by Soren Tan

In the post-millennium era, large disruption has been caused by the emergence of digital technology. In recent years, social media has penetrated mainstream media and become an essential part of our daily lives. Some may say that it is a pre-requisite in today’s competitive market and is not something that will disappear anytime soon.

Based on a chart by sproutsocial1, the likelihood of an individual buying from the companies that they follow on social media platforms is 57.5% more likely than companies that they do not follow.

Sproutsocial chart

Why social media marketing?

In contrast to traditional forms of marketing, social media marketing is more economical and possesses the potential for exponential gain if applied successfully. It provides small and medium-sized businesses with an option to appeal to their direct domestic market and even reach the wider global market.

For small and medium-sized businesses, finding and retaining customers can be perplexing, however it is just as important to maintain and build relationships with the existing customers. As the term itself may suggest, social media marketing is most effective when there is active engagement. Additionally, the number of users that are willing to purchase from you or utilise your service increases substantially if you engage with your social media audience. Therefore, the increased engagement would influence the social analytics of the platform and channel more traffic to your page.

The immediate benefit of having social media platforms for your business would be the possibility of customers sharing positive experiences with your firm. However, it acts as a double-edged sword as negative reviews can also destroy the reputation and image of the firm. Thus, it is imperative that social media is not neglected.

You may have understood by now that social media isn’t really a yes or no option as your customers or suppliers may utilise it to your potential detriment. Hence, establishing a strong presence on social media can help to counteract any negativity or misunderstandings that has spread online.

Where do I start?

Much like how you might want to diversify your personal financial portfolio, the same would apply for social media marketing. It would be wise to You wish to observe the market leaders in your industry and how they have utilised their social media strategy. From there, you would learn more about the intricacies of social media, such as posting frequencies, timings, etc.

However, if you’re like me and prefer to watch videos on Youtube, Gary Vaynerchuk2 has valuable insight on social media marketing for businesses. He is an active practitioner of social media marketing and has successfully leveraged this medium to the benefit of his businesses.

Thank you for reading this blog post, feel free to leave a comment below and follow us on LinkedIn for more content! We’d love to hear from you!

 

1 https://sproutsocial.com/insights/topics/social-media-for-small-business/#

2 https://www.youtube.com/user/GaryVaynerchuk

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