With billions of people signed up around the world and hundreds of millions active at any moment during the day, social media platforms present a prime opportunity for businesses in every industry. No matter how niche your product or service is, there will be an audience on social media you can engage with.
Not every business has the knowledge to get the most out of using Twitter, Facebook, Instagram and other similar platforms. This article is the sixth in our series on how to grow your business and covers the pros and cons of using social media as part of your business strategy.
Advantages of using social media to grow your business
- Brand awareness – With so many active users online at any one time, social media provides a prime opportunity to publish relevant, targeted content and increase brand visibility.
- Website traffic – Social media posts can help to boost your web traffic and increase potential leads, conversions and sales.
- Cost effectiveness – If managed well, the cost to advertise on social media may be cheaper than other marketing channels.
- Customer interaction – You receive invaluable feedback about the brand and can interact quickly and directly with customers. Good feedback spreads to potential new customers, while bad feedback can be managed, resolved and analysed.
- Brand reputation – A reputation for strong customer service can quickly spread, while you can position yourself as an expert in your field by leading discussions and providing innovative solutions.
Disadvantages of using social media to grow your business
- Resources – To get the most out of social media you’d need a team of committed staff or a specialist agency with the right knowledge to manage the daily operation and grow your presence.
- Crowded channels – There are quite a few platforms exist and each one is crowded with different conversations going on. It isn’t easy to cut through the noise.
- Customer control – Customers today tend to leave negative feedback on social media and even if you respond on time and positively, some customers remain unsatisfied and continue to spread their negative comments which can be hard to track and rectify.
Three tips to grow your business on social media
For small businesses, social media is where the people are these days and it does pay to find the right platform and grow your social media following.
Commit and remain consistent
A half-hearted approach to social media will only produce similar results. It can take anywhere up to a year to build a decent following. However, remaining consistent and providing the right content will eventually pay dividends.
Different platforms demand higher or lower levels of content. For example, Twitter’s fast turnover of tweets require regular posts while a lower volume is needed on Instagram or Facebook.
As with any successful strategy, you need a solid plan with clear objectives and KPIs. Never deviate from your social media blueprint but be prepared to tweak it where necessary.
Create sharable content
For many small business owners, once they start posting on social media, they quickly realise how challenging it can be to create sharable content. At this point, most people turn to ‘re-posting’ someone else’s content while others may decide to share thought-provoking or even controversial content to generate short-lived excitement in a desperate attempt. A good tip on creating sharable content is to ask yourself how you can value add. If your post tells people something they wouldn’t have known or inspire them, then chances are they will be liked and shared by your audience.
Managing social media posts requires time and effort so consider using a tool to help with scheduling and posting. There are at least two dozen tools out there and each has its own advantages and disadvantages. Many small business owners tend to prefer Buffer as it does the basic job of scheduling very well.
Business growth advice from Tax Agility
At Tax Agility, we have helped many of our clients set up and grow their businesses. As specialist small business accountants, we are always available to assist small business owners with financial and business accounting advice.
Talk to Tax Agility today to find out how we can help you grow – either call us on 020 8108 0090 or use our Online Enquiry Form.