Social media has proved in the last few years that it is here to stay. We are spending more and more time on social networks like Facebook and Twitter, and they're fast becoming a favourite past-time for a lot of our young people. Almost everybody you know now has a Facebook account, or at least knows somebody who has a Facebook account. However, is social media only for leisure? The answer is NO. In fact, you can use social media to grow your Business, and I will show you how.
Statistics of Social Media
First of all, let's explore some statistics. There are 7.1 Million active Facebook users in Nigeria alone – 120 Million across Africa, 950 Million worldwide. On average, users spend about 20 minutes on Facebook on each visit. Also, there are about 280 Million active Twitter users worldwide, 1.8 Million of which are in Nigeria (as of 2013). In the United States of America, Twitter generated about $716 Million in Auto Sales in 2013. For every $1 that luxury car brands spent on Twitter marketing, the saw an average return of $17.80 (i.e. a return of 1,780%). These figures show that there is huge potential in social media marketing, and as a business person, if you are not yet using social media to promote your organization, you ought to start now.
Social Media is probably the cheapest way for you to reach your customers and engage with them. It is FREE to sign up to most social networks, setting up an account is fairly simple, and they provide well-designed advertising platforms that allow anybody to put together and run adverts within minutes. Basically, you can manage the marketing and advertising for your business by yourself, from the comfort of your home, and you can start today.
Advertising on Social Media
Facebook allows you to start advertising for as little as $1 a day. For Micro, Small and Medium Scale Enterprises (MSMEs), this presents a huge opportunity. As we know, MSMEs probably do not have big advertising budgets, thus, the more they can save, the better. Consequently, being able to create and display an advert for $1 is worth celebrating. Also, these social networks provide you with a means to target specific audiences with your adverts. As such, you can create more effective messaging for your target market, and get better results from your advertising campaigns. Gone are the days of hoping your message gets to the right person. Social media helps you ensure that it does.
Building Customer Relationship
In addition to advertising, Social Media is one of the best ways to build a relationship with your customers, and one could easily argue that good customer relations goes a long way towards helping customer retention. With the resources available on social networks, you can attend to queries in real-time, engage in conversations with your customers, get useful data on new trends, and much more. Social media offers you a window into your customers' lives so that you can go beyond merely selling to them to actually meeting their needs.
Other ways Social Media can help your business grow include providing you with useful customer insight (which you can use to make products/services more attractive), expanding your reach and building virtual communities that can help you promote your business. In summary, Social Media provides a cost-effective, easily-accessible way for you to reach customers, manage your relationship with them, and ultimately generate more revenue. As such, it is possibly the easiest and cheapest way to grow your business in 2016.
Therefore, start now to invest in your company's social media presence, and start reaping the benefits.
For more about social media marketing, check out: http://ubs.com.ng/blog/social-media-marketing-for-beginners/
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