ARE SOCIAL MEDIAS GOOD FOR MY BUISNESS?
ARE SOCIAL MEDIA GOOD FOR YOUR BUSINESS?
Globally, there are currently over 3 billion users of social media.
Additionally, almost all of these individuals communicate with businesses via social media.
Social media marketing has the potential to greatly improve a number of business areas, so if it's not being used, it would be worthwhile to investigate its advantages.
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BENEFITS OF SOCIAL MEDIA FOR BUSINESSES
Here are benefits that using social media marketing can bring to your business.
BRAND AWARENESS
Social media posting can enhance brand awareness among target markets, benefiting both large and small businesses. Increased brand awareness boosts consumer confidence, loyalty, and attracts consumers seeking a specific image, ultimately contributing to business success.
BE VISIBLE WHERE YOUR CLIENTS ARE LOOKING
74% of social media users visit Facebook daily, while YouTube ranks at 45%. Consistency in posting, commenting, and liking can help maintain followers' attention, ultimately benefiting future product or service needs.
COMMUNICATION
Social media is a convenient way for customers and prospects to contact businesses, offering faster communication for appointment scheduling, customer support, and general business inquiries, without sharing personal information.
HUMANIZE YOUR BRAND
Local businesses should prioritize humanizing their brand. Consumers often have a greater emotional connection with local small businesses than with large global enterprises.
KNOW YOU CUSTOMERS
Social media offers valuable insights into your target market, including content preferences, vocabulary, hobbies, interests, ages, and genders, providing valuable insights for effective marketing strategies.
INCREASE CLIENTS BASE
Lead generation is crucial in online marketing, as 96% of website visitors aren't ready to purchase. 85% of B2B marketers prioritize lead generation, and 63% of consumers won't purchase for at least 3 months. Social media provides a simple way to show interest.
Facebook's lead ads are a powerful tool for generating leads, featuring an image, persuasive copy, and a Sign-Up button. T
WEBSITE VISITORS INCREASE
inbound marketing is the most cost-effective, costing 61% less on average than outbound leads. Businesses that rely on inbound marketing save over $14 for every new customer. Properly executed inbound marketing is 10x more effective for lead conversion.
CONVERSIONS RATE
Businesses that maintain an active social media presence get increased visibility and conversions. A committed following is valuable since it helps clients navigate the buyer's journey and progress through the sales funnel.
REPUTATION MANAGEMENT
Social media accounts enable customers to leave feedback, reducing friction in customer service by allowing them to navigate to your pages and message you directly.
REDUCE NEGATIVE REVIEWS
Negative reviews can significantly impact a business, driving away 22% of potential customers and increasing consumer spending. Businesses with great reviews spend 31% more and 57% less on products or services. Negative reviews on Google can lead to up to 70% loss of future customers. Active social media accounts can help mitigate this impact.
BRAND AUTHORITY
Brand authority refers to the trust your brand has with your target market. To increase brand authority, share blog posts, videos of your team in action, and explain in-depth product features and manufacturing processes on social media. This can change their opinion and help you stand out in the industry.
LOYALTY
Fundera reports that 43% of customers spend more money at loyal brands, and 65% of a company's business comes from existing customers. Building brand loyalty is crucial for marketing strategies, and social media is a valuable tool for this. Actionable tips include responding to followers, creating a community, and prioritizing customer service.
THE TOP SOCIAL MEDIA SITES AND PLATFORMS
Marketers can use social media platforms to increase brand awareness, engage their audience, and build a loyal community. However, with numerous platforms, it's challenging to excel in every space.
Success in social media marketing requires choosing the right platforms for your brand, identifying where your target audience spends time, and identifying their most useful applications.
Monthly Active Users: 3 billion.
Facebook, now under Meta, Inc., is still popular and influential in the social media sphere, with its "Family of Apps" generating $114.45 billion in revenue in 2022. Despite demographic shifts, Facebook's influence remains unparalleled in the social media sphere.
Industries such as financial services, ecommerce, retail, media, telecom, technology, and consumer goods continue to harness Facebook’s expansive reach to connect with consumers and grow their brand awareness – with newer sectors like gaming, entertainment, and automotive businesses also finding their footing on the platform.
Investing in Facebook ads is recommended for driving conversions, but organic engagement can be generated through niche communities, personalized communication through Messenger chatbots, and live video engagement.
Monthly Active Users: 2 billion.
Instagram, launched in 2010, is a popular platform for product-based businesses, influencers, and coaches. It offers image-rich features like ephemeral Stories and vertical-video Reels, and increased ROI for product-based businesses since introducing shoppable posts in 2018.
And if your target demographic is under 35, Instagram is a gold mine: over 68% of Instagram users are under 35.
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YOUTUBE
Monthly Active Users: 2.5 billion.
YouTube remains the dominant original video social media platform with 2.5 billion monthly active users and $29.24 billion in revenue in Q4 2022, according to Alphabet's Q4 2022 earnings. With 81% of U.S. adults using the platform, it's a valuable marketing tool.
Monthly Active Users: <350 million (2023) estimated
LinkedIn, a career-focused social media platform, has become a popular and influential community of professionals. Despite not publicly sharing its monthly active users, the platform has over 180 million users, including decision-makers and C-level executives. LinkedIn's popularity makes it a hotspot for connecting with influential professionals, making it a valuable resource for companies seeking to hire, stock, or partner with their brands.
The site serves as an aspirational hub in addition to being a place for networking. With 61 million users searching for jobs on LinkedIn each week, it's a wise location to promote your business.
Monthly Active Users: 465 million.
Pinterest, a social media platform with 60% female users, is ideal for brands with visual storytelling interests. With a 40% increase in male and Gen Z users, Pinterest is a powerful marketing tool. 89% of weekly Pinners use the platform for inspiration and 80% discover new brands or products.
TIKTOK
Monthly Active Users: 1.2 billion.
TikTok, a leading destination for short-form mobile video, has experienced unprecedented growth, becoming the fastest-growing app worldwide in 2017. The company's focus on audio and visual trends has sparked other platforms to emulate, with a report Even if TikTok caters to a wide range of customers, connecting with Generation Z should be your first focus as a brand.
TWITTER -X
Monthly Active Users: 541 million (July 2023).
Tesla CEO Elon Musk's purchase of Twitter in October 2022 for $44 billion led to significant changes, including rebranding as "X" and introducing Twitter Blue (now X Premium), a paid subscription service, and a creator-paying subscription service. Despite some data showing decreased traffic, monthly users reached an all-time high in 2023.
WHICH PLATFORMS SHOULD YOU USE?
There is not one answer to this, it is different form a company to another depends on their goals and the audience they want to target. However, Facebook is a must for almost every campaign and every company since we find people from all groups of age on the platform, and also for the cost and excellent ads creation tool.
TOP BENEFITS OF FACEBOOK MARKETING FOR YOUR BUSINESS
REACH A WIDE AUDIENCE
Undeniably, Facebook offers advertisers one of the largest user bases.
As of July 2020, according to Statista, Facebook had more than 2.6 billion users worldwide.
The audience on Facebook is not merely large, it spans across many demographics.
No matter to whom your business caters, you should be able to find your desired audience profile on Facebook.
ALIGNMENT WITH BOTH B2C & B2B BUSINESSES
Have you heard that Facebook advertising is only for B2C businesses?
Prepare to be surprised at how B2B businesses can also run successful campaigns on Facebook.
Business decision-makers spend 74% more time on Facebook than other people.
The B2B space is competitive , which means B2B marketers must be aggressive when leveraging Facebook.
But with the right targeting, ad format, messaging, and off-Facebook user experience on your site, there is definitely opportunity for success.
FULL-FUNNEL TARGETING WITH MULTIPLE FORM OF ENGAGEMENT
Of all digital platforms, Facebook is perhaps the only one that successfully caters to users at any stage of their engagement journey.
Facebook’s ad formats, targeting options, and measurement capabilities align well with any marketing strategy.
It is useful whether a user is in the proverbial upper funnel stages, casually browsing and just starting their research, or in a mindset to transact.
AUDIENCE TRANSPARENCY
While some programmatic networks offer similar audience targeting capabilities, Facebook’s audience reach is highly transparent.
PSYCHOGRAPHIC TARGETING
Facebook’s targeting capabilities go far beyond demographics.
Increasingly, demographics alone are a poor predictor of someone’s lifestyle or purchasing needs.
For example, not all millennials have high college debt or lead a lifestyle one would associate with having a low disposable income.
Facebook’s targeting capabilities allow targeting by a wide range of lifestyle characteristics, such as interests, life events, behaviors, or hobbies.
COMPETITOR TARGETING
Few solutions will allow you to pursue the audiences of your competitors.
On Facebook, you can’t target fans of other brands.
However, you can still target users who have indicated desired brands as their interest.
That is based on self-reported data and may not be current, as it is dependent on the last time a user has updated their settings.
VARIETY OF AD FORMATS
With 10 Facebook ad formats, Facebook leads social media platforms in the range of ad options it makes available.
For each target marketing funnel stage, there are a couple of available options, with image and video ads most commonly used.
Worth noting, nearly all ad formats accommodate some text and visual elements providing you a substantial opportunity to both describe and showcase your business.
DRIVE TRAFFIC DIRECTLY TO YOUR SITE
As suggested earlier, many of Facebook’s ad options allow driving referral traffic to your business’s site.
It is true that most users open Facebook with the intent of staying there to browse its content.
However, if your add is compelling and targeting is highly relevant, the ad will be sufficiently enticing for the user to leave Facebook and reach your site.
MEASURABLE PERFORMANCE
While it may be obvious, it is worth emphasizing that Facebook does allow reporting on an extensive set of metrics. Depending on the ad format, many metrics are available.
These include actions users can take before leaving Facebook (e.g., reach, ad engagements) to off-Facebook events (e.g., conversions, revenue).
The only requirement is to install the Facebook pixel on your site.
While one can get by using third-party analytics tracking by reporting basic conversion metrics, Facebook relies on its pixel to auto optimize campaigns.
Without it, Facebook is unable to hone in on the user profiles that are converting best and will continue serving ads to the same spectrum of users throughout the entire campaign.
KEEP YOUR EXISTING AUDIENCE ENGAGED
One important benefit of Facebook advertising is that it nurtures and helps grow your Facebook followers and fans.
While driving referral site traffic, site engagement, and conversions is key, it is also important to regularly engage with and maintain your Facebook audience.
Think of your Facebook profile as your business’s second website – another digital extension of your business.
As with your site and any offline presence, over time some users will naturally become less interested in interacting with you.
They need to be reminded of and given new reasons to keep you in their consideration.
And users who do leave for good, need to be replaced with new ones.
Facebook advertising, no matter the primary objective, always has the vital secondary benefit of growing your follower base and giving your existing fans something new to consider.
If budget allows, one can periodically run campaigns targeting exclusively for existing followers.
Merely being a follower does not ensure one will see all updates.
A sponsored campaign targeting followers does not guarantee reaching all followers either.
However, it will allow coming much closer, incentivizing users to start voluntarily checking your profile more often.
A PERFECT CHANCE TO ADVERTISE
Before COVID-19 hit, users already spent an average of 58.5 minutes a day on Facebook.
During the pandemic, Facebook and social media usage has soared further.
Now is the perfect time to leverage this channel and drive your recovery.
