Can social media make companies seem more valuable to customers?
IT might seem far fetched, but some businesses still do not see the benefits of having a social media presence. And so, they don’t use Facebook, Twitter, LinkedIn or any other social media platform.
They don’t know that a properly planned and executed social media strategy could help a brand grow exponentially.
Furthermore, many companies are now augmenting their offline business with e-commerce offerings. Social media platforms allow businesses to have another channel to engage with customers and to shift items, to increase revenue.
Here are the five ways how social networking platforms could help boost a company’s profile:
#1 | Increase brand awareness
As one of the most effective marketing tool, social media can quickly boost brand recognition and favorability. With internet penetration increasing over the years, more and more people are joining social media — and following their favorite brands.
One study estimates that the total number of social media users worldwide in 2018 was 3.2 billion, up by 13 percent from the previous year.
This makes social media a powerful platform to reach a bigger audience and increase engagement. Besides, most of the platforms also allow brands to customize their target audience based on market segment.
#2 | Boost sales
Beyond increasing reach and engagements, social media is another channel to make sales grow. This phenomenon is especially true for brands targeting the younger generation.
According to one report, the majority of Gen-Z shoppers prefer using social media to discover new products. Combined with a seamless transition to an e-commerce website, business could leverage social platforms to increase conversion rates.
Companies that evolve and venture out to discover new sales avenue are valued more than companies that don’t.
#3 | Promote non-business initiatives
LinkedIn is virtually the leader when it comes to business-to-business marketing, mainly because the platform allows individuals to connect with others within their industry. Moreover, business leaders get valuable insights into the industry and a chance to collaborate with other industry players.
Companies seeking to stand out from the rest could profile and highlight the key staff members on LinkedIn. By posting relevant content and discussions, they can promote personalities from a company as a thought leader or domain expert, which will boost the company’s reputation.
#4 | Enhance customer experience
Social networking platforms are a proven and efficient channel of customer engagement. Other than reaching out to new customers, brands can use the platforms to engage with existing ones.
This way, companies can gauge how they’re performing, and get immediate feedback on customer satisfaction. And these days, brands could deploy chatbots on their messenger system to serve customers quickly and promptly, to keep them happy and satisfied.
#5 | Relay success stories
Customers often flock to businesses that have good reviews and testimonials. Social media platforms offer a variety of channels for companies to showcase a completed project or customer case study.
And when they add a human element to the company’s narrative, it will, without a doubt, increase the company’s value.
In conclusion, being on social media platforms is no longer be optional for businesses. Companies that neglect the powerful reach and opportunities social media helps unlock risk falling behind their competitors.
Having a robust digital strategy will not only increase the company’s reputation but will enhance the overall value of the company.
- Why Vietnam is the leading startup hub of Southeast Asia?
- SEA businesses exposed to highest rate of data breaches globally
- Expert: To ensure security, companies must rely on insights and trust AI
- PBoC to collaborate with Ant and Tencent to develop China digital currency
- The Next Step in Your Modern Accounting Journey