Social media is one of the most rapidly expanding industries in the world. So what are the benefits of marketing in this industry?
With social media websites such as Facebook and YouTube having a combined user base of nearly two billion people, it’s no wonder why many entrepreneurs are calling social media marketing “the next big thing”.
In fact, statistics show that in 2014, 92% of marketers considered social media marketing to be important for their business with 80% claiming that it increased their web traffic. Interestingly however, 85% of those who participate in social media marketing are not sure on what social media tools are best to use.
These statistics show that social media certainly has the potential to increase sales. But how in particular can social media improve your business? Well, here’s a look at just some of the ways social media marketing can improve your business. Increased Brand Recognition.
Every opportunity you have to increase your brand visibility is valuable. Social media is simply another way for a business to spread its content. This is important as it not only makes your brand more accessible for new customers, but it also improves your relationship with current customers.
Improved Brand Loyalty
According to research, brands who have an open social media plan enjoy improved loyalty from their customers. Statistics show that in the United States, 53% of people who follow brands in social media are more loyal to those brands.
Higher Conversion Rates
Every post you make on social media is an opportunity for someone to convert. Posting on social media is a way of encouraging people to visit your website and having people visit your website is a way of potentially converting them. With this in mind, the more a business makes use of social media, the more likely they will be to have a conversion.
Decreased Marketing Costs
Around 84% of marketers found that an investment of just six hours in social media marketing was enough to increase their website traffic. On a marketing channel as large as social media this is not a significant investment and when you take into account the ratio of success verses cost, social media marketing becomes a very appealing marketing method.
Improved Customer Feedback
Social media is an effective opportunity to gain insight as to what your customers are experiencing in relation to your product. Through social media you can measure the popularity of your products based upon which posts are generating the most interest or conversation. Or, you can take the more direct approach by looking at customer comments as a form of feedback.
Obviously, when social media marketing is done right, it can lead to more interest, more website traffic and more conversions. Better so, due to the rapidly expanding nature of the social media industry, marketing in this area is only going to become more and more successful.