The surge of digital media has transformed the business world as it has our lives. It has opened up a new channel for businesses to interact with customers and potential customers. Small businesses have arguably benefited the most from social media. It has almost leveled the marketing field with the big boys on the key demographics. Here are some of the advantages small businesses have received from social media.
1. Increased brand recognition
Most small businesses are almost unknown. When you start a business, you need to launch a marketing drive to build your brand recognition beyond your employees, business, and friends. You need to reach out to your target customers and let them know who you are and what you do. Social media gives you a platform to do just that. The popularity of digital media has seen top platforms like Facebook and Twitter create ad targeting that reaches out to a particular demographic.
2. Improved brand loyalty
Many small businesses can leverage on the rise of digital media to improve their brand loyalty. Getting customers is not enough. As a brand, you need to retain these customers and create a relationship with them to encourage referrals. Social media allows a smaller brand to consolidate their following. You can interact with your clients which will build customer loyalty. Furthermore, online is becoming a great place for potential customers to get reviews too. If you create brand loyalty online, you can be sure that the customers will be writing rave reviews about your business. People are persuaded more with brand ambassadors than brand influencers, so that’s a great thing.
3. Higher conversion rates
Having brand ambassadors can help you increase sales so try and improve the brand loyalty on social media. That is not the only way to increase conversion rate on social media. Potential customers are taking to social media to look for products and services and not just reviews. Leverage on your social media platforms to generate leads by tailoring your content in a way that captures your target market’s attention. Small businesses should then train their sales team to convert the leads generated.
4. Improve customer service
Digital media is instant, convenient and affordable. All these are qualities of good customer service. Customers are taking to Facebook and Twitter to register complains and make inquiries. Presence in these platforms will enable a small business to improve their customer relations.
5. Reduces cost
Every business, whether for profit or not, seeks to lower their costs. A small business may struggle to break even when getting started. Social media enables you to reduce your marketing costs considerably which can boost your bottom line. Setting up your digital channels is free, and buying ads can cost you as little $1. Social media marketing is way cheaper than traditional marketing.
Social media helps small businesses reach out and connect to key demographics. Millennials are part of that group and they a key because brands which capture them are set to have loyal customers for a very long time. If you are a small business, ignore social media at your peril.