10 Importance Of Social Media To Entrepreneurs

Entrepreneurs, young and old, are all jumping their presence online every day. Every other investor or entrepreneur one meets in a seminar or conference hands over his business card, which details the said person’s social media handle.

From LinkedIn to Twitter and Facebook, not one is considered any less important from the other. Right said by Facebook’s Mark Zuckerberg “When you give everyone a voice and give people power, the system usually ends up in a good place.”

If you’re not taking advantage of social, you’re missing out on a fast, inexpensive, and effective way to reach almost half the world’s population.

Let’s look at the many ways in which social media can help you connect, engage, and grow your business.

1. Increases brand awareness
With nearly half of the world’s population using social media platforms, they’re a natural place to reach new and highly targeted potential customers.

Think people only connect with brands they already know on social media? Consider that 60 percent of Instagram users say they discover new products on the platform.

2. Humanize your brand
A UK study from Trinity Mirror Solutions found that more than half of adults do not trust a brand until they see “real-world proof” that the brand is keeping its promises.

To connect with customers—and potential customers—you’ve got to show the human side of your brand. How are you embracing your brand values? (Do you even have brand values?) How are you looking out for the best interests of your customers and employees? Does your product really work?

The ability to create a real human connection is one of the key benefits of social media for business. We call these Meaningful Relationship Moments. Introduce your followers to the people who make up your company and showcase how existing customers are using and benefiting from your products.

A social media advocacy program can be a great way to humanize your brand.

3. Increases traffic
A great aspect of social media is the ability to embed and share links. Entrepreneurs can simply add a link to a post and watch the traffic increase to their website or other social media pages. Having a small giveaway or something that draws people in goes a long way on social media. Just make sure your website and company can handle it.

Social media posts and ads are key ways to drive traffic to your website. Sharing great content from your blog or website to your social channels is a great way to get readers as soon as you publish a new post

Participating in social chats—like the weekly #HootChat on Twitter—can also be a great way to increase your visibility, get attention from new people, showcase your expertise, and drive traffic to your website.

4. Aids Better consumer Understanding
One of the best benefits of using social media as an entrepreneur is the opportunity to understand and connect with the consumer. Before launching your business, you need to identify your target audience. Once you know who you’re marketing to, you’ll be able to research what social media networks they use and how they interact with their favorite brands. Watch what successful companies do to market on social media and take tips from that!

5. Brand recognition
Using social media allows entrepreneurs to get the word out about their new business venture and starts making the brand known to people. By regularly posting on social media and sharing quality posts, entrepreneurs create brand recognition amongst their target audience. A strong social media presence also increases the authority a brand has in their industry, because people recognize the brand and what it provides to consumers.

6. Generate Leads
Social media offers an easy and low-commitment way for potential customers to express interest in your business and your products. Lead generation is such an important benefit of social media for business that many social networks offer advertising formats specifically designed to collect leads.

7. Low cost
For an entrepreneur that’s starting a brand-new business, the cost is usually a major consideration when it comes to marketing. Small businesses usually limit the amount of marketing they do in order to save costs and put more funds toward perfecting their product or service. Social media allows companies to get the exposure they’d otherwise pay for and a simple Instagram or Facebook ad can lead to new customers. You can spend money to reach a larger audience, but these costs are usually low. With careful planning and research, an entrepreneur can make the most of social media resources for free, designing and sharing logos, news, and images.

8. Boost sales
No matter what you sell, social media can help you sell it. Your social accounts are a critical part of your sales funnel—the process through which a new contact becomes a customer.

As the number of people using social media continues to grow and social sales tools evolve, social networks will become increasingly important for product search and e-commerce. The time is right to align your social marketing and sales goals.

For individual sales professionals, social selling is already a critical tool.

9. Partner with influencers
Word of mouth drives 20 to 50 percent of purchasing decisions. When you get people talking about your product or company on social media, you build brand awareness and credibility and set yourself up for more sales.

One key way to drive social word of mouth is to partner with influencers—people who have a large following on social media and can draw the attention of that following to your brand.

10. Reputation management
Your customers are already talking about you on social media, whether or not you’re there to respond. If you and your team are on the ball, you can pick up on important social posts about your brand to highlight the positive and address the negative before it turns into a major issue.

Is someone saying something about your business that’s not true? Be sure to share your side of the story in a polite, professional way. Someone singing your praises? Send them plenty of thanks and draw attention to their kind words.

If you’re not taking advantage of social, you’re missing out on a fast, inexpensive, and effective way to reach almost half the world’s population.

Register For our Social Media Entrepreneurship class today and learn endless ways to use social media to boost and grow your business effectively.


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