The use of technology is widespread and a part of everyday life. Incredible developments have been made in the last couple of decades, leading to technology becoming a staple for businesses. Large companies are completely reliant on technology and using social media for marketing. Because of these developments, social media can make or break the success of a business and the same holds true for entrepreneurs. The use of social media provides entrepreneurs with access to resources they might not have otherwise. If you’re looking to launch a new business, it’s vital you understand the importance of social media and how you can use it to benefit your company.
A recent study showed that the use of social media for business increases traffic to websites. While this benefit is incredibly useful for a business, another study by the Social Media Examiner found that most marketers use social media, but the majority of them do not understand how to use it as effectively as possible. These results show that entrepreneurs must make an active effort to become well-versed in social media in order to achieve success in their business ventures.
Low cost
For an entrepreneur that’s starting a brand-new business, cost is usually a major consideration when it comes to marketing. Small businesses usually limit the amount of marketing they do in order to save costs and put more funds toward perfecting their product or service. Social media allows companies to get exposure they’d otherwise pay for and a simple Instagram or Facebook ad can lead to new customers. You can spend money to reach a larger audience, but these costs are usually low. With careful planning and research, an entrepreneur can make the most of social media resources for free, designing and sharing logos, news, and images.
Increased traffic
A great aspect of social media is the ability to embed and share links. Entrepreneurs can simply add a link to a post and watch the traffic increase to their website or other social media pages. Having a small giveaway or something that draws people in goes a long way on social media. Just make sure your website and company can handle it.
Brand recognition
Using social media allows entrepreneurs to get the word out about their new business venture and starts making the brand known to people. By regularly posting on social media and sharing quality posts, entrepreneurs create brand recognition amongst their target audience. A strong social media presence also increases the authority a brand has in their industry, because people recognize the brand and what it provides to consumers.
Understand the consumer
One of the best benefits of using social media as an entrepreneur is the opportunity to understand and connect with the consumer. Before launching your business, you need to identify your target audience. Once you know who you’re marketing to, you’ll be able to research what social media networks they use and how they interact with their favorite brands. Watch what successful companies do to market on social media and take tips from that!