Impact of Social Media on Businesses

Impact of Social Media on Businesses 

Social media has become an indispensable part of digital marketing for generating customers from leads. According to the study conducted by DataReportal, ‘Digital India:2020’, the number of social media users has increased by 138 million in 2020 January, which is a 48% increase from April 2019. This makes for a fertile ground for businesses to market their products and services better across various social media platforms like Twitter, Facebook, Instagram, and LinkedIn.

  • Building Connection with Customers: A major chunk of people rely on social media posts, stories, and reviews before purchasing a business. Setting up social media profiles helps brands reach their customers more organically. Engagement with customers and keeping them updated via social media about offers, discounts, and new launches can be a fun and insightful way of knowing your audience better. Instagram and Facebook live videos are an integral part of interacting with your immediate audience, tracking their interest and responses to your services can prove to be beneficial in the long run when strategizing new campaigns. Hopping on the latest meme trends and turning them into clever advertising strategies are also something that social media users connect to. Netflix and Amazon Prime Video’s Twitter handle often engage in trivial Twitter feuds that end up generating buzz around the newly launched shows in the respective OTT platforms. The crucial factor in social media is to capture the attention of customers and embarking on trends, challenges, giveaways can help gather an audience in your social media page as well as your website.
  • Social CRM: CRM or Customer Relationship management has upped a notch since the advent of social media. It has become more convenient for businesses to collect customer data and track their behaviour online through social media. Social CRM software merges social behavioural patterns of the target audience with a business’s existing CRM software to generate a detailed overview of an individual’s online behaviour. This helps in targeting audiences with more personalised ads.
  • Influencer marketing: The good old word-of-mouth in the field of marketing and advertising has not lost its potential yet. Influencer marketing helps businesses to interact with people with substantial reach on social media platforms for brand plug-ins in their videos, posts, or stories. More and more companies are factoring in influencer marketing when accounting for their digital marketing budget. Make-up brands like MAC are collaborating with YouTubers and influencers to launch new products. They also launched their MAC x Shreya Jain collection for Diwali 2020. Even big companies like MAC are collaborating with beauty bloggers and influencers to stay relevant in the market.
  • Lowers Marketing Costs: It’s true that paying for ads on social media and collaborating with influencers takes adds to the cost of marketing. However, if you have a social media team that is willing to communicate with the customers, replying to comments, answering dm’s and keeping an active social media profile, your brand can reach your audience organically. Small businesses with comparatively low budgets for social media marketing rely heavily upon posts, threads, stories and live videos in order to capture and hold the attention of their target demographic to build a loyal customer base. In any case, if the social media marketing team is highly active it is not impossible to build a strong clientele base.

These are some of the ways in which social media can impact businesses to their benefit. If you can channelise your USP via the different social media platforms, tailoring the content accordingly, getting a decent reach is not unattainable. A functional social media marketing team is always imperative in any given scenario. You can sell services, get testimonials, feedbacks and interact with customers on a single platform and that surely accounts for something.

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