With the world opening up and consumer behaviors changing again, it’s high time that you revisit the pros and cons of using social media for business promotion.
There is no questioning the instrumental role that social media marketing played for businesses amid the pandemic. In fact, your business may even be among those that were born and grew during this period, thanks to connections kept tight-knit by social media platforms.
But as the world reopens and people eagerly disconnect from digital spaces, there comes a need to rethink how these platforms can continue to help your business grow further.
If the pandemic sparked the social commerce trend, what consumer behavior can the resumption of travel and physical contact start, reignite, or build upon? That, plus taking actions to leverage and workaround the pros and cons, will be important to maintain your position in the market, moving forward.
Four key trends to note
Below are some trends you should consider as you strategize your online and social media marketing strategies.
- Revenge shopping. One of the key trends that we expect to gain traction in a post-COVID economy is revenge shopping; consumer behavior that may continue to accelerate as consumers default once again to physical spaces for shopping and leisure.Other impacts of this trend will be a surge in return-to-office setups, and “high-density” retail. Both are expected to give the rental space market and the retail industry a boost.
- Lower share of sales for ecommerce. On the other hand, ecommerce may start to see slowed growth, according to studies. An extensive survey of online transactions conducted by the International Money Fund found that some businesses are already seeing dips in ecommerce share of sales.It’s important that you note, however, that rates of decline or growth vary among industries and economies. So careful market research and conducting your own experimentation in your niches is still critical to redefining your ecommerce goals.
- Platform mistrust. As the popularity of social media grows, so does user mistrust towards them. With information-age concerns like data privacy, rampant misinformation, and cyber attacks, to name a few, trust in social media continues to diminish.As a result, some users are migrating to alternative social media platforms that seem more trustworthy for them. This is why that, as you market your brand online, building and solidifying trust is a critical task not just for improving conversions.
With these in mind, let’s now discuss some pros and cons of using social media. Further down, you will also find tips on how you can redefine your strategies and act in accordance to the trends.
The pros of social media
There are many potential benefits to using social media for business, including increased brand awareness, more leads, and customers, and improved customer service, etc. Let’s take a closer look at each of these benefits:
- Increased brand awareness. Social media platforms provide businesses with a unique opportunity to increase their brand awareness. When businesses post on social media, their content has the potential to be seen by thousands or even millions of people. This can lead to more people becoming aware of your brand and what you have to offer.
- More leads and customers. Social media can also be used to generate leads and customers. By posting interesting and informative content, businesses can attract potential customers to their website or social media page. This can then lead to more sales and conversions.
- Improved customer service. Social media can be a great way to improve customer service. By monitoring social media platforms, businesses can quickly respond to customer complaints and queries. This can help to improve customer satisfaction and build brand loyalty.
- Better search engine rankings. In some cases, social media can also help to improve your website’s search engine ranking. This is because social media platforms are often full of high-quality written content that contains relevant keywords. If your website is linked to social media, this can help to improve your ranking in the search engines and bring in free, organic, highly interested traffic.
- More opportunities for market research. Social media platforms also provide businesses with a unique opportunity to conduct market research. By monitoring social media, businesses can see what people are saying about their industry, their competitors, and their products. This information can be invaluable for making decisions about marketing strategy, product development, and more.
We’ve seen how powerful social media can be for businesses. However, there are also some risks associated with social media, which we’ll explore in the next section.
The cons of using social media
Though social media has its benefits, there are also potential risks associated with using these platforms. It’s important to note that these risks should not be ignored, as they could have a negative impact on your business. Here are some of the risks to consider:
- Negative feedback and customer complaints. One of the biggest risks associated with social media is negative feedback and customer complaints. When customers are unhappy with a product or service, they often turn to social media to voice their concerns. This can lead to businesses receiving negative publicity, damaging their reputation.
- Time-consuming. Social media can also be very time-consuming. Businesses need to post regular updates and interact with their followers. This can take away from time that could be spent on other tasks, such as growing the business or developing new products and services.
- Requires a social media strategy. To be successful on social media, businesses need to have a well-thought-out social media strategy. Without a plan, businesses may struggle to generate leads and customers, and they may also damage their reputation.
- Can take a while to see an ROI. It’s important to note that social media can take a while to generate an ROI. This is because it takes time to build up a following and to create engaging content. For businesses that are patient, social media can be a great way to connect with customers and grow the business. However, those that expect immediate results may be disappointed.
- Understanding engagement can be tricky. Another potential risk is that social media engagement can be tricky to understand. There are a lot of metrics that businesses can track, such as likes, shares, and comments. It can be difficult to know which metrics are most important and how to improve them.
There’s definitely a lot to think about when it comes to social media for business. But if you’re able to effectively manage the risks, social media can be a great way to grow your business and a chance to connect with your audience.
Making social media work for your business
As powerful as it is, it’s important that you fully understand how social media works before you start using it for your business. Otherwise, you may not be able to achieve the results you’re hoping for.
Here are some tips on how to make social media work for your business:
- Define your goals. Before you start using social media, it’s important to define your goals. What do you want to achieve by using social media? Are you looking to increase brand awareness, generate leads, or improve customer service? Once you know your goals, you can create a social media strategy that will help you to achieve them.
- Post interesting and informative content. To make social media work for your business, you need to post interesting and informative content. This will help to attract potential customers and followers to your page.
- Interact with your followers. It’s also important to interact with your followers and customers. If someone leaves a negative comment, respond in a professional and helpful manner. This will show that you’re serious about customer service and that you care about your brand’s reputation.
- Be consistent. Finally, it’s important to be consistent with your social media activity. If you only post occasionally, you’re unlikely to achieve much success. To make social media work for your business, you need to be active and engaged on a regular basis.
You have to remember that it’s not enough to simply create social media accounts for your business. You also need to put in the effort to make social media work for you. By following the tips above, you can ensure that social media is a valuable and effective tool for your business.
Deciding on whether or not to use social media for your business can be a tough decision to make. There are a lot of factors to consider, and it’s important to weigh the pros and cons carefully. However, social media can be a valuable and effective tool for businesses if used correctly. By following the tips above, you can ensure that social media works for you.
- Put in the effort to create and maintain a presence on social media to make it work for your business. Nothing ever comes for free. Social media can be a lot of work, but it can be worth it if you use it effectively. It’s up to you to decide if social media is right for your business.
- Consider using social media to build trust with your customers. In an age of mistrust, being a trustworthy authority is more important than ever. After all, social media is all about building relationships. So don’t forget that social media is a two-way street. It’s not just about broadcasting your message, but also about listening and engaging with your audience.
- Keep in mind that social media platforms are constantly changing, and what works today may not work tomorrow. Be flexible and adaptable in your social media strategy. This allows you to take advantage of new opportunities as they arise, and avoid getting left behind.
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