In recent years, social media has become an essential part of marketing strategies. It helps businesses connect with customers, increases brand awareness, and most importantly boosts leads and sales.
Social media usage is one of the most popular online activities. In 2019, an estimated 2.95 billion people were using social media worldwide, a number projected to increase to almost 3.43 billion in 2023.
Due to the current COVID-19 pandemic, there has been a surge of online usage. According to Ecoconsultancy, 45% of global consumers are spending more time on social media. People are looking at social for news updates, to check in on family and friends, but more importantly, they are looking at these channels as an escape to the grim reality they are currently facing.
A new report by GlobalWebIndex has highlighted the changes in consumer behaviour during the coronavirus pandemic. In a global survey of over 13,000 consumers, conducted between 16th-20th March, the GWI found that 95% of consumers are spending more time on in-home media consumption.
With statistics like this, it’s quite evident that you could be losing out on potential business should you not be on at least one social media platform.
So, which are the most popular platforms and what works best for business?
According to Statista.com, Market leader Facebook was the first social network to surpass one billion registered accounts and currently boasts approximately 2.5 billion monthly active users, making it the most popular social network worldwide. By comparison, the photo-sharing app Instagram had one billion monthly active accounts.
In terms of business and professionalism, there is no social network better than LinkedIn. It has a vast community of business owners, employers and employees who connect and share business-related news or information. Subsequently, it is more formal than other social media platforms and a lot more relevant to you attaining your marketing or business goals.
Still not convinced that you should hop on the social media bandwagon? Here we list our top 10 reasons why you should be using social media for your business:
1. Brand Recognition
Gaining brand recognition should be one of your business’ most important marketing goals. Social media has the benefit that it can get your brand in front of people much quicker and easier than traditional media. Furthermore, you can get your niche target market looking at your brand even when they aren’t thinking about it.
2. Improved Conversion Rates
With the increased brand visibility that comes with being on social media, more leads will visit your website. The chance of conversions should, therefore, also increase.
3. Provide Exceptional Customer Service
By being readily available to customers and offering feedback, companies can show how committed they are to their existing customers and entice potential clients with their continued interaction and support.
4. Reduced Marketing Costs
Compared to traditional marketing, social media advertising is possibly the most cost-effective part of a marketing strategy. Joining and creating profiles on most social platforms is free, and any paid advertising is relatively low. You can determine your spend based on the number of people you want to target and their locations.
5. Improved SEO
According to Bluecoronamarketing.com, social media signals don’t have a direct impact on search rankings, but they do affect your search engine optimization efforts in primarily four ways:
- Increased online visibility and traffic to your website
- Increased authority and brand recognition
- Broader content distribution and longer content lifespan
- Improved local SEO
Social Media, therefore, increases online visibility and supports SEO efforts to drive traffic to your website.
6. Retargeting To Your Audience
In a nutshell, retargeting works by remembering people who visit your site and placing “cookies” in their browser. When they visit a social media site, a retargeting service then displays your ads.
Retargeting offers an opportunity to recapture potential leads or customers if they left your website without meeting a marketing goal.
7. Evaluate Your Performance
One of the best advantages to social media marketing is the ability to assess your performance with a click of a button. You can view metrics of your campaigns and should something not be working; you can pause, reassess and improve it to drive better results.
8. Monitoring Your Competitors
Your competitors know the value of social media and will be following a strategic marketing plan too. By following them, you can gain some valuable insights, make better strategic decisions and get ahead of the game.
9. Gain Marketplace Insights
According to Blue Fountain Media, “One of the most valuable advantages of social media is marketplace insight. What better way to know the thoughts and needs of your consumers than by talking directly to them? By monitoring the activity on your profiles, you can see customer’ interests and opinions that you might not otherwise be aware of if your business didn’t have a social media presence.”
10. Thought Leadership
Posting interesting, relevant and well-written content on your social media is a great way to show your followers that you are a leader in your particular field.
Social media marketing, when done correctly and consistently, is a valuable asset for any business. It can assist in increasing your brand authority and trustworthiness in an overly populated marketplace.
Stay relevant, factual and don’t be scared to entertain your audience. Be sure to keep monitoring your efforts; the beauty of digital is that you’re instantly able to change what isn’t working for you.
Should you require assistance or advice with your own social strategy, get in touch and we can get the ball rolling.