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Social Media platforms and their impact on Business

Social media, and all the powerful platforms associated with it, is an extremely powerful tool that must be in every modern business owner’s arsenal. Social media helps businesses in multifold ways, some of which are stated in this article

Posted by Shravani Dhavale | Posted at 2021-02-22

Categories :social media, marketing,

In the recent past, the definition of Marketing in terms of business has evolved greatly. This evolution is especially true after the COVID-19 Pandemic of 2020 wherein businesses have opted for rapid digitalization in every possible aspect. Times like these have urged business owners to shift their businesses online. It is very difficult for a business to sustain and keep up with their competition if they do not have an online presence.

So, how do you do it?

The answer is fairly straight forward. You use social media.

Studies show that about 3.5 billion people (i.e. HALF of the world’s population) has a presence on social media, which is why approximately 73% marketeers agree that a presence on social media is an effective strategy.

Social media, and all the powerful platforms associated with it, is an extremely powerful tool that must be in every modern business owner’s arsenal. Social media helps businesses in multifold ways, some of which are stated below:

The primary ways in which social media can benefit small businesses are Brand Building, Business Growth, Customer feedback, Reducing Marketing costs, etc.

A solid presence on social media not only increases traffic and brand awareness, it also helps build trust in your brand. Social media can be used to showcase customer testimonials that will allow other potential customers to know about your products and services. It will also assure potential employees of the credibility of your organization. This inevitably plays a key role in increasing the brand value of your organization.

In addition to that, social media allows you to showcase your products/services to a large and diverse audience. Using the right tools for social media marketing allows you to accurately define and target the right audience for your business on a global scale. Social media platforms allow your business to become an omni-present entity, if used strategically. This kind of reach is almost impossible using traditional marketing techniques.

Brings about awareness regarding your brand is another aspect that can be achieved through adequate use of social media. Once the target audience is identified, you can use the right marketing strategies through audio-visual mediums to bring about awareness regarding your brand. Additionally, social media platforms can be effectively used to promote any new product launches or services easily.

Another important benefit of having an active social media presence is that it allows you to communicate freely with your customers. The drawback about traditional businesses is that giving and receiving feedback is extremely difficult. This drawback is essentially eliminated with the help of social media platforms. Social media allows customers to freely express their experiences while consuming a particular product or service. It also allows businesses to promptly resolve any problems that may arise and tend to customers in an effective manner. Instant customer feedback can also be used to analyze which products are working effectively and what changes need to be made in a particular product in order to achieve optimum customer satisfaction.

Social media also allows you to analyze your competitor. Social media platforms are a great way to study and analyze what your competition is doing right and what they are doing wrong. The secret to a successful business is continuous evolution and social media allows you to gauge your business against your competitor’s and implement appropriate changes for constant evolution.

One more important advantage of using social media as a marketing tool is that is eliminates the cost of traditional marketing. Traditional marketing methods may include utilization of promotional materials in a printed format, broadcasting, cold-calling, utilizing billboards, etc. With the use of adequate social media platforms, the cost of these traditional tools of marketing is eliminated. Along with that, the resources associated with traditional marketing such as man power as well as time consumed are reduced drastically.

However, the most important advantage of using social media platforms is that it has the potential to humanize the business by showing the people behind the brand. Knowing where your product comes from and the thought behind it appeals to most customers. It shows the customer that your organization is much more than data and machinery, that it is comprised of people who work hard to deliver good quality products and services, which inevitably strengthens your brand loyalty and further establishes reliability.

Therefore, to summarize, it can be established that in today’s day and age, social media platforms play a pivotal role in the growth of an organization. With the plethora of social media platforms available to us such as Facebook, LinkedIn, Instagram, YouTube, Twitter, and many more, social media marketing has become extremely approachable for a business owner of any size, and it is essential that every professional do their best to utilize this powerful tool to their ultimate benefit.