Positive Impact of social media on business
Updated: Dec 3, 2022
Technology advancement has contributed to the social media revolution, forcing companies to change their strategy. Realizing the influence of social media in the current market, marketing departments are leveraging social platforms to reach their target consumers. Irrespective of the business' size, social media has an impact. Additionally, ignoring social media allows competitors to use it to their advantage. Some of the impacts of social media include;
One of the social media's impacts on a business is raising brand awareness. From a marketing perspective, social media is now a primary tool for promoting the company's brand. It is also a cheaper option compared to purchasing or signing up for email newsletters.
Increase Website Traffic
Once a business posts content on its social platforms, it exposes the content to a large audience of prospect consumers. Their engagement through liking, retweeting, sharing, or clicking leads to increased traffic on the company's website. Increased traffic also enhances brand awareness and promotion.
Increase return on investment
Return on investment (ROI) refers to a performance measure that evaluates the efficiency or profitability of an investment. With social media increasing brand awareness and website traffic, it implies that there is an upsurge in sales due to business' social media activities. Research shows that social media increases sales, which indicates ROI.
Customer retention refers to turning customers into repeat buyers by preventing them from shifting to competitors. With the increasingly competitive market, businesses are integrating social media into their customer relationship management system to obtain critical data regarding customers' behavior and needs. The information is used to customize customers' needs on the products and services.
Social media also allows businesses to exist on different platforms. For instance, today's average person has at least four social media accounts. If a company's brand is present in the four accounts, the company will exist everywhere in the user's life. Based on the notion that prospects have to see a brand's message several times before buying, omnipresent increases the prospect's chance to purchase a product or service sooner.