As of January 2023, there are around 4.2 billion users currently active on social media, a number that has doubled since 2017. It’s not just big businesses that are active online, with approximately 71% of small-to-mid-sized businesses now recognizing and harnessing the enormous power of social media profiles.
Still unsure why your business must be active online? Here are four major benefits of social media for businesses.
1. Increase E-Commerce Opportunities
Since Covid-19, e-commerce has exploded. The appeal of shopping from the comfort and safety of the couch has turned shoppers away from brick-and-mortar stores. Even with pandemic regulations stripped back, this social media commerce trend is showing no sign of abating, with early figures projecting a spend of $2.9 trillion dollars by 2026. This means that any business not active and building a strong brand presence on social media is going to miss out on a huge slice of this lucrative financial pie.
2. Conduct Market Research
A huge part of succeeding in business is identifying a gap in the market and filling it. Using poll-features and other interactive elements on your social media profiles, you can gather invaluable insights from your Ideal Customer Profile (ICP) that can then be used to improve your product/service.
For example, if you’re planning to develop a new range of gloves for your clothing line, ask your audience for their biggest pain points in existing gloves on the market, e.g., most prevent or impede the use of phone touch screens. This research isn’t limited to prospective products, it can also help you identify areas for improvement in your existing line, from size and colour availability to functions.
3. Manage Your Reputation
It’s impossible to launch your brand onto the world stage without opening yourself up to negative feedback. However, social media accounts give you more power than ever to both identify and diffuse negative impressions surrounding your brand.
While it may be tempting to delete unfavourable comments on your Facebook or Instagram pages, research has shown that just acknowledging the issue (even if you can’t fix it) can improve the overall sentiment toward your brand. It shows not only the original commenter but all your followers that you are committed to customer service and conflict resolution.
4. Create Long-Term Relationships
Handing out branded fridge magnets isn’t good enough in 2023. Brands that aren’t active on social media will struggle to build long-term relationships with stakeholders. By giving fans of your product/service a social media profile on which to converge, interact and learn more about sales and future products, you can build rapport and increase engagement.
By responding to comments left on these profiles, you can also humanise your brand and create a positive sentiment that sets you apart from your competitors. SproutSocial notes that, when customers feel connected to brands, up to 76% will choose to purchase from them over a rival company.
The four benefits listed above are just the tip of the iceberg. Social media has proven itself an invaluable tool for businesses to engage with stakeholders and improve business outcomes in 2023.
An author of DigitalGpoint, We have published more articles focused on blogging, business, lifestyle, digital marketing, social media, web design & development, e-commerce, finance, health, SEO, travel.
For any types of queries, contact us on email@example.com.