In a client meeting last week, I was asked: “Ty, everyone and their mother are on social media; but what are the benefits of using social media for business?”
Social media has completely changed our world. Everyone from young children to grandparents are using platforms such as Facebook, Instagram, Twitter and LinkedIn to connect and share their lives with one another. But what value and benefits does social media lend to business? In this week’s Monday MarketingManifesto, we bring you three key benefits of using social media for business.
Social Media Builds Brand Awareness and Loyalty
The more people that know about you and the products or services your company provides, the better. And with social media, reaching the mass market has never been easier. It’s said that over 1/3 of the world uses social networks regularly, which means that access to over 2.8 billion people is waiting at your fingertips.
To build brand awareness and loyalty, the social media platforms Facebook, Instagram, Twitter and LinkedIn are good places for all businesses to start. These are the most common platforms in the US, and ones commonly used by businesses both large and small for marketing purposes.
If you haven’t started marketing on social media yet, you’re one of the very few not taking advantage of these extraordinary platforms. In fact, one study found that 96% of small businesses use social media marketing, and 92% of these said it was important to their business.
In the world of marketing, social media is crucial to increasing brand exposure. Over 90% of marketers said that social media has increased exposure for their business, just one more statistic that points towards how beneficial social media is for business.
Data also suggests that using social media helps turn prospects and customers more loyal to your brand. A study conducted by The Social Habit reported that 53% of Americans who follow brands on social media are more loyal to those brands, an enormous statistic which demonstrates the need for your business to be on social media.
Your Business Can Market to Millennials
Did you know that a whopping 90% of Millennials use social media? Arguably the founders of social networks, Millennials are a massive audience on nearly every social platform. If your product or service can be sold to millennials, then your business needs to be using social media.
Not only are social platforms a place where Millennials post photos and connect with friends, but a reported 5 out of 6 Millennials in the US connect with businesses on social media networks. With an already incredible purchasing power of an estimated $600 billion, at a minimum your marketing strategy needs to include platforms such as Facebook, Instagram, Twitter and LinkedIn depending on what you’re marketing.
Speaking of Twitter, it’s said that 81% of Millennials check Twitter at least once per day. A tremendous communications platform, Twitter is the perfect place to not only market your company, but engage and talk to Millennials in real-time. And speaking of loyalty, studies have found that Millennials are 62% more loyal to brands that engage with them directly on social media. Visibility and engagement through social platforms is creating lifelong customers for many companies; why not yours?
Social Media Will Bring You More Leads and Close More Deals
For the CMO or Marketing Director that must deal with a sales-only minded boss or counterpart (MORE LEADS! MORE SALES! NOW!) social media can help to move the needle on the number of leads generated and deals closed.
As reported by Social Media Examiner, about 66% of marketers saw lead generation benefits by using social media platforms at least 6 hours per week. Additionally, another major benefit of social media is not only more leads, but higher quality leads. Studies have also shown that social media has a 100% higher lead-to-close rate than outbound marketing. Take that, Sales Director!
Another interesting study by Crowdtwist reported that 43.5% of Millennials say they use social media to spread that word about products or services. Even if your company does not sell directly to Millennials, there is still potential for them to see your social posts and share them with friends, family, and anyone in their large social networks. It never hurts to have more eyes on your offering, does it?
Social Media’s Value
The benefits of using social media for business are immense. As we push towards the close of 2017 and start of 2018, the facts and figures clearly demonstrate that each and every business in today’s environment – small or large – need to add social media to their marketing strategy and plan.
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