Why your SME needs Social Media

Why you should consider marketing your SME on social media platforms? For start, more than half of the global population is on social media!
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Did you know that there are 4.55 billion active social media users in 2021? That’s over half of the global population. Not only that, we’re seeing around 10% growth comparing 2021 to 2020, amounting to around 400 million new users, according to Hootsuite.

Additionally, from the time spent online, after watching broadcasts and streams, time spent on social media comes next with an average of 2.27 hours per day.

With those numbers, we simply cannot ignore the reach and impact of social media on businesses and our lives.

 

We previously mentioned the importance of setting up your business profile on search engines as it is the place where people look for services and products they need. 

As the next step on your digital marketing journey, we’d recommend presenting your business on social media platforms where your target audience is. While different social media channels come with their own particularities and a learning curve, you still get access to an existing platform and audience to connect with and present your business.

 

With that being said, let’s go through some of the main reasons you should consider creating social media accounts for your business:

1. Being small can be an advantage on social media

Social platforms are all about connections, with our families, friends, and also with brands we love and are interested in. Disregarding budgets for advertising, it’s a pretty leveled playing field for big and small companies. As an SME owner you might even have some advantages.

Compared to a multinational corporation having an influx of messages and comments, as a smaller business owner, you are more likely to be able to handle all the requests, questions, and comments that come your way. And as the owner, who else can give a more informed and genuine answer about your business than you?

Social media enables you to easily foster connections with your clients. Make sure to respond in a timely manner, provide helpful information to your customers, answer their questions and build a community around your brand.  This direct connection between your consumers and your brand gives your SME the social media marketing advantage.

 

2. Digital word of mouth

If you have ever joined any marketing lecture or picked up any general marketing literature, you have probably come upon that word of mouth is the best marketing channel.

According to Nielsen’s questionnaire with over 28 thousand participants, word of mouth is still the most trusted type of advertising – 92% of people trust recommendations from friends and family over any other type of advertising.

With social media, spreading the word is easier than ever. Every review, like, comment, share from your customers introduces you to their social circle, vastly extending the outreach of your brand.

While positive word of mouth is one of the best ways to get your brand referred, the opposite works as well. This is why it is crucial to be active on social media and respond quickly to any concerns, bad reviews, and criticism from your customer. Show your community that you care about them, that you’re willing to learn and improve to provide them with the best service/product possible.

 

3. Humanize the brand

Until quite recently small businesses used to be faceless organizations. There was no personal touch with the brand unless the customer visited your store or called you. This has changed with the rise of internet, when marketing communication became a two-way street.

Your customers can now establish real connections with you and your brand. This is why it is important to have a clearly defined brand and its values, so you and your people can authentically communicate and build trust with your audience.

Showcase not only your products and services but your team, what is important for your business, happy customers. Be clear about what your business stands for and demonstrate that you put the interests of your customers and employees at the top.

 

4. Stay on top of the mind

We mentioned at the start of this post that over half of the global population is on social media, another research tells us that majority of social media users (70% for Facebook) visit the platform daily, and around half (49% for Facebook) visit the platform multiple times per day.

That is a lot of opportunities to engage your customers and remind them of your brand.

Unlike with search engines, where we want to be displayed when a customer is looking for a product/service we offer, on social media you provide informational, entertaining content and build up a relationship with your customers. So when the time comes and they need your product or service, you’ll be on top of their mind.

While it can seem very tedious to be consistent and post regularly on social media, it doesn’t have to be like that. There are numerous tools that enable you to create content in batch and then schedule it. You can also involve your customers and encourage them to share and post about your products. 

 

5. A cost-effective way to advertise

The great thing about social media is that it is free. You can set up your account without occurring any cost and share your content with the world.

However, if you have a budget and you want to spread your message quicker and beyond your following, social media ads are one of the most efficient ways to advertise your business. 

They are so attractive that according to Businessinsider social media ad spend will overtake even TV in 2022, reaching 177 billion USD. There are several reasons for such an investment in social media advertisement.

First, it is relatively cheap. The avreage cost of reaching 1000 people with your ad on social media is below 10 USD for most platforms, compared to 20-30 USD on TV. 

Second, unlike on radio or TV, you’re able to define the target group you want to display your add to. Social media platforms like facebook have information about their users, where they are, their age, interests, etc. You can use this information and display your advertisement only to the group of users that are most likely to be your customers. For example 5 km around your business location, a specific age group, or people who  have shown interests in products you offer.

Lastly, you’ll have clear analytics giving you feedback on your advertising approach. Providing clear feedback on what your potential customers prefer, making your marketing efforts more precise and effective as you go.

 

Let us know – are you using social media for your business. If so, what channels do you prefer? In the next post we’ll have a closer look at different channels, what their differentiating traits are, and which ones would fit best for your line of business!

 

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