Social Media: What Is Its Importance in Business?

Social Media: What Is Its Importance in Business?
Jan 27, 2020 Social Media Marketing

When it comes to how important social media is within the business industry, it is growing immensely. More individuals are starting to join social media networks and using these sites on a regular basis as well as efficiently, meaning that eventually, the social media industry is going to get bigger. Right now, it is booming like it never has before.

Don’t expect for the wave of social media to come to an end anytime in the near future. And, if you want to ensure that your business survives in this era, it is imperative that it takes advantage of this social media storm.

With incredible growth, every single business needs to take advantage of the right social media networks in optimal ways. Not only because it is popular or sounds easy, but due to the fact their target audience is these social media channels, engaging and connecting with their preferred brands.

By allowing your brand to have that social media touch, you can generate increased business while connecting with customers on a more personal and higher level. In all honesty, it makes digital marketing a lot easier.

Statistics show that 71 percent of customers are more likely to endorse a brand if they’ve had a positive experience with said brand on social media. Below are additional statistics that will show you why social media is so important to your business.

  • As of 2019, there are over two billion social media users worldwide, which is roughly 42 percent of the total population.
  • 68 percent of U.S. adults have an account on Facebook
  • Active users on social media consists of roughly 48 percent baby boomers, 77 percent Generation X, as well as 90 percent millennials.
  • A user spends roughly, on average, two hours and 20 minutes on his or her social media account each day, which includes messaging.
  • Over 70 percent of online marketers are in agreement that their efforts of social media marketing plan implementation for their business has proven to be effective.
  • Today, two million businesses utilize Facebook advertising to promote their services and products.

Now that we have gone over some interesting statistics, let’s analyze the advantages of social media in the business industry.

Leveraging Social Advertising

While it may true that social media advertising is the newcomer, it is growing crazy fast. Consider Facebook advertising. While Facebook launched these ads in 2005, the social network reached over nine billion in advertising revenue within Q1 of 2017. This shows that social advertising is staying around for a while.

As more businesses continue to experience—successfully, we might add—with digital advertising, they realize that taking the route of advertising on social media makes complete sense, and here’s why:

  • Reduced Ad Costs – Compared to conventional methods of advertising like TV, radio, and print media, social advertising tends to be dependable and cheaper. In addition, you can engage on different channels free of cost before ever dealing with paid advertisements. You can grow at your own pace and on your own.
  • Targeted Reach – Conventional advertising fails to offer the luxury of reaching out to your audience in the same way that social media advertisements do. When you are using offline advertising, you are going blind with dismal returns even with big investments. However, with social media advertisements, you are reaching out to targeted prospects, increasing your overall conversions, and generally getting a higher ROI.
  • Real-time Performance Breakdown – It is crucial to know whether your advertisements are working so that it can be improved. Any time that you are doing offline advertising you cannot analyze its performance, crippling your efforts. Conversely, social media advertisements permit you to see how well (or vice versa) the advertisement is performing. You can even change the ad on the go and view the results in real-time.

Finally, businesses need to realize that social media advertisements are getting smarter and bigger, and this is where the future is going. The only question the remains is, are you part of this new wave?

Boosting Brand Awareness

Social media serves to be an incredibly powerful tool as far growing brand awareness. Some businesses will dismiss social media as a way to grow their brand, but in doing so, they are opening up opportunities for their competition. On the other side of the token, some chief marketing officers are in agreement that social media can have a considerable impact on overall brand awareness.

It is not rocket science to use social media to increase brand awareness, and here are several tips to help you in doing that.

  • Locate Your Audience – Prior to concentrating on a specific social platform, determine whether or not your target audience is on that social platform. This can be achieved by searching for applicable conversations regarding your industry, service, or product. For instance, a B2B establishment may locate their audience on the social media network of LinkedIn instead of Facebook. Do not simply assume or just follow other brands.
  • Utilize Visuals – As soon as you have located your target audience, you need to grasp their attention with some visually-appealing illustrations with your content. Videos and images play a huge role here in building your brand awareness since they increase engagement as well as social shares.
  • Create Conversations – When it comes to social media, it focuses a lot on structuring conversations. If these platforms are used for one-way communication, then you will only be able to grab a limited amount of attention. Therefore, it is important to talk and listen. Get yourself involved. Show some personality by tagging, mentioning others, and conversing.
  • Measure Your Efforts – Do not simply aim into the dark. Utilize the various tracking tools that the social media platforms offer, such as Facebook Page Insights, in addition to the supplementary external tools like Google Analytics, URL shorteners, etc. to keep track of your social media activity. The gained insights can help you understand what is working (or not working) so you can effectively enhance your efforts and enhance your brand on social media.
  • Build Authority – If you are looking to achieve an increased engagement rate and enhanced brand awareness, then you need to strive to build your authority by sharing true value. In addition to borrowed content, the content that you post needs to contain something original, since it will add to your overall credibility.

Keep in mind that each step you take toward increasing brand awareness with social media can impact your business growth for the long haul.

Increasing Inbound Traffic

Inbound marketing serves as one of the more effective ways to produce the right type of traffic to your site—traffic that will convert since it is incredibly relevant. However, in the event that you leave and ignore how important social media is within the business industry, you will end up being limited to the internal circle of customers or individuals that are currently familiar with your brand or market.

By putting in the effort in social media advertising, you will be able to develop an entirely new channel to help lure specifically targeted traffic and generate that many more inbound links.

For instance, having a blog that is active makes it a lot easier to connect with your audience since you have fresh content at all times. However, by getting your audience to share the content at the right time on Facebook or Twitter, it can increase your reach tenfold. You will suddenly be able to reach a large audience that is not only more likely to share your content but also follow your brand and potentially become a new customer.

Comparably, individuals who are searching for related keywords to your service or product are a small percentage than the ones that are not. Social media is able to connect you to this much larger and untapped sector of the market.

To assist you in understanding a bit better:

By utilizing social media, you are able to diversify your efforts in multiple ways. Rather than simply reaching out to a single kind of crowd, you will be connecting to a large and adaptable customer base, which is imperative to your brand if you are looking to make a mark.

For example, professionals may come across your site on LinkedIn while millennials may locate your site on Instagram. Every piece of content that is created for social media is a brand-new door for new consumers to come through, and it is a new chance for you to connect with them.

Ultimately, it comes down to creating ample superior content that can be posted on social media channels while also being able to attract inbound traffic that will convert at high rates.  

Improving Search Engine Optimization

Each veteran social media marketer is well aware that there is at least some kind of connection between social media and SEO. Google clearly states that social signals are required when ranking a page; however, there is more to it.

Below, you will learn why social media in business is so important and how improving it can boost your search engine optimization.

  • Increased Chance of Being Found in Web Searches – Google’s form spam head reportedly said that social shares have zero impact on the ranking of your website. However, it has been proven that social media properties do indeed dominate the top of the search engine pages when it comes to brand names, meaning that social media profiles have the capability and power to appear on the front page (top 10) of the web search. Social media profiles can be a fantastic way to connect with customers and prospects, as they serve as an entrance to your website since they show your vulnerable side. They inform users about your company while also assisting them in becoming part of the conversation. By improving your profiles and maintaining fresh, accurate content, you will be able to develop a much stronger online presence. You will achieve greater exposure, and you’ll have numerous channels to bring people to your business.
  • Capability to Reach More Individuals with Social Media Search – When individuals are trying to connect with someone or to something, they aren’t as reliant on Google search as they once were. Search is no longer limited to web search engines they way that they used to be. Search has moved above and beyond, which is why Facebook, Twitter, Instagram, LinkedIn, Pinterest, and other social media platforms are becoming the new mighty search engines. There is a large amount of content being developed and shared when it comes to the social web. This content can be discovered easily by web users with hashtags, keyword search, and more. When users search for your published content on social media, it is possible to acquire new supporters who want to connect, follow, or do business with you. It isn’t just about the actual content; it is also about the producer of the content—you. When users see excellent content being developed and shared, they are interested in who is behind it, which could result in them looking you up on social media platforms like LinkedIn to learn more about you and your business. As a professional business, it is crucial that you ensure you are taking the necessary steps to stand out from the competition and make sure that you do not have duplication profiles.

Social media is continuously evolving, as is the SEO industry. With that being said, there are increasing opportunities that social signals will have an impact on your overall rankings. So, it is important that you are prepared by developing your presence on social media with valuable content.

Increasing Conversion Rates

Another way social media is important in business is that is it good for seizing targeted leads, but of course, it does not come to a halt there. Obtaining superior leads is just a single part of the entire equation; the other part of the equation is converting those quality leads into actual sales.

Is it possible for social media to truly assist you in boosting your conversion rates? Does social media have that X factor that you are looking for when it comes to the foundation needed to acquire more sales?

The answer is a definite yes, but this is only if it done the right way. Below are a few ways that social media can be used for enhanced conversion rates.

  • Utilize It for Social Proof – Social proof, which is also referred to as social influence, is when individuals assume that the actions of other individuals reflect the proper behavior of a particular situation. Ultimately, it refers to the fact that individuals do what other individuals do. They tend to assume what most people believe. Social proof tends to work due to the fact that it offers a sense of assurance to prospects and ensures that they are familiar with the benefits of your products without selling occurring. Social media brims with activity that is able to be utilized for this social proof. If an individual comments on a Facebook post giving praise for your company, make sure to use it. If an individual tweets regarding how your product can make a positive impact on their life, use that to your advantage. When an individual posts an enthusiastic picture on Instagram of them using your product or service, use it.
  • Utilize It for User-Generated Content – It is imperative that you develop superior content for social media. One of the best ways to do this is to have your fans do it for you. When your social media fans reference you in a positive light, use it and feature them on your profile page. User-generated content serves as social proof that indirectly aids in boosting conversions. Plus, this can be engineered by asking individuals to share certain content for the chance to be featured. If you have a decent sized audience, the majority of social media users will be more than happy to have this chance. You will need to be creative in this approach, though, and use hashtags.

There are a number of different ways that your conversions and sales can be impacted by social media. For that, though, you must understand how important social media is in the business world and take the right steps.

Satisfying Your Customers

It can be difficult to lose a customer, and it is that much harder to gain a new one. However, it is 10 times easier to retain a current customer, and this is why your utmost priority should be customer satisfaction.

Connecting with customers through social media allows you the opportunity to monitor their wants and needs, as well as the problems that they are dealing with and how you can help them. To please your customers and ultimately make their lives better, you will need to provide them with effective and personalized customer service. And, guess what? Social media helps with that.

Today, customers are aware of how friendly and approachable social media is as opposed to a call center associate who is hundreds or thousands or more of miles away and has a difficult time resolving a problem. Customers are looking for excellent service with no hassle.

In order to increase customer satisfaction through social media, you will need to do the following:

  • Monitor conversations to determine if customers are speaking about your company and brand and in what particular context.
  • Broadcast important announcements, messages, and offers to your customers via social media platforms like Facebook, Twitter, and Instagram.
  • Offer prompt service to customers who are having genuine issues or need assistance with a service or product.
  • Hold routine Q&A sessions with customers to help you better understand their apprehensions, get real customer feedback, and also see how your products and services can improve.
  • Connect and build relationships with customer advocates and/or power uses so they can assist other customers.

It doesn’t matter which platform you decide to use to reach your customers, it is important that you are speaking their language, you are offering them personalized customer service, and you are responding to them with little delay.

Enhancing Brand Loyalty

Many businesses focus on the number of followers that they have, which is honestly nothing but a number of pride, as it fails to serve a purpose if your followers are not loyal to the brand. There is a difference between a loyal and random follower since the former adds true value.

If you are looking to get the absolute most out of your overall marketing efforts on social media, it is imperative that you concentrate on improving brand loyalty. You can get better conversations and engagement with a loyal following.

Talk to any loyal follower about his or her trusted brand and they’ll speak in a positive manner about it without needing to be pushed, leading to organic word-of-mouth marketing.

To enhance social media brand loyalty, here is what you need to do:

  1. Have a Concrete Social Media Strategy - Social media continues to evolve, and every platform has its very own personality. For instance, Facebook is different from Pinterest, and Pinterest is different from LinkedIn. Therefore, the same advertising and marketing techniques can’t be used on social media that you have been using for years. A social media tactic needs to be formulated that is in line with your goals and with various other areas like SEO, content marketing, etc. In doing so, you should get an idea of the type of value that you are able to form for your loyal followers, allowing you to retain them and spread some word.
  2. Share Value-Oriented Content – Your followers are loyal for a reason. They look for value, which you must deliver all the time by sharing high-quality and valuable content. For instance, it is better to deliver a detailed case study as opposed to a 600-word article. The more relevant and useful the content is that you post, the better it is. Plan what kind of content and how you want to share it with your followers. By taking the time to strategize the creation of your content, the content will get you a much higher ROI when it is shared. So, in other words, do not rush this. Determine what it is that sets your content apart from everyone else’s. For instance, visual content tends to get more shares than traditional content, meaning that you should use images, videos, etc. so long as they are adding some level of value.
  3. Be Consistent – Like most things, your brand has an individual personality, and there are specific characteristics that are truly unique to it. By recognizing these traits, it is much easier to connect to your audience. The focus should be to remain consistent in your overall approach and keep the same voice among all interactions. This includes all content that is created and shared as well as the way that you talk with others—it should all come back to reflect the personality of your brand.
  4. Respond to Queries – While you may not necessarily be a celebrity to your followers, they do look to you for the answers that they need. So, when they come to you with a query, it is important to get back to them with the appropriate and correct answers. In doing so, they will know that your business cares about them and others and that you’re the real deal. However, you want to make sure that you aren’t only focusing on your loyal followers. Take the time to look for questions that do not have an answer. This can be done by performing a search of targeted keywords and looking for questions that require a response. By choosing to answer these questions, you are establishing yourself as an authority or expert in your field.
  5. Show Your Human Side – While automation is okay when it comes to posting on social media (think of tools like Buffer), you should not continue to do it. It is important to personally interact with your followers and humanize your brand. This ensures that your fans and followers continue to come back.

Many businesses attempt to present themselves as large organizations, which is a huge mistake on their part. People do not need auto bots; they need other people, which is exactly why you need to be engaging in real conversations and connecting to them on a personal level.

Conclusion

Ultimately, the only way to truly understand how important social media is in business is to start applying what has been discussed here in this article. In the end, as long as it is done correctly, social media marketing can be incredibly cost-effective. This is because paid social media campaigns like Facebook Ads tend to be cheaper than various other types of advertising methods like search engine ads, meaning that you can get a higher ROI.

If you want to succeed, your business needs to get with the social media program. If you want the results without the work, we can help you out. Contact us at WebDetail today to learn more.