A Look at Social Media’s Role in Enhancing Business Value
A large number of entrepreneurs today consider social media marketing as the next big thing however to some, it is just a buzzword with no practical advantages. If we take a close look at the facts, it is easy to understand that social media is going to have a strong impact on businesses in the coming era and it will soon become the primary channel for people to interact with each other for professional as well as personal purposes.
A report by Social Media Examiner revealed that 97% marketers in 2014 used social media marketing, while 92% agreed that social media is important for their business. Here is a look at how social media is impacting businesses and how it can be valuable:
Increase in Brand Recognition & Loyalty
If businesses use social media in an effective and efficient manner, it will enhance their brand’s recognition as well as loyalty towards it. Customers show a greater interest towards brands that are advertised on the social media networks such as Facebook, Google+, LinkedIn, Twitter etc. Since people are already familiar and are inclined towards social media networks, they find it easier to browse for your products on social portals. Moreover, a report published by Texas Tech University indicates that businesses with strong social media presence enjoy greater loyalty from their customers than those who don’t.
Greater Conversion Rate via Brand Humanization
There is no doubt about the fact that intelligent social media marketing results in enhancing conversions. As the brands interact with people through social media channels, they become more humanized and this results in higher conversion rates. People like doing business with people and this is where social media plays its role as customers can connect with company representatives via social channels. Business 2 Community, an organization covering social media and digital marketing trends also emphasizes on importance of humanization of brand on social media.
More Inbound Traffic
Your inbound traffic is limited to a few people who are already acquainted with your brand, if you are not utilizing social media channels intelligently. However, with the addition of every social media profile to your network, you are creating a new path leading back to your domain. This is how social media helps in boosting your inbound traffic. The inbound traffic and conversions are greatly dependent on the quality of content you publish on the social media networks, so you need to be very careful while you publish your promotional content and make it viral on social media. According to a study published by Convince&Convert, 53% Americans who follow brands in social are more loyal to those brands.
Rich Customer Experience & Better Customer Insights
According to industry experts, Social Media has become a communication channel that is as important as telephonic support, email, or live chat for business. Business organizations can use social media to provide a better customer experience by responding promptly to customer queries. It can also be used to get an insight into the likes and dislikes of a customer. Companies can figure out what the customer preferences are and work on business propositions accordingly.