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Why Is Social Media Important for Business Growth?

Why Is Social Media Important for Business Growth?

 

Social media is a critical component of your company’s marketing strategy because it’s vitally important for connecting with your customers, gathering valuable insights, and cultivating your brand.

Having a solid social media presence and strategy is no longer optional for businesses, large or small, if they wish to succeed in today’s digital environment.

According to Sprout Social, 80% of business executives state that social media is an absolute necessity for business, while 91% of executives say they plan to expand their social media marketing budgets in the near future.

Why is social media such a powerful medium in today’s world? Let’s take a deeper dive.

Social Media Increases Your Online Presence

Social Media Increases Your Online Presence

It’s pretty simple: if people are oblivious that your business exists, they’ll never become your customers. Because of its incredible reach, both locally and globally, social media can go a long way towards increasing your online presence.

To date, an estimated 4.55 billion people – 57.9% of the world’s population! – are social media users. That provides a huge audience for you to market anything to anyone. Such an audience can help your brand awareness to escalate.

Social media titan Instagram reports that 60% of users discover new products on its platform. What’s more, 33% of online consumers say social media is their principal method for finding new products to purchase, according to a study by Growth Gurus.

Social Media Builds Authenticity

Social Media Builds Authenticity

Having a significant online presence not only increases brand awareness, but also enhances the authenticity of a brand.

Authenticity is key for converting visitors to customers. According to Growth Gurus, 63% of online customers are more likely to purchase from a brand with an informative social media presence.

Explore various ways to display your expertise as a thought leader in your industry by saturating your company’s social media with helpful material. By doing so, you’re indicating that your company can enhance people’s lives – and this can help engender trust among prospective customers.

Social Media Enhances Your SEO

Social Media Enhances Your SEO

After evaluating 23 million social media posts, CognitiveSEO found solid evidence of a link between organic search engine rankings and social media engagement. Shares, likes, and comments are criteria that Google and other major search engines use to determine search engine rankings.

This is due to the fact that increased levels of social media engagement can translate into your brand being mentioned many times, or to an increase in direct website visits, which – according to an analysis conducted by SEMrush – is the most important determinant for SEO.

Social Media Humanizes Your Business

Social Media Humanizes Your Business

Humanizing your business is a key aspect of social media. In doing so, your company is more likely to make genuine human connections.

Acquainting your followers with the people who embody your brand and demonstrating how customers can use and benefit from your products is sure to increase conversions. This also creates authenticity, and authenticity elicits trust with consumers. In turn, trust maximizes marketing responsiveness and more effectively promotes your product. It should go without saying, but social media is the perfect place to be authentic!

You can humanize your business by showcasing:

  • How you champion your brand values
  • How your product performs in real life
  • How you prioritize the interests of your employees and customers

These are all excellent methods for increasing conversions as well.

Social Media Creates a Channel for Customer SupportSocial Media Creates a Channel for Customer Support

Social media platforms have effectively narrowed the gap between businesses and their customers. Many people now utilize Facebook or Twitter to find solutions to problems or track down necessary information in lieu of calling a customer support number.

You can build your reputation as an empathetic brand by offering support via social channels and establishing a system for tracking customer thoughts, questions, and criticism on social media. Make every effort to be positive and helpful. Listening to criticism (and responding appropriately) makes customers feel heard.

According to Sprout Social, 78% of consumers are willing to buy from a business after a positive experience on social media.

Social Media Creates Opportunities for Partnership and Networking

Social Media Creates Opportunities for Partnership and Networking

Collaborating with influencers – individuals who have a considerable following on social media and can bring that audience’s attention to your brand – is a powerful method of driving social word of mouth.

You also have the opportunity to network and partner with other companies in your industry. You might do this by appearing as a guest on someone’s podcast, being featured in an article on a company’s blog, or by using branded partnerships to create cross-promotional giveaways.

Collaboration with influencers and other brands can significantly contribute to the growth of your company.

Social Media Teaches You About Your AudienceSocial Media Teaches You About Your Audience

Social media triggers a substantial amount of real-time data on your customers, including their demographics, their interests, their buying patterns, and so much more. In turn, you can use this data to your advantage to make better business decisions.

Every major social media platform has built-in analytics showing specific demographic data about the people who engage with your business. By reviewing this data, you can optimize your social media marketing strategy to engage directly with your target audience.

Social Media Helps You Keep an Eye on the Competition

Social Media Helps You Keep an Eye on the Competition

It’s vitally important to keep tabs on what others are saying about your competition. For example, tracking competitor mentions may clue you in to issues with the competition’s products or services. This gives you an opportunity to address those concerns directly, which in turn could translate into new customers for your business.

Additionally, when your competitors launch new products or services, offer promotional discounts, or publish new reports or statistics, you’ll be in the loop and can adjust your strategy appropriately.

Social Media Is a Formidable Platform for AdvertisingSocial Media Is a Formidable Platform for Advertising

Social media advertising can be an economical way to promote your products or services and share content with your followers. Many social media platforms also offer advanced targeting tools, enabling you to market to your target audience while expanding your reach.

You can create custom-tailored messages that address various groups of prospective buyers using targeted ads – options such as demographic information, region, language, and even online behaviors – and only pay for the viewers you wish to reach.

Final Thoughts on Why Social Media Is Important for Business Growth

Final Thoughts

In this digital-first era, social media use is no longer optional – it’s a necessity. If entrepreneurs and brand marketers can fully harness the power of social media, it can be tremendously advantageous for their businesses.

If your organization isn’t currently using social media for its marketing and advertising, planning and executing a strategy should be your number-one priority. You don’t want to risk falling behind your competitors in this ever-evolving arena.

Need help getting started with social media marketing? HighClick Media can help! Reach out to us today at 252.814.2150 or drop us a line here to see how we can help #elevateyourbrand!

 

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An earlier version of this article appeared on MarketingProfs’ blog and can be referenced here.

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