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Is Social Media Good For Your Business?

12 Apr

Is Social Media Good For Your Business?

In the world today, not only is social media a driving force towards the growth of sales in businesses, but also doubles up as way of communicating with customers. However, there are a number of benefits and demerits associated with social media in business.

Benefits of Social Media in Business

Businesses Get To Learn About Their Audience Easily

For the success of any business, one must first understand their customers’ needs. Businesses, therefore, run effective campaigns hence promote their products and services leading to growth in sales.

It Acts As a Competitive Edge While Increasing Market Intelligence

Businesses easily get market information about their competitors, hence gaining market intelligence. Through this, companies come up with informed strategies on how to improve their services or products.

Creation of Meaningful Relationships with Customers

For example, in the tourism industry, businesses create dialogue with potential clients when booking flights and hotel rooms.

Cuts down Advertising Costs

Brand awareness done on social media reaches many customers. This trims down advertising costs that could otherwise have been incurred in traditional advertising techniques, for example road shows.

Demerits of Using Social Media in Business

Resources Required To Manage Online Presence Maybe Huge

This is especially for startup companies that intend on using social media in marketing their goods and services. Recall that social media requires daily monitoring in order to keep in touch with customers.

Social Media Can Attract Risks

Risks posed by social media include negative feedback and hacking. Negative feedback leads to loss of customers who were set to benefit from goods and services from your business. Hacking leads to information leaks and distortion in the long run.

All in all, for businesses that intend to use social media, policies and procedures on how to manage the platforms need to be laid down beforehand. Such policies will combat cases of information leaks therefore misleading customers in the long run. However, if managed well, social media is good for business, especially when getting new customersing new markets.

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