The growth of social media marketing
As a small business, operating on a tight budget can be very common. Social media is one of the marketing channels that allow small businesses to operate in a cost-effective method whilst yielding strong, progressive results. As a result, social media marketing has grown at a significant rate in the past 10 years with more businesses utilising these platforms every year. Global digital ad spend has increased by 5% this year and it is set to reach $329 billion in 2021.
Why is it important for your business?
It’s clear that digital marketing accounts for a substantial amount of the world’s global ad spend which reflects the importance of this type of marketing. However, what does this actually mean for your business and why is it important?
1. Developing a presence on social media offers another location for your target audience to find out about you. As you begin to attract more people towards your social media page, you can then start to educate them about your product or service. You can also start driving more traffic towards your website to educate them more and convert them to a valuable customer. Driving traffic towards your website or landing page should always be your end goal to help you generate more revenue and keep your business moving forward.
2. Cross-selling and up-selling are vital components in growing your business, it is one of the most important factors for increasing revenue. Social media allows you to execute these perfectly. Once a customer has interacted with you once, you can use all the data that social media holds to begin re-targeting these customers to promote more of your products and services to them with the aim of increasing revenue.
3. Social media is one of the most cost-effective methods for marketing your business and it is also one of the most useful tools for analysing return on investment. It is free to start a business page on social media and begin marketing, however, there are some costs involved. Social media marketing will start to consume a lot of your time as you start to grow your presence. Monitoring, listening and engaging in social conversation will increase and you will need to increase the amount of time you dedicate to doing these activities. This is an important point to consider because time is your most valuable asset. You may have the time available to manage social media or you may need to outsource this work so that you can focus on developing the core aspects of your business.
Social media marketing is growing year on year and it can’t be ignored. The importance of a business being on social media and remaining active has skyrocketed. It can now be more harmful to a business when they are not on social media because more and more customers are using social media to find products and services which meet their needs.