Have you ever bought or sold anything under the sway of social media? It could have been a product, a service, or even an opinion or an idea. In this highly digital era we live in, many events and transactions are facilitated through various digital media. These days, we are seeing a huge boom in social media marketing. This is in part due to the pandemic which has upended businesses and economies around the world. Learn about the advantages and disadvantages of using social media for business, and how to leverage it as a means to amp up your business.
The growing significance of social media for business
Globalization has taken a new form in recent years. The current phase we are in is referred to as the age of internetization. It is characterized by the revolutionary power of technical and electronic developments. The latest stats reveal that around 3.96 billion of the world’s 7.8 billion people use social media. Thus, it means that roughly half of people around the globe are using social media platforms. Moreover, the findings highlighted a more than 8% increase in social media users worldwide from July 2019 to July 2020. These figures only showcase the growing importance of social media in the field of business. Social media has, is, and will continue to play a significant role in relation to the global economy and human pursuits.
“Social media is here. It’s not going away; not a passing fad. Be where your customers are: in social media.”
– Lori Ruff
The rewards of using social media
1. Increased brand awareness
Your brand is your face in the business world. Thus, taking advantage of effective social media marketing will allow you to put your best foot forward. So, try to communicate who you are, what you stand for, and what your offerings are, more people would start noticing you. It is often said that word-of-mouth advocacy is the best advertisement you can have. Nowadays, this translates to advocacy using social media platforms.
2. Lead generation
Our experience has taught us the value of social media in lead generation. We use several means to get and develop leads. However, it is not uncommon to hear prospective clients say that they heard of us through social media. Aside from generating leads, social media can also be used to nurture existing relations. It provides a feedback mechanism through which you can interact with clients or customers. So, why not give a shout out on your Facebook page or respond to comments from time to time? Bear in mind that engagement plays an important role in any type of relationship. How much could you like someone who never texts or calls you back?
3. It boosts sales
A study found that 78% of salespeople engaged in social selling outsell their peers who do not utilize social media. This clearly shows the advantage of incorporating social selling into your business strategy. Consequently, providing as many possible options for engaging potential and existing customers or clients will always be a plus.
4. Increased web traffic
Did you come across a social media ad with links to a business site lately? This is a common trend these days that businesses employ to get more site visits. This in turn will greatly improve your website’s visibility. Maintaining a strong online presence is a must in the long game of business. It helps you maintain a competitive edge over your competitors.
5. Build and maintain your reputation
The content you post can provide a lot of benefits to your business reputation. It builds your credibility as people can check your site for important information. Be it in line with current market price or product features, it always pays to be transparent. Feedback is always important for you to be able to capitalize on your gains. On the other hand, it can also help you address negative comments. Moreover, you can also gain insights on how to improve your offerings. At the same time, you may even be able to develop a new line of products or services based on information culled from customer or client feedback.
6. You get constant updates
An advantage to using social media is that it allows you to be aware of current trends and developments. For example, you can check why a particular competitor is ahead of you in a certain department.
Disadvantages of using social media for business
1. Demands attention and constant monitoring
Social media is immediate. Similar to face-to-face interactions, social media encounters require you to be alert at all times. Not responding to a query on time can be interpreted as a lack of concern or interest. Worse, it could even be taken as an act of rudeness or an insult.
2. Makes you a target for negative criticism
Always pay heed to the content you are posting. Remember that inappropriate words or images can harm your reputation. It’s easier to say, “Let me rephrase that” when you’re talking to someone. However, imagine doing the same on LinkedIn or even Twitter. Wish you luck on having the most engagements ever on the former and a Tweet of the year for the latter.
3. Security and privacy concerns
There is always the possibility that your account will be hacked and valuable information stolen. These can be used to harm you or customers in numerous ways. Hence, always bear in mind to take proper precautions when using social media for business4. Time-consuming
If you’re serious about using social media, know that it could take up a lot of your time. You may need to designate a particular member of your staff to focus on such tasks. You can also get the services of a firm that specializes in social media management. This way, you can be assured that someone with expertise, is handling the task for you.
5. Content you post can be subject to the law
This is especially true with the growing focus to protect consumer rights. The internet has provided new avenues for interacting with customers and clients. It has proved very useful in many ways but it can also be used in a negative manner. Therefore, always ensure that your content is properly researched and reviewed.
In closing
Social media can be effectively employed to secure business success. However, you must be aware of its pros and cons. It will help you make wise decisions to take full advantage of such a powerful marketing tool. At the same time, you will be able to avoid pitfalls that could tarnish your brand.
Discover how our team of accomplished virtual assistants can help you harness and unleash the potential of social media. Book your free discovery call today.
