A modern customer is used to doing everything instantly and prefers it at their fingertips. Since their smartphones developed into universal machines for selecting, paying and receiving goods and services, the importance of social media has become obvious to the most avid critics. Social media’s role in business success is critical. Customers today get most of the information they need from social media profiles, ads, and reviews. Thus, if your brand or product is not properly covered with social media, you can hardly expect to excel as you desire.
The importance of social media in marketing is hardly overestimated. All social media platforms together have become a single product endorsement tool. All you share online is used in data mining to predict what you might need. Based on this analysis, it offers the goods and services that might be of interest to you. Keeping in view the extensive reach of social media, here are 6 ways in which startups can benefit from it.
1. Understanding your audience
One of the first things you do when crafting your marketing strategy is to know your audience. If your strategy does not revolve around your audience or targeted customer, it is not a good one, like Saad Hamid suggests that failure becomes inevitable if the customer is not the centre of attention in your startup. Therefore, know your audience, their habits, their language, their preferences, as well as where they are from. And nine times out of ten, your preferred customers will be on social media.
You can then make full use of this platform to look for your target audience. Once you find them, you can engage with them, and this is where you will grow your loyal customers, so to speak. Social platforms were designed with interaction and communication in mind, so make sure to engage with your audience in order to get their attention.
2. Increase in exposure and traffic
Another essential benefit of social media is the increase in overall web traffic and the number of page visits. As a result of social media engagement, your search rankings and exposure also increases. Startups that are active and accessible on social media can be sure that there will be plenty of interested, potential customers.
They can also benefit for it is because of its incredible power with sharing information. Before social media, many small start-ups got lost in the crowd and faded. Social media makes it possible for any type of business, no matter how small or new, to share information about it, updates about the business etc. and make it relevant.
3. Live and instant feedback
Social media allows customers to provide instant feedback on your business – be it positive or negative. This helps you read your customer’s mind. It also gives you a better idea of how your prospects, needs and demands will evolve over time. Your customers can see what you cannot. Their feedback alerts you when their expectations are met or otherwise, and weather they’ll be glad to recommend you to other prospective customers.
What can also be considered as a downside of social media is how easily customers will then be able to reach you for complaints. With just a few simple clicks they will immediately air out their discontent. However, you can also look at this as an opportunity to improve. Because they are easily able to complain, you can use what they say in order to know which parts of your business you need to improve on. Never ignore what your customers tell you, as this will not only stop you from improving, but will also discourage your audience from recommending you to others.
4. Reduces Costs
Social media is a powerful tool for new start-ups because of the cost effectiveness of social media marketing. For companies that don’t have a large 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. Its reach is extensive and it can be managed by a smaller team behind a computer screen.
5. Gives Your Company Personality
Business owners love social media marketing because of its ability to give a company a little bit of personality. A businesses social media projection can chalk out how the viewers perceive it. Posting regular updates in a cheerful voice can shape the way an audience recognizes a business. Sharing pictures, videos and regular updates is another way a company can humanize itself a little more and give a brand an appealing voice that customers look forward to learning more about. Having a bit of brand personality can help promote loyalty and retain more customers
6. Competitors’ Analysis
Companies can use social media to track their competitors. It was not that easy before because ads in newspapers or TV advertising provided only limited information. Today, successful companies willingly share their statistics, mission, vision, success rates and other information which can be very useful for competitors. Most importantly, competitors can read customer feedback and see what these clients miss in the other company or business and can help them generate new ideas.
Overall social media used in a healthy way can benefit startups immensely. It is next to impossible now to imagine that a startup can survive well without social media presence, especially if it aspires to expand smartly.