How Social Media Influence Business Activities and Business PerformanceSocial Media | 25 May 2018 Reading Time: 2 minutes
With the world being immersed in social activities, it is difficult for businesses to overlook social channels. All businesses whether big or small have largely been affected by the emergence of social media. Following are a few ways in which social media influences business activities and business performance:
1) Better customer insights
Social media allows businesses to attain valuable insights about customers. Compared to other mediums, social media is more open where prospects are free to express their likes and dislikes. Businesses can learn about the preferences, opinions, interests, and likings of potential customers and can align their business activities and marketing strategy with it.
2) Better customer service
With social media, it has become possible for customers and businesses to network and exchange information with each other. Customers often leave their feedback and reviews online about purchase experience. This gives businesses an opportunity to improvise and do possible damage control if something went wrong.
3) Cost efficient
For a business that has limited budget allocated for marketing, social media is the most cost-efficient tool for marketing. Popular social networking sites which enjoy maximum social traffic allow businesses to share content free of cost. Hence, social media is an affordable option for advertising. Even if you go for paid advertising the costs are far less than traditional advertising.
Social media has brought a lot of change in our lives. It has taught us to stay connected on the go, all the time. Businesses can also stay connected with their diverse audience and share information, promote product/service, announce events, run offers/contests, and respond to queries and comments online.
5) Creating Brand Awareness
Social media is a powerful tool to create brand image and raise awareness about a business. It takes just one click and your social communication flows across the globe. You can also manage your image through social postings and develop a brand personality that reflects your brand values.
Yes,social media helps businesses in increasing sales if executed correctly. If your audience is truly interested in your business they will respond to your sales communication and convert. Having a favorable social media presence can help your prospects in learning about you so that they find you as a credible name while making the purchase decision whether online or offline.
The ascent of social media is going to bring many new reforms in the way businesses operate, communicate and market. Thus, it is right to say that this is the era of social, and social is the new global. With more and more people turning to search engines and social media for making a purchase, it is unavoidable for your business to stay active on social media.