Social media platforms have been used by businesses as a means of marketing, expanding their audience, and interacting with customers. They also aid in brand building, market research, and customer service. Businesses now use these platforms regularly, though many may be reluctant. There is a belief that social media may be either too risky (i.e. controversy) or time-consuming when looking for a following. However, there are other benefits to using social media for business that could be very helpful to your company.
Attract unique customers
With the incorporation of social media in our daily routines, a survey showed that 9 out of 10 noted that they purchased from businesses they follow on social media.
A study done by a social media marketing firm, Sprout Social, shared with Mobile Marketer that there has been an increase in brand follower spending from 12% to 75% as of 2019 to date.
A strong social media presence for your business' niche audience, through well-curated content, can bring about an increase in your revenue.
Building customer relationship
Consumers want brands to provide quick responses through social media, making the platforms much more significant in customer relationship management efforts.
Customer Relationship Management
According to Marketing Dive, 40% of consumers expect brands to respond within the first hour of connecting, while 79% expect a response in the first 24 hours. Econet uses social media to educate customers and receive feedback. Their quick response times to queries ensures customer loyalty as each individual receives attention.
Increase brand recognition
Brand recognition is crucial for any business, and social media is a powerful tool for increasing it. People are more likely to choose brands they are familiar with.
Neal Schaffer's research emphasizes how 90% of marketers credit social media marketing for increased web traffic and improved business exposure.
For companies such as Chicken Inn, it does not take time to know from a single post or ad what products or services they offer. They have managed to stay top of mind with their social media initiatives; an example is how they penetrated TikTok through their use of influencers who were seen wearing their t-shirts or reviewing their menu.
Learn about your audience
Through social media, you can gain customer insight by monitoring the behavioral patterns of your consumers. As an increasing number of consumers interact, share, and express themselves on social media that activity data is fast becoming a primary source of business intelligence that's playing a bigger role in business strategy.
Research by 'Retail Customer Experience' noted that 85% of corporate leaders, are using social data as business intelligence information, and almost half of those surveyed expect their social media marketing spend to increase by up to 100% in the next three years.
Build a community
One of the most effective ways to leverage social media is by building a community of followers who resonate with your brand.
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