The question Why is being on social media detrimental to your business? is a scary one. Why? Simply because the term social media, especially for a ton of startups, small medium enterprises, local businesses etc raise more questions than it answers.
A question like, do we need to be on social media platforms, we are running a local business my audience is not searching for me online, which social media platform to choose, do we go whole hog or take a organic approach, no proper clarity on tools to use, how to measure ROI of the same and a whole lot more.
So let’s try to be objective and data-oriented when we address our question of Why is being on social media detrimental to your business?
Let’s start with few statistics to help you grasp the gravity of this media channel.
- Digital Population:
- 4.7 billion internet users across the globe in 2018
- 3 billion active social media users
- Every 15 seconds a new user is joining social media
- 60 billion messages are handled by Facebook and Whatsapp in a day
- Social Media business statistics:
- More than 64 percent of brands use two or more social media channels
- 81 percent of the small and medium businesses use one or the other social media platform
- 8.3 billion dollars in 2016 and 40 Billion Dollars in 2017 were spent on social network advertising
- More than 84 percent of marketers are using one or another content marketing strategies.
- 74 percent of all the online traffic in 2018 is estimated to come from video content
- Over 3 million companies have created LinkedIn accounts
Source: Whizsky 2018
- Digital Population:
- 462 million active internet users in 2018
- 250 million are active social media users and 230 of them are mobile social media users
- Social Media business statistics:
- Rs. 19000 crores are the estimated digital ad spends in 2020 with a CAGR of 32%
- 43 percent of the total ad budget was spent on mobile devices (Rs 3,491 crore) while the rest of the 57 percent was spent desktops in 2017
- 80 – 85 percent of these spends were estimated to be made on Google and Facebook
- 29 percent of the total ad spend on the desktop and 27 percent of mobile devices were made on social media
Source: Dentsu Aegis Network (DAN) report 2018
The statistics mentioned above and the fact that social media today is influencing both the online and offline purchase decisions makes it mandatory for a brand to be present on this channel. Social media has become such a huge part of our customers’ day-to-day life that it would be a crime for businesses to be missing on it.
So, that answers the Why is being on social media detrimental to your business?
Having understood the importance of this media, let us study a little further on different reasons to use this channel for your business. and also look into the How?
Social media advertising today can give you more advanced targeting options that are currently not available on paid search advertising.
With Social Media Marketing you can run Remarketing Campaigns to :
- Website Visitors
- Subscribers List
- Accumulated Offline / Online Database
- SMS Lists etc
- Increase Reach via Word of Mouth
And the above-listed targeting options are simply a tip of the iceberg. We will provide you with a Beginners Guide and A TO Z of Social Media Marketing for Small Businesses soon.
For the uninitiated, among the different ways to track our Return on Investment Online is via Analytics Panels of platforms like Google, Facebook, Instagram, Linkedin etc.
Simply Put Google Analytics provides you with the data like No. of Visitors to your Website, Age, Demographics, Source of Traffic, Organic Reach, Direct Reach, Paid Reach, Bounce Rates ( Engagement), Time Spend on the Site by the Visitor etc
Social Media Analytics Provides you with the Social Persona of your target audience like Educational Background, Job Title, Relationship Status, Likes, Social Behavior etc
Using the above corroborated Data and Information, it becomes easier for the brand to measure their spends, focus on the most receptive audience and built the brand around it.
Branding: Having a presence on all social media platforms is important. But it is wise to understand pick your Top 2 Social Networks, that you would like to focus upon.
Picking 1 of the 2 is easy – Facebook. Why?
It has a user base of 2.3 Billion people.
Picking the 2nd completely depends on the Audience Set. If you are a consumer product company Instagram seems like a good fit.
In case, you are SaaS Platform you could always look into Twitter or LinkedIn as your 2nd Platform.
Other Tips include:
- Build a healthy mix of organic and Paid Reach
- Have a uniform Brand Identity across all platforms
- Put out content keeping relevance, context, and audience set in mind.
- One Content for all platform is not a good strategy.
- Be Active on selected Platforms
Building Community: Regardless of the type of the communities you want to build, social media is the best place for the same. Facebook groups and LinkedIn groups are the best options to build and grow communities. Facebook groups give you the opportunity to connect and engage with your audience on a daily basis as about one billion daily active users are available on this platform. It also gets more organic reach as compared to the posts on your page. While LinkedIn groups in comparison have lesser active users, it provides you with the possibility of creating a mailing list of members who have shown interest in your brand.
There are free and paid tools that provide important data points about your competition in very less time. Premium tools like Rival IQ can provide detail information on your competition and help to monitor their social media content and audience reactions to them which can be applied to your social media marketing strategy.
Social media is mandatory if you want to promote the content you are creating for your brand. Without readers or listeners, the content you create will not get the value that you intended for it. Social media analytics tools will also help you understand which content is getting the most response and interactions from your audience. This can further help to sharpen your content marketing strategy. One of the most important benefits is that it makes it possible to study how your most popular content on social media has affected your SEO in terms of gaining backlinks.
In this digital age, people like the communication to be fast. This is possible on social media. Also, it is more convenient and accessible than making a phone call or writing an email.
It is very important that you keep your private messaging options open in all the social network pages. This might help to get complaints sent to you privately than posting it publicly. However, no matter where it is sent to you, a prompt and polite response is a must. It gives you an opportunity to show to the world how strong your customer service is and that they are safe with you.
Social media can be a great tool to build an emailing list of a potential customer base. This is possible by using a lead magnet on your pages. Lead magnet basically refers to a motivation like a discount code or an offer for the visitors to share their email address with you. If the offer is enticing enough, you can gather a huge fertile email list.
One of the most important contributions that social media can do is help a brand to dominate its first page in search results. More often, social media pages are the results to reflect the most when your name is searched. Also, social media through content marketing can help in increasing social shares. High social shares are followed by a high volume of links from referring domains.
Therefore, social media can contribute to all your marketing goals. You need to go beyond social media marketing itself in order to get the maximum value from this media.
You can also check out our blog article on TOP 10 TIPS TO BREAK ICE AT NETWORKING EVENTS.