Marketing is the foundation for running a successful business. If you want to generate the desired revenue, you must pay special attention to your marketing tactics. It is only when the people know of you that they will remember you while making a purchase. What’s more, is that the intense competition between corporations today has even further accentuated the need for creative marketing techniques and strategies that work in the modern world.
Social media marketing is the way to promote your business in 2019
However, marketing can be expensive – and if not done right, can even force you into bankruptcy. Where the large scale businesses have the luxury to combat with the growing threat to their business by investing more money into their marketing techniques, the new start-ups are not that lucky.
It is the small and medium scale businesses that have to do with what they have and make the most out of their existing resources to try and survive the competition. Fortunately, for these small fish in the pond, we have social media marketing looking out for them.
Why is a social media presence necessary for new start-ups today?
Social media has always been considered an excellent place for a business to connect with its target audience. However, that is not all that a social media presence has to offer if you are a new business that is just starting out. In recent years, we have seen hundreds of examples of new ventures that made it big in the industry by the clever use of social media.
There are many businesses that have achieved enviable success in a minimal amount of time. With an online presence that spans the most popular of social media channels – from Pinterest and Instagram to YouTube and Facebook– all of us might have observed examples of new business that started small, but with intelligent use of social media, quickly became one of the leading stores.
In the following paragraphs, we will talk about all the benefits that maintaining a social media presence can afford your venture – no matter what the nature of your business is. Let’s begin.
Top 8 Reasons Social Media is the New Age Tool for the Success of Startups
1. It takes your business where the people are
According to the most recent studies, social networking sites have billions of active users signed up. Facebook alone has 1.71 billion users accessing the site every day – making this virtual community’s population even more significant than the whole of China!
In addition to this, with Instagram recently announcing reaching a humungous 700 million users, the importance of social media marketing has multiplied by a tenfold.
On top of these numbers, new users are signing up for these social media channels every passing day. So, social networking sites are where you need to be when you are trying to find more people who might be interested in buying from you.
2. Having a social media personality helps to humanize a brand
What are the brands that are the most successful today? When it comes to fashion, it is Gucci, Prada, Nike, Adidas, etc. In terms of technology, Apple, Samsung, and now Xiaomi are the winning names. In the world of luxury home and office décor, Roberto Cavalli, Gianfranco Ferre, and Meridiani are topping the charts worldwide.
Do these crazy successful brands have something in common? A secret to their success, perhaps?
They do indeed! The one thing that all of these various brands agree on is the need for consumers to see them as something more than a way of making money. They understand the importance of humanizing their businesses, and this is where their success stems from.
When you are a brand who has a stance on popular topics of today’s world, you can appeal to a broader audience. Raising your voice about the immigrant issue, running campaigns to cut down your carbon footprint and moving to more eco-friendly practices, or launching a foundation range that is inclusive of people of color are only some of the ways you can make your business bigger than itself.
A social media presence helps you voice those ideas and opinions and lets your consumers know that you care about more things than just cold hard cash.
3. Advertising on social media is cheap and brings back a high ROI
As discussed above, creative marketing practices can often weigh heavily on your pocket, with no guaranteed results on your investment. This is where social media marketing stands out. Leather Skin Shop is one such example of a business that is doing well due to social media presence.
Advertising on social media does not require a lot of resources, financial or otherwise. Coupled with this economical advantage is the effectiveness of this sort of marketing. With so many people scrolling through social media for hours on end every day, you are sure to get some excellent results when using these channels to promote your product.
And this is precisely what the recent studies have shown us. According to one research, 78% of small businesses are primarily using social media to attract consumers, and it is working out quite well for them too! As much as 90% of marketers claim that using social media for advertising has vastly increased the exposure to their business.
Let us discuss more the economic aspect of social media marketing in the next point.
4. Social media marketing is as open and accessible to small start-ups as it is to multinational brands
When you are marketing on social media, a small, local brand has as many resources as any multinational company. This is perhaps the most significant reason that makes social media such an essential platform for new start-ups and small scale businesses.
While small scale businesses cannot hope to compete with the big names in many other marketing practices, social media is where everyone is given an equal chance to make their mark. Because all you need is a decent internet connection, a computer, and a competent, witty social media manager – social media is a reasonably leveled playing field for big and small players alike.
5. The paid advertisements on social media allow you to retarget a customer who is not yet fully convinced to buy from you
Studies show that it is much easier and cheaper to keep an old customer than to acquire a new one. But how do you win over the part of the audience who is visibly interested in your products and services but is still on the fence for some reason?
A simple way to nudge these people to become your loyal customers is retargeting. Retargeting is the practice of approaching these in between consumers and convince them you are worth it. And when it comes to this innovative marketing technique, social media is the uncrowned king of the field.
How many times has it been that you were looking up how to do your makeup on YouTube, and started coming across ads for makeup brushes on your Instagram? We all know how social media ads are highly targeted to their audience. But these tactics work best when people are almost ready to buy your product but have not made the purchase for some reason.
Reminding them of your product, again and again, gives these consumers the tiny little nudge they need to fall deeper into the sales funnel.
6. Social media is of immense help when it comes to answering the questions of your customers
Another great thing that social media allows you to do is answer the concerns your clients might have without wasting time. If a consumer is not buying your product because he is not sure that it is the right one for him, your social media presence can give him the answers he is looking – for pushing him further down the sales funnel.
A social media presence over the most popular social networking sites does not only make it easier for you to answer these questions about your products and services but also encourages the audiences to ask about the tiny things that are keeping them from doing business with you.
The consumers feel that leaving a comment on your Facebook post to inquire about the camera specifications of your latest phone launched is much easier than drafting an entire email about it.
7. You can use social media to gain insight into how your target audience views your products
The best way for your business to grow is to give your audience what you are asking for. But a lot of times, getting to know how your target audience is responding to your products and services can be a huge hassle – requiring a lot of time and money.
However, with social media, this same task can be achieved rather comfortably, using almost no additional resources. Let’s see why.
Everyone knows how people love to love a brand on social media. They will like the posts, comment religiously, and share everything from their favorite brands. In this way, social media is your greatest weapon in building brand loyalty (see point number 8 for greater detail on this). However, fiercely loyal consumers are not the only thing that social media gives you.
Through these enthusiastic user interactions, you get free feedback on your latest products and services. And do not think that this feedback is only limited to the products that your consumers like. As much as your social media audience loves to appreciate an innovative product, they are also right in the frontline when it comes to criticizing a questionable outcome.
At first glance, you might think that these negative reviews and comments might bring you down – and you would be right to a certain extent – but in the long run, it is this feedback that allows you to improve and grow.
Knowing what your target audience does not appreciate keeps you from investing more money into these ventures, and instead, redirect those funds to enhance a feature that has been valued by your consumers. Therefore, social media can be used to better your business.
8. Being active on social media is one of the most significant ways to build brand recognition and brand loyalty
In the previous point, we have already somewhat discussed how social media builds brand loyalty. Under this subheading, we will further explain that stance and also discuss how it affects brand recognition.
When you first find that your favorite brand is on Facebook or Instagram, you naturally follow their account. This simple act of following them helps the brand to reach a more extensive crowd, following Google’s algorithm. Their reach – and success – is further aided by you raving about them on your feed, recommending them to your friends, and engaging with them on their posts. Studies have shown that brands that have an impressive social media presence have a greater score of loyal customers.
As a by-product of this newly gained loyalty by their consumers, brands also achieve a specific recognition in these circles. As their faithful customers hugely support them in their various endeavors, it is effortless to get their posts trending – making themselves a viral sensation.
The effect of such viral “challenges” and trends of social media is quite apparent in today’s economy. These days, social media is generating much of the business done in a day.
To get the ultimate brand recognition, you can also collaborate with social media influencers and celebrities to get yourself trending. With a more extensive, and intensely faithful, audience that these influencers command, your business is sure to see a significant hike in the annual sales.
The final word
Have you been using social media to promote your startup? How has doing so helped to grow your small business? Do you employ a social media marketing team, or prefer to deal with the task yourself from the comfort of your home? Comment down below and let us know your social media marketing practices.