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5 reasons why businesses need social media

Social Media For Business

Social media should be an integral component of a company's marketing strategy. Any business that wants to remain competitive needs to have an online presence. 

There are many social media platforms you can have accounts on for your business. In 2019, there were 2.95 billion social media users world wide (Source: Statista).  And this number is only growing. 

What does that mean for your business? That means, no matter what your business is about; there is always someone interested or looking for your product/service or something similar to it. For most businesses that means their customers are already on social media. 

Not having a social media presence can mean that a small business is loosing out on connecting with their existing customers online or advertising to potential customers. Not having a social media presence can mean a business is loosing out on a fast, inexpensive way to reach a global audience.

Social media, if done right has many advantages.

1. Connecting with online customers:

With nearly half the world’s population being on social media, chances are that your target audience is already out there. Not having a social media presence means that they are probably connecting with your competitor and following his/her brand instead of yours. In real world it can translate into lost opportunities for a business.

2. Increase brand awareness:

Connecting with customers online has an advantage. Everyone you post on your account, your customer gets notified. That in turn means that not only your customer, but their network of friends can see your post; exposing your brand to a wider network.
A study from Deloitte found that consumers who use social media during their shopping process are four times more likely to spend more on purchases than those not using social media

3. Boosts leads and sales:

Connecting with existing and potential customers has its advantages. Increased interaction increases the chances that the next time they are in the market looking for a business like yours, they will choose to interact with your brand.

4. Improved customer service:

90% of social media users say they have already used social media to connect with brands online. And when users connect with their brands, they expect a response. Improved customer service leads to better customer experience. According to the marketing platform, Ambassador  71% of social media users say that they are more likely to recommend a brand if they have had a positive social media experience.

5. Opening new markets for your product or service:

Social media can be used as a tool to introduce your product or service. An example of a business using social media successfully to launch their new product is Ford. In 2011, they skipped the tradition auto shows and did a Facebook reveal of their latest model of the Ford Explorer They did this six months prior to the car appearing in the lots nationwide. This unconventional launch helped Ford reach a much wider audience and spawn online conversations that lead to interest in their product.

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