Using Social Media to its full potential / Social Media and Entrepreneur
Today’s generation can be found on most of the social media platform. We scroll down feeds on Instagram, keep watching posts on Facebook, watch videos on YouTube or look at stories in our Snapchat. How many times we have heard people saying, ‘this generation just wastes time on social media’? What if we tell you there is a way to set up your business with the help of the social media. Did you know about 800 million people use Instagram actively every month? The numbers of Facebook and YouTube is even greater, 2.19 billion and 1.5 billion respectively.
Social media is a powerful tool to help with the promotions of your business at an effective costing. You don’t need to put in a lot of budget for the promotions of your content. You are just a click away from going global and going up the ladder.
Advantages of Social Media:
- Increase Exposure: Any entrepreneur knows how important it is for their startup to have exposure and reach. Correct exposure to their business helps them become more visible and differentiate between them and their competitors. Every person who views your profile and posts is a customer added to your base. Every like, every tags, spreads awareness about your brand to them and helps you reach masses. You can think about going global with your reach maximizing.
- Direct your website traffic: If you have a website for your startup, your social media presence plays a huge role is creating a path to direct the traffic from your account on social media platforms to your website. You can create hype on your social media accounts about the websites. Also, optimize your searches for a better visibility.
Recently, Semrush’s (a competitive research service for online marketing) latest retail study said that Nike has the highest traffic across its social media platforms. Brands like Victoria’s Secret, H&M, Zara, Adidas, Gucci, Forever 21, Levi Strauss & Co., American Eagle and the Gap followed Nike. These brands are great example of how they generate and direct their traffic to their websites for increase of sales.
- Target Market: Social Media is a great tool to understand the market you are aiming your product for. You don’t need to spend a lot on expensive reports; instead you can use your social media interactions to understand your community first handedly.
Understanding your target market with the help of Social media can be seen in the efforts taken up by Netflix. They include a lot of quotes of their ongoing-new launching programs or produces gifs, content which goes along with their audience.
- Develop loyal customers base: An easy way to develop loyal customer base is interacting with them on a one-to-one basis. How? Get onto the comment sections of your posts, address the queries and complaints. Humans have a tendency to look for negatives before the positives; they are bound to read complaints but the way you handle and respond to complaints makes them loyal to you and your business.
Be quick in replying to the complaints,admit your mistakes, personalise your replies and always follow up. Here’s an example of how Allen Solly creatively apologises to their fellow follower.
- Lower marketing cost: To grow your startup, you invest in advertising, promos, and campaigns incur production costs, salaries of marketing staffs or pay sales commissions, but with the help of social media, you can reduce your marketing costs.
When you are paying for advertisements in newspaper, a full page advertisement on a national daily could go up to 60-90 lakhs, where as in magazines with outreach of INR 3.5 lakhs, the full page advertisement could go up to INR 2.5 lakhs and half a page would require INR 1.8 lakhs. On contrary, advertising budget on social media can be controlled and a single post can be boosted for a mere INR 200.
- Increase in Sales: Social media increases your reach, promotes your business and helps you indirectly increase your sales by generating brand awareness, building trust and engaging with your customers. Refrain from using social media as a tool for direct sales.
Using your social media skills into the right direction can help you reach millions and channel the crowd into the direction of your business.
Take help of the World Wide Web and keep growing.
A few useful links to our young entrepreneurs:
For managing social media platforms effectively: https://buffer.com/
For some amazing graphics and layouts: https://www.canva.com/
For optimizing your website: https://www.optimizely.com/
For help with analytics of website: https://www.alexa.com/siteinfo
Improve your social media strategy: https://www.semrush.com/