs add up quickly. Marketing in any form is needed to be seen, heard and to grow. However, not every business can afford this and as a result, they end up either plateauing or declining in profits. Social media, however, levels the playing field by using sponsored information, videos with CTAs, cross-channel retargeting and shoppable posts.
While these methods cost money which can quickly add up with multiple campaigns, it’s also extremely valuable with a small budget. Social media has the opportunity to grow your audience exponentially with a singular campaign. You can reach thousands of potential consumers with a relatively small budget, an accomplishment that would have been near impossible before social media.