Since the invention of the internet billions of people have been able to interact from different parts of the world. Social media came as a by product of this international network and its influx has skyrocketed. It has provided a medium where people from different parts of the planet can interact in real time making it a very effective media for communication. It has also provided many business opportunities for different companies. It has made a huge impact on the way companies conduct their businesses. This has largely contributed to the growth of many businesses across the globe.
Statistics show that seventy two percent of internet users are active on social media and ninety three percent of marketers use this avenue for business. Social media has become a very essential platform for companies to market their products and services. It has created a favorable environment for business since it has provided a platform for people to socialize, making it a preferred place to search for products and services. The enormous number of social media users has promoted exponential growth of small companies since there is a high number of potential customers who might be in need of their products or services. This is because it enables users to like, comment and share content. This results to the creation of a free advertising hub enhancing the influx of new customers. As a result, the company gets more exposure, hence increasing the customer base.
Social media has proved to be cost effective for companies since it reduces expenses incurred in marketing. It cuts down on expenses which could have been incurred in creating brand awareness and can instead be directed towards investments. This helps to save resources for the companies. Compared to traditional methods of creating brand awareness such as advertising or hiring marketers, social media is indeed a more cost effective way to market a company.
Social media has also improved interactions between the company and its clients since the company can get real time feedback. This has led to improvements in customer services, since a competent company enables customers to air their views on the company whether positive or negative. This makes the company aware of its shortcomings hence improving its products or services and making sure its customers are satisfied. Communication between a company and its clients via social media promotes value addition of the company, since it receives a first hand opinion about their services. It also exempts the company from doing the tedious job of receiving many calls from customers for feedback. In the long run this creates a bond between the company and the client, which can lead to the customer recommending the company’s services to other potential customers.
Identify Target Market
Social media has also made it possible to effectively target the right audience by using customers’ personal information, gathered from their social sites. This saves the company time. Employing the right marketing strategy and identifying the targeted audience has enabled companies to have loyal customers as well as increasing their profits via sales made.
Real Time Availability of Products
Social media has also enabled products and services to be readily available in real time. It has created a reliable platform for companies to carry out their business. It has also provided a ready market for companies to sell their products and services to, and customers can also request delivery of products directly, making it convenient for companies.