There was a time when small and local business owners relied on referrals and word-of-mouth marketing to gain new customers. Today, referrals and word-of-mouth marketing still exist, just with a modern day refresh in the form of social media. While many business owners, particularly those who may have opened their doors well before anyone even uttered the phrase “World Wide Web,” shudder at the thought of social media, it doesn’t have to be overwhelming or your downfall when it comes to marketing strategies.
The Power of Social Media
Nowadays, it’s virtually impossible to deny the power of social media when it comes to boosting customer base, loyalty and overall profit. With 65% of adults now using social networking sites—business owners have a plethora of choices to reach customers who are virtually “at their fingertips.”
Just take a look at the numbers:
- 52% of online adults now use two or more social media sites.
- 63% of millennials say they stay updated on brands through social networks.
- 90% of young adults use social media and a third of them say it’s their preferred channel for communicating with businesses.
- 84% of CEOs and VPs say they use social media to help them make purchasing decisions.
- 66% of people subscribe to brands on social media to receive discounts or product samples. Hint! Hint!
- Marketers spent more than $10 billion this year on social media advertising in 2015, up 31% over the previous year.
The Many Benefits of Social Media for your Business
As most are well aware, social media is a broad term, it consists of any number of ever changing and developing platforms that allow people, companies and other organizations to create, share and/or exchange information. From Facebook to Twitter, to blogs and photo-sharing platforms; these social networking sites provide a tremendous opportunity to build brand awareness and get the word out about your businesses product(s) or service(s). Their inherent engagement qualities allow you to understand who your customer is, figure out what they think of your business and communicate daily to boost your own website or in-store foot traffic.
While there are plenty of local business owners who “get it” and who are seeing huge growth in brand awareness, site traffic, shares and customer engagement through a social media business plan; there are others who are still resisting the inevitable, or worse, have jumped in without a thorough understanding of how social media can work for their specific business or product and may be missing the mark when it comes to reaching their target audiences.
Tune back in next week when we share thoughts on social media strategies to boost your business…
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