The primary reason for opening a business is to make money or earn a living to be able to afford a decent—or luxurious life. Regardless of whatever reason you choose to go into business for—,, it is agreeable that no one goes into business just for the fun of it. In the past, it was way more painful and expensive to start a business.
Usually, everybody just followed the pattern of raising funds, invest a lot in property, equipment, and people. After which they now go-ahead to spend ridiculously huge amounts of money on television ads, radio ads, newspaper ads—just to name a few—and hope to God that the business takes off and makes a profit.
But thanks to technological advancement and to organizations like SocialProof that has now created innovative, dynamic and better yielding means through social media that has made owning and running a business a tad less difficult than it used to be. Below are pointers as to why social media is the way to go if you intend to launch or run a business.
One of the essential things to consider when running a business is, how do to get the word out there and let people know about your business. So basically how your business can become a household name. With social media, it is not only easy to connect with people within your community but with people around the globe.
One of the beauties of the internet and social media is that it has turned the world at large into one global village, giving us access as individuals and businesses alike, to the worldwide community. And every competent business person knows that the more reach or connectivity your business has, the more potential clients you have.
Marketing is a key component of every business, if not the most critical aspect of a business. I mean—what is the essence of establishing a company if there is no one to patronize your business? Like we said earlier, the classic style of marketing involved newspaper, radio, and television ads, which were not only expensive but also difficult to measure the return on investment (ROI) as there was no way of telling which particular ad was working or generating the most sales.
But with the advent of social media or digital marketing (as some choose to call it), it is now way cheaper to run ads and be able to know precisely how many people visited your business and how many people became customers. Plus it does one better; you can easily keep track of repeat customers.
Create Brand Awareness
It is often the custom of a business to try and create an impact on people’s mind to the point that when people think about certain goods or services, your brand or logo comes to mind. Take, for instance, if you think of a laptop with both luxury and quality, the brand that readily comes to mind is “apple.”
Why? because they have succeeded in creating an impact on people’s mind through different social media platforms. And the best part is that they have not only succeeded in doing this in America but all over the world. So if you think social media is not the way to go—think again!!!
From time to time, businesses might want to roll out a new product related to something that they have been doing in the past or something entirely different. Which often means that the company has to generate new sales lead.
This is where social media plays a huge role, now because your company already has a following on social media, it becomes easy to redirect your marketing to an already existing following, audience, or customers.
Usually, the purpose of every business in the most basic form is to reduce cost, maximize production, and maximize profit. But occasionally we find that the enterprize ends up spending a lot of money on marketing and distribution, which puts the company in deficit at the end of the day.
But with social media, it is very cheap to not only market your product or services but also to keep track of how much you are spending in relation to the sales being generated in real-time. With the emphasis on real-time, it is now easy for a business to immediately terminate any marketing campaign that is not yielding or going as planned.
In conclusion, businesses that were rolling out or testing a new product or service in the past spent a huge sums of money in carrying out surveys and printing out questionnaires that were not only expensive (in that it added extra cost to the testing phase of a project), but were also questionably reliable and misleading.
For example, if you made a questionnaire asking people the kind of perfume they use, you will observe that people will answer that question with the kind of perfume they will like to use rather than the one they are currently using—why you say?—because People are driven by emotions.
And they want others to have a better perception of them. So they will rather lie to feel good about themselves. But with social media, it becomes straightforward to hear honest opinions on social media platforms and groups where people don’t feel they are under any form of scrutiny or obligation to impress anybody.