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Social media is an essential tool for communication. Recently, it has played a significant role in networking, entertainment, and the growth of businesses. It can affect a business positively or negatively.
Let’s find out how social media impacts small businesses and larger enterprises.
Ease of Communication
Social media makes communication easier between business owners and their customers. Businesses can give customers details about new plans and promotions. Customers too can make inquiries about products, pricing, payment plans, and more. They can easily contact the business support team via chat or the comment sections. This quick communication enables companies to promptly deliver on their promise, making customers happy and willing to return for another buy.
Social media has changed marketing processes for businesses, especially startups. Marketing has shifted from the traditional forms of magazines, press releases, and others to digitized marketing campaigns on various social media platforms. Companies can now reach their target audience, and inform them about new products and services. Through accurate targeting methods, businesses implement marketing campaigns that cater directly to different types of customers.
Social media can affect a brand’s reputation. A seemingly litter error can turn to the loss of both returning and new customers. For instance, if a business makes an error in a piece of information shared, such as the price of a product, it would lead to problems when a customer realizes the mistake.
The team may have to forgo the intended profit just to satisfy the customer. Otherwise, they’ll lose the unsatisfied customer goes ahead to tell others about their experience, calling the business dubious. Yet, a lousy customer review, even if incorrect, can affect people’s responses to a product or service.
If people are unaware of a business’s products or services, they won’t patronize them. Social media helps businesses promote their products and services. These channels are an avenue to explain business activities to potential customers. With social media, businesses can reach a wider audience, especially target customers.
Through image uploads, video clips, educational articles, marketing campaigns, and more, customers will become more familiar with the brand, and begin to patronize them. Moreso, being on social media makes a business more visible, as they are more likely to appear on search pages.
Since social media platforms keep updating their features, businesses have a better chance at reaching customers and engaging them. Coming up with a strategy to upload content, make press releases, and interact with customers via webinars and live video chats gives businesses an opportunity to reach more customers. Appearing on the screen of new leads and customers reminds them about a business, and makes them aware of innovations they might be interested in, leading to more sales and conversion.
Social media has radically changed business as we know it. Businesses can now make more sales by engaging customers appropriately. Otherwise, they lose loyal customers by not paying attention to their feedback, or making transactions easy for them.