We have outlined some of the reasons to utilize social media for your business. Along with that, we do understand you may have hesitancy towards these tools. We have also compiled a list of negatives to consider surrounding the use of social media for business.
The Pros of Social Media for Business
To raise brand awareness – with so many social media users, having an online presence can help you reach more customers than ever before. Having a social media presence allows customers to find and connect with you more easily and promotes customer loyalty.
The Social Habit conducted a study that revealed that 53 percent of Americans who follow brands on social media platforms are more loyal to those brands and companies.
Provide a better customer experience – consumers are now so accustomed to receiving customer service on social media that they practically demand it.
More than 67 percent of consumers now go to social media for customer support in the event of a question or problem, and a study by Aberdeen Group notes that companies engaging in social customer service see considerably higher annual financial gains
– approximately 7.5 percent year over year growth – compared with those without a social media presence (2.9 percent).
Build relationships with customers – being active on social media can allow your company to build relationships with consumers that are not possible without the use of these tools.
This creates an additional touchpoint and interaction that is easy to facilitate and is highly visible to a wide audience.
This venue allows you to collect and respond to feedback and have an open dialogue with customers, which can be highly beneficial.
The Cons of Social Media for Business
Your audience isn’t there – depending on the mission and goals of your company, you may appeal to an audience that is not widely present on social media. While 87 percent of Americans are online, 26 percent of those individuals are not currently using social media.
That means 39 percent of Americans are not a part of the social media audience. Understanding your targeted demographic and researching whether those people are reachable online is important before spending money and utilizing resources on online tools.
It can be costly – social media can be costly to your business and take a large amount of resources and training to be implemented correctly.
Prior to making this commitment, it is vital to understand whether your company will see a return on its investment in utilizing these mediums to enhance business.
You don’t have a solid plan – even if you set up social media platforms for your business, that does not guarantee the success and benefit of the tools. Without a well thought out plan on how to make social media “work” for your business, this could lead to wasted time and money.
The Bottom Line
While deciding whether social media is worthwhile for your business may seem intimidating, this is something a PEO can help you determine.
Since it could be a big money maker for your company, it is definitely something worth looking into. Your PEO can assist in navigating these waters, and we can help you find the right PEO to assist in making these important decisions.