Social media is a powerful tool that millions of people incorporate into their lives every day. It’s not just about sharing information and socializing with others. Today, social media sites and apps impact people’s lives beyond their list of friends. The world of business and industry has taken advantage of the ways social media can help improve a company’s business model and profitability. Here are 10 ways social media can benefit a business starting up or trying to expand.
1. Builds Customers
The biggest benefit a start-up business could see with a strong social media presence is with its customers. Social media is one of the best methods a new company can utilize to build up that initial customer base. Businesses can use social media analytics tools to pinpoint and target a potential customer base. They can also use social media to build relationships with their customers and create brand loyalty.
2. Spreads Information
Another reason new start-ups love the power of social media is because of its incredible power with sharing information. Before social media, many small start-ups got lost in the crowd and faltered. Social media makes it possible for any type of business, no matter how small or new, to share information about itself and make it relevant. Whether its educating customers or focusing on giving advice to the general public, social media is a great platform.
3. Shares News and Updates
Companies also like how quick and easy it is to share important news and updates through social media. Customers can learn about promotions and more instantly with social media. New products, company growth information, and other exciting updates are easily shared through an effective social media marketing plan.
4. Reduces Costs
Social media is also a powerful tool for new start-ups because of the cost effectiveness of social media marketing. For companies that don’t have a large wealth of capital from the start, social media marketing can be a bargain. Even very small companies can use social media in a cost effective way for a powerful marketing tool. As a business grows, it can research other types of targeted social media marketing and their cost.
5. Gives Your Company Personality
Also, business owners love social media marketing because of its ability to give a company a little bit of personality. Posting regular updates in a cheerful voice can shape the way an audience perceives a business. Sharing pictures and videos is another way a company can humanize itself a little more and give a brand an appealing voice that customers appreciate and look forward to learning more about. Having a bit of brand personality can help promote loyalty and retain more customers.
6. Brings More Web Visitors
Effective social media marketing also can give your website a big boost in traffic. Many start-ups begin their operations through online stores. Creating content through social media and linking it back to your website is a great way to bring more visitors to your online store. This translates to higher sales and profits in the long run.
7. Allows for More Funding Opportunities
Another essential for a new start-up is funding. Start-up investors like Lowercase Capital, helmed by venture capitalist Chris Sacca and Chris Sacca’s wife Crystal, use social media to gather information and ideas about new potential investment opportunities. Social media helps connect start-up candidates who need funding with business experts, capital funding groups, and other helpful resources.
8. Pairs Companies with Influencers
Next, a popular growing trend for business start-ups and social media advertising uses influencers. Influencers are typically niche bloggers who have a large group of followers through several social media platforms. These bloggers present themselves as regular people, homemakers, crafters, consumers, or experts in a field and share their opinions with millions of people. Some start-ups have partnered with influencers to help promote products or brand awareness.
9. Generates Ideas
Regularly using social media for business and connecting with a variety of start-up partners and others in your industry can also help you generate more ideas for your own business model. There is an endless amount of content online through social media that can give you and your business more ideas about products, customer service, and your brand’s identity. Being an active member of the social media community can help you find your place and dream up more potential winning ideas.
10. Manages the Company’s Reputation
Lastly, social media helps companies of all ages manage their reputation and stay in good standing in the court of public opinion. If you make a mistake and negative voices spread about your business, you can take action and counter the negativity with something productive and positive. You can also find out what is trending about your company to see a real picture of what your reputation looks like.
Social media has revolutionized the way new businesses find success in a variety of industries. This tool is one of the most effective ways to build a company and make it become a leader in its field.