Is Social Media Important?

Apr 29, 2021 | Social Media Marketing

Recently, Facebook reported that the number of monthly users has reached astounding numbers of 2.8 Billion users, of which over 1.8 billion of them use it on a daily basis. That means that the amount of monthly users has increased by 378% over the last 10 years!

The 1st of October this year will mark the eleventh anniversary of the film, “The Social Network”, signifying a giant milestone in the growth and societal impact of not just Facebook, as social media was considered prevalent enough that millions of dollars were invested in producing a film about it. As much as the film highlighted the importance of social media for the general public as a platform where they could voice their opinions and converse with friends across the globe, we were left with a question, “How can we transfer this to the commercial and business context. Can social media be as important to businesses?” However, that was a long time ago and today social media is one of the main ways that many businesses and/or entrepreneurs use to advertise themselves and their businesses. Social media made a lot bigger impact than most people 10 years ago would have predicted.

3 reasons why social media is important

  1. Information and interaction
  2. Promotions and marketing
  3. Direct interaction

 

People gravitate to social media sites for information and interaction

Whether it be for entertainment or insight. Social media sites offer businesses the opportunity to utilize their volume economy, presenting them with a rapidly increasing vast user base of potential customers and communications targets for free. The success of the two dominant social media giants, Facebook and Twitter should be encouraging enough. Facebook alone has risen from 1.35 billion, active users in 2014 to its current 2.8 billion, whilst Twitter was on 284 million active users and has now reached 353 million users. Whether it is LinkedIn, Twitter, Instagram, or the giant Facebook, each social media platform presents an opportunity for businesses to form unique relationships with and reach out to a wider consumer base, share key content about the business and provide marketing and networking potential.

Social media allows a business to promote and market its own brand

With 46% of customers using social media as a primary source in their purchase decisions, especially with the release of Facebook Marketplace on the 3rd of October 2016. Social media is a key element in assisting consumers in their decision-making process. Branded social media pages increase recognition and awareness online and companies can advertise their business to potential and also current customers and clients daily, through posting relevant content. Such content can consist of news and information about your company’s services but can also contain useful links increasing exposure to your site.

Statistics

As of early 2014, statistics state that 71% of all internet users are now active on social media sites which has now increased to 83.36% of 4.57 billion global internet users as well as 90.71% of 4.20 billion mobile internet user. More and more companies are developing content marketing strategies, sharing blogs, infographics, and whitepapers at every opportunity. But if companies aren’t afraid to also share content from other brands that may be of interest to their target audience, they are putting their customers’ interest first and may gain a fresh perspective themselves.

Customers and clients can also interact directly with businesses via social media.

Appearing responsive and attentive to consumers provides an invaluable opportunity for businesses to build customer loyalty and strengthen brand image. Social media sites provide a breeding ground for people who are influential and trusted enough to give their opinions and endorsements for businesses and their products. An important feature of such interpersonal interaction with consumers is the humanization of the brand in an increasingly digital world, whereby consumers can relate to and attach a personality, maybe even names and faces to the business which aides them in building up a rapport with consumers, allowing them to connect emotionally with the company.  For example, Microsoft’s LinkedIn page features behind-the-scenes information, Q&A posts, and blogs, providing invaluable information for small and large businesses alike. Social media can facilitate endorsement from within these groups, acting as a sort of trusted inner circle of friends.

There are many ways to track the reputation of your business and how you are performing on social media sites. A few examples include: 

  • CTRs (click-through rate) – measuring the number of users that click on your specific link/site.
  • The number of comments, ‘likes’, ‘shares’, ‘retweets’, ‘favorites’, or mentions you receive on content on your social media page.
  • Statistical programs such as Google Analytics to tell you how many people are visiting your site, how they are using your site, and where they were directed to your site from features that allow you to see exactly who is viewing your page such as that featured on LinkedIn.Opinion polls to gauge reaction to the content and also clarity on how many people are engaged enough with your content to participate in the poll.

 

Conclusion

It is clear to see from statistics, that using social media sites to promote a business proves successful in expanding the overall growth and helps to solidify the business’s concept and meaning. In conclusion, social media presents a large opportunity across multiple channels to build on and promote service, content, advocacy building, and insight.