Why is social media important? Because your customers are there and expect you to be there as well. You need to be on at least one platform (Facebook, Twitter, Google+, Four Square) and your approach on each will depend upon various factors such as your company/personal profile, products, customer types, and more. Everyday you are without an effective social media marketing campaign is a day that you are missing opportunities to engage your current customers and find new ones. Below are a few reasons why you should be utilizing social media.
Social media is a cost-effective way to establish relationships with customers as most platforms are free:
- In today’s information age, businesses will not be able to catch up with just money. It takes time to build up relationships and huge budgets alone don’t generate the emotional investment that is required to engage your customers.
- According to the recent studies conducted in August by the U.S. company Invoke Solutions, it turned out that 41 percent of Internet users trust the information published on Facebook. If the information was posted by a friend the level of trust grew up to 64 percent.
Social media serves as a great source of open feedback and competitor intelligence:
- By monitoring trends, you can stay current and engaged with what your customers are saying about your products, services, and those of your competitors.
Fans/Followers of branded social media pages are more likely to buy from that company and recommend it to friends and family:
- According to HubSpot, followers of brands on Facebook are 51% more likely to purchase and followers of brands on Twitter are 67% more likely to purchase.
The thought of constant engagement and creating a place where customers can talk about your product for better or worse certainly sounds daunting for many of you. The super connected world we live in now is like a giant cocktail party and the people who know how to work the room will succeed. It is difficult to give a presentation at a cocktail party, and people are less apt to listen to formal corporate speak in the non formal world of Facebook and Twitter. The open forum of a business page on Facebook or a Twitter account can create a place for whomever, where one bad experience leads to a loss of business from their friends and colleagues too.
Guess what! Twitter and Facebook has made the town small again. One bad experience tweeted and retweeted can have the same disastrous impact on the bottom line. But don’t fear it, embrace it! It used to be that when a customer would complain to their friends and family you couldn’t do anything about it, you can now react and try to create a positive relationship out of a negative experience. Social media can also be used to broadcast great experiences too! If your customers have a great experience, they will share it with their friends.