Businesses have long known that social media is a powerful tool for marketing and communication. But in recent years, the platform has taken an even more significant role in business growth. With technology constantly evolving, consumers spend more time on social media than ever.
According to the Bloomberg Innovation Index for 2020, it is found that Germany, South Korea, and Singapore are the world’s most innovative economies. But what’s driving this ranking? A big part of the equation is that social media plays an increasingly important role in business growth, particularly developing new products and services.
So why is social media so critical for businesses? There are a few key reasons:
Helps gain insight into customer behavior and preferences.
Have you ever wondered how the transportation sector in Singapore is so efficient? As the country’s key player in the transport industry, SMRT Corporation has been famous for its dynamics in providing reliable transportation services to commuters.
While the company has been able to keep its high standards thanks to its chairman, Seah Moon Ming, another driving force behind its success is its usage of social media to understand customer behavior.
Analyzing passenger posts and updates allows them to identify problems happening in real-time and resolve them quickly. It would not have been possible without social media. And since SMRT is one of the first few companies to use such a method, they were able to gain a competitive advantage.
Allows for direct interaction with existing and prospective customers.
In the past, businesses would have to rely on marketing intermediaries like advertising agencies to help them reach their target market. But with social media, companies can now interact with their customers and prospects directly.
This method is handy for small businesses that may not have the budget to hire an agency. Additionally, social media interaction allows companies to build relationships with potential and current customers, which can lead to repeat business and positive word-of-mouth.
It’s one of the most affordable and effective marketing strategies today. And with several platforms, businesses have a more comprehensive range of options to interact with their audience.
Builds brand awareness and reputation.
As customers increasingly use social media to research products and services, it’s more important than ever for businesses to have a strong presence on the platform. A social media profile gives customers a glimpse of what a company is about, its values, and the type of products or services it offers.
For example, if you’re looking for a new car, you might visit Audi’s Facebook page to learn more about the company and its vehicles. If you like what you see, you’re more likely to consider Audi when purchasing.
This way, a social media profile can also help build a company’s reputation. If customers see that a business is responsive to questions and concerns, they’re more likely to have a positive impression of the company.
Generates leads and sales.
One of the primary goals of social media marketing is to generate leads and sales. And it’s no secret that social media can be an effective platform for achieving this.
A study by Sprout Social found that 60% of respondents said they had purchased a product after seeing it on social media. And with platforms like Facebook and Instagram, businesses have several options for lead generation, such as ads and sponsored posts.
So if you’re looking to boost your sales, social media should be one of your top marketing priorities.
Encourages influencer marketing
Social media is also a powerful tool for influencer marketing. By working with influencers, businesses can tap into new audiences and promote their products or services to a broader audience. Additionally, since influencers already have an established relationship with their followers, they can help build trust and credibility for your brand.
Many businesses have found success with influencer marketing, and it’s a strategy that you should consider if you’re looking to boost your business growth. And since social media is such a powerful platform for influencer marketing, it’s the perfect place to start.
There’s no doubt that social media is a powerful platform for businesses. Companies can interact with their customers directly, build relationships, and generate leads and sales. Additionally, social media can help boost brand visibility and reputation. And with influencer marketing, businesses can tap into new audiences.
So if you want to grow your business, social media should be one of your top priorities. You can achieve your business goals and boost your bottom line by utilizing the platform effectively. It’s one of the most affordable and effective marketing strategies today.
