Is it possible to build a business using ONLY social media?
S ocial Media. The word itself tells the meaning, right?
This time you and I, both, are partial right and partial wrong.
With googling and other kinda research, I came to know about the difference and I would love to share it with you (my readers!).
Let’s shade some light on it and dig into how it is different for us (general users) and for businesses.
Social media, for general people, is limited to connecting with old friends, sharing photos, updating status and meeting new people. However, businesses use it to connect with prospects and communicate with their customers for promotion.
Some stats tell that 80% of Instagram users follow at least one business. That simply means people are following brands on social media more than following any other things like Celebrities and Sportsperson. Thus, if you aren’t taking advantage of social sites, you are missing out on reaching your prospects.
Whether it is generating revenue or collecting data from valuable audience, social media is one of the most effective and affordable platforms to advertise products/ services and collect data of each individual user, including personal information and social activities. Such collected data is useful for businesses to earn through their taste.
Not only to increase revenue or to collect data, social media also helps businesses to expose their brand and grab attention of highly targeted potential customers.
Now, you may have a question: “How to promote your brand among social media users to earn revenue?” It’s Simple. Be on Top of User’s Mind.
According to the survey, ‘Social Media Use in 2018’, by Pew Research Center, most of the social media users are logging into their social media account multiple times a day and some at least once in a day.
Various social media sites like YouTube, Instagram, Twitter, Facebook provide an opportunity for businesses to connect with users as and when they log in. It would be advantageous for businesses to post informative contents and/or discount deals, at the time when the users are logged in. This will keep your brand on top of their mind and whenever they decide to purchase, your brand will be their first choice.
As some of you know that word of mouth plays an important role to drive business. In fact, around 20-50% people make purchasing decision when they heard about product from other buyers and/or influencers. It would be great to connect with influencers, who have huge fan following on social media, to increase brand awareness and credibility, as people are looking for recommendation.
But, Will those above mentioned tricks work to build business through only Social Media? I, personally, think ‘No’.
Apart from social media, many businesses rely on Pay-per-click and SEO to find new leads and generate business.
No matter, what kind of industry you are targeting, you will find many competitors, offering same products/services as you. So, switching to only social media won’t work that way.
For social media networks like Facebook, and Instagram, social media isn’t their own business model. They are also connected with ads business model and optimizing their own site for other people to keep advertising on their platform and pay them.
So, if you want to get the utmost results for your business, switch with various sources and importantly, listen to your existing customers and respond them positively. Not only, this will help to increase the brand image, but also increase higher conversion rates of your business.