5 Benefits of Social Media for Business

5 Benefits of Social Media for Business

5 Benefits of Social Media for Business

Here are the top 5 benefits of social media for business:

1. Gain valuable customer insights

 Social media generates a huge amount of data about your customers in real time. Every day there are over 500 million Tweets, 4.5 billion Likes on Facebook, and 95 million photos and videos uploaded to Instagram. Behind these staggering numbers is a wealth of information about your customers—who they are, what they like, and how they feel about your brand. Through daily active engagement and social listening, you can gather relevant customer data and use that information to make smarter business decisions. 

2. Increase brand awareness and loyalty

 When you have a presence on social media, you are making it easier for your customers to find and connect with you on social. And by connecting with your customers on social, research shows that you’re more likely to increase customer retention and brand loyalty.
Social media does not only help with brand awareness on social networks but also increases your website traffic. In addition, the more social media shares you receive, the higher your search ranking will be.

Studies have also shown that most of your customers expect you to be on social media. Over 67 percent of consumers now go to social media for customer service. They expect fast response times and 24/7 support—and companies that deliver win out. A study by Aberdeen Group shows that companies engaging in social customer service see much bigger annual financial gains (7.5 percent YOY growth) vs. those without (2.9 percent).

3. Generate more sales

Social media increases sales and customer retention through regular interaction and timely customer service. In the 2015 Sales Best Practices Study from research institute MHI Global, world-class companies rated social media as the most effective way to identify key decision makers and new business opportunities. In the State of Social Selling in 2015, nearly 75 percent of companies that engaged in selling on social media reported an increase in sales in 12 months.

4. Sharing content more effectively

 In the past, marketers faced the challenge of ensuring their content reached customers in the shortest possible time. With the help of social media, specifically when it comes to sharing content about your business, all you need to do is share it on your brand’s social networks. This does not only apply to your organic reach on social media, but to paid social media too.
Social ads are an inexpensive way to promote your business and distribute content. They also offer powerful targeting options so that you can reach the right audience. For example, if you run an ad campaign on LinkedIn, you can segment by location, company, job title, gender, and age—the list goes on. If you’re running a Facebook ad, you can target based on location, demographics, interests, behaviors, and connections. You can track and measure the performance of your social ads in real time.

5. Find out what your competitors are doing

 With social media monitoring you can gain key information about your competitors. This kind of intel will allow you to make strategic business decisions to stay ahead of them. For example, you can create search streams on Hootsuite to monitor industry keywords and mentions of your competitors’ names and products. Based on your search results, you can improve your business to offer product enhancements, service, or content that they may be missing.

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