Social media marketing transcends all areas of our daily life – work, politics, news, and most importantly the way we spend money. Even if you are going to a big box store to shop, typically you check online first to see if the store has the product. Many stores allow consumers to shop online and pick up their purchases in person. Some will bring your purchase right to you! For this reason alone, it is vital that businesses today know how to leverage social media marketing in order to promote their product or service by engaging potential customers online. Businesses of all sizes and industries are using Facebook, Instagram, Twitter and other social media platforms to reach new clients. Studies show that a presence on social media is critical to business growth today.
What are the benefits of your business using social media?
Numerous studies have shown that there are many benefits to a business when it engages in social media. These include:
- Increased brand recognition.
- Building a loyal following.
- Higher number of followers adds credibility and trust to your band.
- Increase in new customers.
- Decrease in marketing costs (in terms of time, expertise, energy, and financial output).
- Ability to build a relationship with customers while at the same time monitoring what people are saying about your business or product.
- Most importantly, social media helps adds to the legitimacy of your business.
Who is your target audience when using social media?
The largest growing consumer group in America are the Millennials – young people aged 17 to 34. It is estimated that, as a group, Millennials will spend more than $200 billion annually starting in 2017. Most millennials prefer to shop online and are connected to each other and commerce via social media.
A 2015 survey shows that a staggering 69 percent of adults in the US shop online at least monthly. Also, 33 percent shopped online once a week in 2015, up from 24 percent in 2014. Most importantly, 48 percent of online shoppers admit to occasionally increasing the size of their orders to hit the free shipping minimum.
How can businesses use the online marketplace to their advantage?
Consumers are using the growing online marketplace to their advantage, searching for the best deals on products and services. Online spending is on the rise. It is vital that your business cash in on this trend in order to be profitable. Need advice on how to do this?
Contact us at DeSantis Trusted Advisors. We are always happy to offer strategic planning advice.
