The Value of Social Media Marketing
Social media has become quite literally a one-stop-shop for business, promotion, influence, education, interaction, and engagement. In fact, as of 2021, there are almost 4 billion users worldwide. Of those, each user has on average eight different social media accounts.
As you can imagine, if you’re a business in 2021 without a social media account, you’re missing out on arguably the largest platform of opportunity the modern world has ever witnessed.
From a marketing standpoint, social media is pure gold. Not only is it cost-efficient in comparison to traditional marketing strategies, but it provides a simply unbeatable ROI.
So, if you’re a business without even one social media account and you’re wondering whether or not it’s a worthwhile investment of your time and resources, the answer is an unequivocal yes. The sooner you realize it, the sooner you’ll begin to see the profits roll in.
Boost Brand Awareness
In today’s fast-paced, tech-savvy, age of the internet society, If your business isn’t on social media, your business frankly doesn’t exist. While this is somewhat of an overstatement, it also surprisingly holds some validity.
The truth is, there has never been a marketing platform that increases business visibility more than social media does. Social media blows any prior marketing strategy out of the water when it comes to brand awareness, visibility, and more.
Having the ability to tell your story in an organic and personable format, promote your products & services through creative and captivating content, and have direct access to communicate with your audience has never been so easy.
With an effective social media marketing strategy, any business can thrive. But first, you need to create an account (or eight…)!
Stay Relevant, Remain Competitive
According to Sprout Social, a competitive social media management platform, 91% of business executives plan to increase social media marketing spend in the next three years. Of that 91%, half plan to increase their social budget by 50% year-over-year.
Why are these statistics important? Not only does it show how undeniably valuable social media has become for business but it shows how YOUR business is going to fall behind and become irrelevant FAST if you don’t get with the times.
If your business is already on social media, great job. However, that’s just the first step. Using all the tools that these platforms offer will allow your business to remain relevant, stay on the top of mind of your customers, and keep them entertained and informed so they remain a part of your community.
This brings us to the next point…
Build a Community, Create Relationships
One of the main competitive advantages that successful businesses have is the relationships they have between themselves and their customers. With social media, building relationships through the community has never been easier!
Improve your reputation through engaging content and reliable communication, maintain crisis control through impeccable customer service, and build your network of new and existing customers through engagement and personable interactions.
With an effective social media strategy, your business can create meaningful relationships for the long term, ultimately impacting the success of your bottom line!
Gain Valuable Insight
Social media platforms are algorithmic powerhouses that provide tremendous amounts of meaningful data useful for business insights.
From customer demographics, behaviours, and preferences, to brand sentiment, competitor success, and financials, social media provides it all. No matter the platform you choose, each has a built-in integrated analytics database that’ll provide you with key information to help with major business decisions.
Increase Your Bottom Line
As we’ve learned throughout this article, social media is an incredible one-stop shop for improving just about every business metric imaginable.
Social media is an amazing tool for increasing web traffic, generating leads, promoting products and services, converting sales and capturing new audiences, among other things. For obvious reasons, all of these factors are key contributors to your business’s bottom line.