Impact of social media on business

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There was a time when social media was considered by some as a passing trend. Something that “the kids” were using that busineses could never really benefit from. Over time, the critic were proved wrong. There are over 3 billion internet users—and over 2 billion of them have active social media accounts. Popular social platforms have become marketing bulk, offering businesses valuable data about their customers and a (mostly) free way to reach them. The board has spoken: social media for business is no longer optional.

If you’re admiring how social media can benefit your business, look no further. We’ve outlined key points below.

 

Increase brand awareness and loyalty

When you have a exitstence on social media, you make it easier for your customers to find and connect with you. And by connecting with your customers on social, you’re more likely to increase customer detention and brand loyalty. A study by The Social Habit shows that 53 percent of Americans who follow brands on social are more loyal to those brands.

Run targeted ads with real-time results

Social ads are an inexpensive way to advertise your business and  alot content. They also offer powerful target options so that you can reach the right audience. For example, if you run an ad movement on LinkedIn, you can section by things like location, company, job title, gender, and age—the list goes on. If you’re running a Facebook ad, you can target based on location,enumeration, interests, behaviors, and connections. You can step and measure the performance of your social ads in real time.

Generate higher converting leads

Social media increases sales and customer detension through regular interaction and timely customer service. In the 2015 Sales Best Practices Study from research institute MHI Global, world-class companies graded social media as the most effective way to identify key decision makers and new business event. In the State of Social Selling in 2015, nearly 75 percent of companies that matched in selling on social media reported an increase in sales in 12 months.

 Provide rich customer experiences

Even if you aren’t on social media, most of your customers expect you to be. Over 67 percent of consumers now go to social media for customer service. They expect fast response times and 24/7 support—and companies that deliver win out. A study by Aberdeen Group shows that companies engaging in social customer service see much bigger annual financial gains (7.5 percent YOY growth) vs. those without (2.9 percent).

 Increase website traffic and search ranking

One of the biggest benefits of social media for business is using it to increase your website movement. Not only does social media help you direct people to your website, but the more social media impact shares you receive, the higher your search ranking will be. For example, if every person who follows Hootsuite on Twitter Retweets this post, it’s more likely to rank higher in Google’s search engine results page for variations of “social media for business.”

 Find out what your competitors are doing

With social media monitoring you can gain key information about your competitors. This kind of intel will allow you to make strategic business decisions to stay ahead of them. For example, you can create search streams in Hotsuite to monitor industry keywords and mentions of your competitors’ names and products. Based on your search results, you can improve your business to offer product enhancements, service, or content that they may be missing.

Share content faster and easier

In the past, marketers allow the challenge of insuring their content reached customers in the brief possible time. With the help of social media, specifically when it comes to sharing content about your business or for content curation, all you need to do is share it on your brand’s social network accounts.

 

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