With the rapid growth in users, reliance on social media marketing has skyrocketed. Statista predicts businesses spending on social media ads will surpass 357 billion US dollars.
You might be wondering how social media impacts businesses. Let’s delve into the research-based discussion to find the answer;
Boosts Customer Engagement
According to DataPortal, 75 percent of internet users rely on social media for product research, and 27.9 percent directly come to get inspiration for buying. That’s the reason marketers are getting 25 percent ROI from Instagram.
Social media is a two-way communication channel. This will help build relationships and foster loyalty with your audience. Businesses can improve customer satisfaction and build loyalty by responding promptly to customer inquiries, comments, and feedback. For instance, Convince and Convert share that answering customer complaints can boost customer advocacy by 25 percent.
Showcase the Visual Branding
A study reveals that 93% of marketers believe that the core benefit of social media advertising is to enhance exposure for the brand. It fascinates visitors that turn them into loyal customers.
US Chamber of Commerce reports that 55 percent of first impressions are made via visuals. Social media platforms provide a space for businesses to showcase their visual brandings, such as logos, colors, and designs. It can create a distinctive and recognizable brand personality.
Increases Brand Awareness
Having a proper online presence is vital for businesses nowadays. Social media provides a platform for businesses to develop an effective marketing strategy to reach a new audience. It helps the brands to drive traffic to their website and enhance their visibility.
Moreover, by creating and sharing engaging content, businesses can attract new followers and customers who may not have heard of them otherwise and potentially generate new leads and sales. 50% of marketers say that implementing social media marketing strategy for two years increased their sales.
Help understand Audience Preferences
Social media provides a wealth of data and insights businesses can use to better understand their customers. Businesses can gain insights into customer preferences by analyzing metrics like click-through rates and demographics. Additionally, It helps them to update their business and product development strategies.
That’s the reason even bigger businesses still heavily use social media. Research shows that 91.9% of companies with over 100 employees use social media for marketing.
Provides a Cost-effective Alternative for Promotion
Social media is generally a more cost-effective marketing channel compared to traditional advertising. Many social media platforms offer affordable advertising options. For example, businesses can use pay-per-click or cost-per-impression to reach their target audience without breaking the bank.
Also, the brands hire influencers at affordable commission rates to attract more customers. It ultimately leads to more sales. Research shows that 68% of companies work with social media influencers for marketing.
Even an organic content strategy gives a lot in return. For instance, using an organic content strategy on Instagram can give 27 percent ROI, says Hubspot.
In short, social media marketing can be a highly effective way for businesses to promote their brand and connect with their target audience. But only businesses with time-tested marketing strategies can reap the benefits of it.
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How Social Media Impact Businesses How Social Media Impact Businesses