Social media is not just another marketing channel used by businesses to boost brand awareness and improve their sales figures; it is the most important channel that businesses can leverage to propel strategic business growth. Social media can ensure increased profitability for your business with effective usage.
In order to leverage the immense potential of social media, you must have an active presence on the various social networks you think are important for your business. An ‘active’ presence involves a concerted attempt to share value added content with fans and followers, nurturing personal engagement and micro targeting a target audience with personalized messaging.
This requires effort and that too lots of it. So, the core question is – why is this effort necessary? The answer lies in the nature of benefits of social media. If you aren’t active on social media, you will cede space to your competitors who might have made it a critical component of their business growth strategy.
So, let’s take a closer look at how your business profitability receives a huge boost because of social media.
The Humanization of your Brand
Social media humanizes your brand. This is important to build a personal connection with your customers. On social media, your brand has a personality of its own that your target customers can relate to. When a brand interacts with its target audience on social media, it can adopt a person-to-person approach. This let the customers know that your business care for their needs as a friend and it is not merely for the purpose of selling products or services.
Over the long run, this humanization will pay you rich dividends in the form of increased customer loyalty
Product Recommendations on Social Media to Drive Business Growth
A recent survey conducted by Shoutly, shows that social media plays an important role in driving trusted product recommendations. A mammoth 82% of respondents give more importance to personal recommendations while shopping online. 77% of the respondents said, they will buy an eBook if they receive a positive recommendation on social media; 78% will buy software if it’s been positively recommended on social media.
This survey proves that product recommendations on social media have the capacity to drive sustained business growth.
What you’ll need to do is create a recommendation ecosystem that is powered by sharable product information and useful product centric content. You also need to make it easy for customers to share feedback and post product reviews; offering the right discounts and making sure your target customers come across your product when they need them most is also a great way of driving product recommendations.
What you are essentially doing is increasing the ‘recommendation potential’ of your products. Your job is to create an environment that triggers product recommendation by your customers. Coming from somebody other than the brand, such recommendations deliver the results you are looking for.
Social Media as a Product Research Tool
Did you know 41% of consumers discover new brand/products/services by seeing ads on social networks and 37% of consumers’ research brands on social media? Social media plays an important role in not just making your products more visible in front of your customers, but it also shapes consumer sentiment about your brand and its offerings. If people are saying good things about your brand on social media, that creates an overall positive impact over the brand.
It also makes sense that all information about your products and services is available on social media whether it’s through your company profile on social networks or consistently sharing product driven content.
Using social media as tool of quick and personal customer support is a great way of improving business credibility. This works towards improving the profitability of your business. Some of the best brands in business are using Twitter handles purely to leverage customer service. This gives a personal touch to their service efforts and also ensures people are able to ask for customer service quickly and effectively. The idea is to use social media to quicken the process of getting access to customer feedback vis-à-vis products and services, which ensures their problems can be solved faster than before. This ensures even customers dissatisfied with your products appreciate your attempts to sort out their problems quickly.
This enhances customer retention.
Social media improves word of mouth about your brand and takes it viral. Suppose, you’ve written and published a post on your website blog. If it’s good, readers will share it with their friends and followers who in turn will share it with their network and so on and so forth. It’s not just your content going viral in this case; it’s your brand as well. This is just one of the many ways your brand can go viral on social media. But for this to happen, you need to come up with new content regularly and share it across all your networks.
In order for your brand to have a reliable social media presence that delivers incremental returns you’ll also need a content marketing strategy in place. This will help you create, publish and share the right content that your target audience will love going through and which they won’t mind sharing with their friends and followers. They must find your brand content share worthy and if they do, your business presence on social media will definitely deliver incremental returns.
Avyakta is an MSc graduate by education. She is a professional writer in the domain of learning and education. She has completed her masters in Biochemistry from Bangalore University and is currently working as an author with Simplilearn Solutions Pvt Ltd, which is one of the leading providers of professional certification courses. The courses offered by Simplilearn address the unique needs of working professionals. She has previously worked with a publishing house ande-commerce firm. She is based out of Bangalore and has an experience of 3 years in the field of content writing and blogging. Her work has been published on various sites related to Project Management, IT, Finance, SAP, Quality Management and more.