Johnson Okorie: Social Media - An Equal Ally of Large and Small Businesses

When you hear social media marketing, what comes to your mind?

According to Hubspot, 92% of marketers reported that social media marketing was crucial to the successes of their business in 2014, with 80% indicating their efforts increased traffic to their websites and more revenue for their business. It has equally been reported that 97% of marketers are currently participating in social media.

As a digital marketer myself, I have observed with total dismay that many African businesses are yet to appreciate the benefits of social media marketing to their businesses.

The figures by Hubspot and Social Examiner demonstrate a huge potential for social media marketing to increase sales, but a lack of understanding on how to achieve those results. It is really not that difficult.

Increased Brand Recognition

Every wasted opportunity to increase your visibility is possible revenue lost. Visibility of your business and brand is crucial to your success. Social media networks are new channels for your brand’s voice and content. It simultaneously makes you more accessible for new customers and makes you more familiar and recognizable by new and existing customers. Skeptical customers might become better acquainted with your brand after seeing your presence on multiple networks.

Social media marketing has allowed businesses to increase brand awareness and at little to no cost. The costs associated with these strategies are a lot higher with traditional advertising methods.

Furthermore, there is the advantage of brand loyalty. Convince&Convert found that 53% of consumers who follow brands in social media are more loyal to those brands. Brands that use social media marketing are more likely to have loyal customers. 75% of online consumers said product information found on social media influences their shopping behavior. eMarketer report has shown that 33 percent of consumers cite social networks as the way they discover new brands, products, and services.

Increase Customer Insights/Service

Social media also gives you an opportunity to gain valuable information about what your customers are interested in and how they behave, via social listening. It is amazingly easy to monitor user opinions to see what people think of your business directly.

Here´s the part to remember: Your competition is already involved, which means your potential social media traffic and conversions are being poached. And if for some reason your competitor is not involved on social media, that’s even greater reason to get started – the field is open.

Potential losses are insignificant. Fundamentally, you lose nothing by utilizing social media. The amount of time and money it takes to create profiles and start posting is usually minimal, compared to other marketing channels.  For example, if you spend $1 on targeted Facebook ads, you could generate 1 result, but if you spend $2 on targeted Facebook ads, you could generate 3 results.

Hubspot reports that 84% of marketers spent just six hours a week and they were able to generate increased traffic. If you were to lend one hour a day creating and syndicating your content, you will start seeing the rewards of these efforts in no time.

Higher Brand Authority

If you want to establish your company as an up-and-coming industry leader, social media is one sure and effective way to do it.  When people want to compliment or brag about a product or service, they turn to social media. Such endorsements inevitably attract new audience, new members, new followers, and new potential customers.

Regardless of the industry, social media marketing can do a world of good for a small business. If you lack the time or expertise to dedicate to this, you may want to consider bringing in a professional who can manage this aspect of growth.

Social media marketing has distinguished itself from traditional media in one specific dynamic – its ability to reach a targeted audience. Traditional marketing is somewhat general, with flexibility difficult to achieve. It works on the assumption that if you cast a big enough net, you will land at least a few fish. While there is some logic to this, it is not very cost effective. You end up spending lots of money on broad, sweeping advertising campaigns that only manage to reach a handful of your targeted audience. Social media´s genius is that it allows you to focus the bulk of your efforts on those who actually have an interest in your company. It is extremely budget-friendly.

We could cite hundreds of case studies that have proven the worth of social media to businesses, small and large alike. It has given recognition to outfits that would otherwise have remained in obscurity and, perhaps more interestingly, has created ground for healthy competition amongst leading brands.

Johnson Okorie is a prominent Digital Marketing Consultant, MD of KorieFusion

 

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