What are the benefits of using social media for business? Consider that there are now more than 3 billion using social networks across the globe. And these people are using social to engage with brands. Sherpa Marketing found that more people follow brands on social media than follow celebrities. On Instagram alone 80 percent of people follow at least one business. If you’re not taking advantage of social, you’re missing out on a fast, inexpensive, and effective way to reach almost half the world’s population.
Benefits of social media for brand building
1. Increase brand awareness
With nearly half of the world’s population using social media platforms, they’re a natural place to reach new and highly targeted potential customers. Think people only connect with brands they already know on social media? Consider that 60 percent of Instagram users say they discover new products on the platform. When Absolut Vodka ran an Instagram campaign to promote its limited edition Spark bottle, the company achieved a five-point lift in brand awareness.
2. Humanize your brand
To connect with customers—and potential customers—you’ve got to show the human side of your brand. How are you embracing your brand values? (Do you even have brand values?) How are you looking out for the best interests of your customers and employees? Does your product really work? The ability to create real human connection is one of the key benefits of social media for business. We call these Meaningful Relationship Moments. Introduce your followers to the people who make up your company and showcase how existing customers are using and benefiting from your products. A social media advocacy program can be a great way to humanize your brand.
3. Establish your brand as a thought leader
No matter what industry your business is in, social media offers the opportunity to establish your brand as a thought leader—the go-to source for information on topics related to your niche. Like brand advocacy, thought leadership is a great way to build consumer trust. In fact, LinkedIn research in partnership with Edelman shows that marketers underestimate just how much thought leadership can impact trust, especially for B2B marketers. About half of B2B marketers surveyed believed their thought leadership would build trust in their companies. However, more than 80 percent of buyers said thought leadership builds trust. The 2018 Edelman Trust Barometer also found that 63 percent of people trust technical experts, compared to only 42 percent of people who trust businesses. Hootsuite CEO Ryan Holmes has more than 1.5 million followers on LinkedIn, where he shares his insights about social media and entrepreneurship.
4. Stay top of mind
Most social media users log into their accounts at least once per day, according to Pew Research Center, and many people are checking social multiple times per day. Social media gives you to the opportunity to connect with fans and followers every time they log in.
Benefits of social media for growth
5. Increase website traffic
Social media posts and ads are key ways to drive traffic to your website. Sharing great content from your blog or website to your social channels is a great way to get readers as soon as you publish a new post Participating in social chats—like the weekly #HootChat on Twitter—can also be a great way to increase your visibility, get attention from new people, showcase your expertise, and drive traffic to your website. Offer great value in the chat, rather than being too promotional. Just make sure your website address is included in all of your social media profiles so that people who want to learn more about you can do so with one easy click. Even better, use a pinned post to highlight a landing page on your website that’s relevant to the chat.
6. Generate leads
Social media offers an easy and low-commitment way for potential customers to express interest in your business and your products. Lead generation is such an important benefit of social media for business that many social networks offer advertising formats specifically designed to collect leads. For example, Renault Europe used Facebook lead ads that allowed people interested in learning more about a new model to book a test drive directly from Facebook, with just a couple of taps. The ads had a 7.9 times lower cost per lead than ads linking to a form on the car manufacturer’s website.
7. Boost sales
No matter what you sell, social media can help you sell it. Your social accounts are a critical part of your sales funnel—the process through which a new contact becomes a customer. As the number of people using social media continues to grow and social sales tools evolve, social networks will become increasingly important for product search and ecommerce. The time is right to align your social marketing and sales goals. For individual sales professionals, social selling is already a critical tool.
8. Partner with influencers
Word of mouth drives 20 to 50 percent of purchasing decisions. When you get people talking about your product or company on social media, you build brand awareness and credibility, and set yourself up for more sales. One key way to drive social word of mouth is to partner with influencers—people who have a large following on social media and can draw the attention of that following to your brand.
Benefits of social media for content creation and distribution
As people start liking, commenting on, and sharing your social posts, your content is exposed to new audiences—their friends and followers. Going viral takes this concept one step further. As people share your content with their networks, and their networks follow suit, your content spreads across the internet, getting thousands or even millions of shares. This exposure is especially beneficial because all those shares, likes, and comments show an existing connection with your brand. If I see that my friend likes your article, I may be inclined to check out what you have to say, even if I’ve never heard of your company before. In a world where there is far more content than any one person could ever consume, a friend’s social share acts as a kind of pre-screening. Going viral is no easy task, of course, but without social media it would be next to impossible.