Entrepreneurship in this day and age has changed compared to around 20 years ago. An average person today will spend close to 20% of their time on social media when on the phone. This is mind boggling considering an average person will spend close to 9 hours on their phone a day. Facebook alone has more than a billion users worldwide, Twitter has close to 400 million users and Instagram has 600 million users worldwide.
A business needs to have all its arms working in tandem for maximum benefits to be reaped from advertising on social media.
Due to the high number of users worldwide social media is the biggest advertising tool out there to help your business grow. Advertising on social media is relatively cheap compared to the other traditional advertising mediums such as newspapers and television.
It is also a big advantage that social media advertisements are targeted to certain audiences based on algorithms running on the site. What this means is that your advertisement will be viewed by people who like your kind of product thus making it easier for you.
A great thing about social media platforms is that they allow communication to occur virtually. Communication between you and prospective clients will help you in winning them over in case they are on the fence about buying your product. The ease of communication between you and your consumers will also allow them to give you tips on how to improve on the product.
Testimonials are also easier to get and share them out to prospective clients. Consumers will find it easier to buy your product once they see testimonials from other clients.
Once your company’s visibility is out there and customers trust your products sales will increase. Popularity on social media increases revenue since word on social media is like wildfire.
Increasing website traffic
Being active on social media will create lots of traffic to your company’s website. Traffic to your website will increase brand awareness for your other products. Awareness of your other less popular products will go a long way in boosting your sales revenue and profit margins.
Seeing as everyone is on social media it will be easier to view what your competition is offering to the consumers. Having this information will allow you to improve on areas you may identify that you are failing in. Monitoring the competition will also allow you to identify areas that the competition is weak in allowing you to swoop in and take their customers away.
Due to the fact that majority of all people are on some form of social media platform information dissemination is easy. All you have to do is ensure that you are on as many platforms as possible ensuring you reach the biggest number of people possible. Compared to the traditional methods sharing content on social media is easier.
If you harbor any remote ambitions of having your business grow exponentially social media is the biggest tool available out there. Each day there are more people joining one form of social media, you cannot go wrong, to be honest.