Modern business wisdom says that social media is mandatory if you want to grow your business. Realistically, however, this is only half-right.
Here's the thing: Engagement (reactions, comments, shares) doesn’t always translate to sales, and the media value of a share by an average user is vague, at best. Nonetheless, social media has the potential to play a critical role in your business’ success. Here’s how:
For many, social media is the face of the Internet. The more visible you are on it, the more visible you are to potential customers. And if some of your followers become advocates for your brand, then this form of “passive marketing” is completely worthwhile.
Many social media platforms allow you to boost the visibility of your posts for rates that are significantly lower than traditional advertising options. While it doesn’t always deliver the same results as an actual advertisement, it’s well within your budget range—especially on a medium that audiences have access to 24/7.
Social media gives the market a direct line of communication to you, and in many ways is their preferred medium for inquiries. This is incredibly important, as approachableness is a factor in building customer trust, which in turn plays a role in developing customer loyalty.
Because social media is the easiest way to get in touch with a brand, it’s a valued source of customer feedback. Users will send their complaints and suggestions your way; use these insights to improve and elevate your brand and products. Every direct message that pops up in your notifications is valuable market research.
These days, customers are more inclined to favor brands whose values align with theirs. Social media gives you the opportunity to show customers what sort of company your business is like (which is something previously only available via PR agencies). Think of your social media accounts as your most basic layer of public relations, and build up your image from there.
Having said that, remember that social media also has its limits. There’s no replacing the growth that product development and physical expansion can provide. If you want to take your business to the next level, you’ll need to invest in more direct improvements.
You can kick-start your business' expansion with a BDO SME Loan. Avail of loans up to 20M with affordable rates and flexible terms, making it an ideal choice for SMEs looking to grow. It’s the extra push that can help your business go further.
Learn more about BDO SME Loan here.