How Does Social Media Impact Your Business?
Many companies make the mistake of thinking that social media is just for consumer products
. Recent research has shown that social media plays a significant role in business to business activity as well. Its impact and influence are actively measured and noticed in all levels of business to business, education, military and other vertical markets. Decision makers use the web for research, communication and other key business activities. This means they naturally build networks and trusted relationships that influence their decisions.How can business measure return on investment (ROI)?As with any business activity it is important to know whether it is worth putting in the time and effort. Sadly, one study showed that 85% of businesses involved in social media were not measuring the ROI.
You can, of course, use revenue as a simple way to assess ROI. To get a complete picture, though, it is a good idea to use other metrics such as Web traffic, brand awareness, and the quality and volume of lead generation to monitor success. Most companies prefer to use web traffic as the key performance indicator.
How can social media generate more sales?Social Media influences every step of the buying cycle. This is why it is so important to build positive brand awareness, develop great rapport and meaningful relationships with your audience, in order to inspire them to take action.
The general buying cycle consists of ten stages:
1.Acknowledging the need
2.Awareness
3.Research
4.Consideration (the short list)
5.Evaluation
6.Purchase
7.Applications
8.The Experience
9.Reaction
10.Opportunity for advocacy
By engaging effectively at each stage of this cycle you can place your business in the heart of the decision-making process. Social media gives you the opportunity to build stature, establish authority and gain attention. Without maintaining that contact it is easy to slip outside the cycle of attention, analysis, and action only to be forgotten or ignored.
How quickly will my social media campaign work?Following the success of the Obama internet campaign companies have realized that this is something they can emulate. The crucial point is that it is a slow-burn process, particularly at the beginning. President Obama didnt wait to the last minute to begin his technological and social media campaign. It was successful because he used it as a foundation early on in his campaign for presidency. His other activities then generated comment in the new media and so it built momentum.
A vibrant business is always looking for ways to reach the marketplace. Unfortunately, with many traditional businesses the adoption of new techniques is often left until it is too late.
When a business networks and markets face to face the power and reach of the message is often limited. With the introduction of social networking on the web even the smallest business can have a global reach. The important thing is, whether you are a local or global business, you start to build a trust with your audience that brings a steady and loyal customer base over time.
What benefits will I notice?A recent study showed a direct correlation between deep social media engagement and top financial performance in terms of revenue and profit.
You also get instant feedback on your business activities. Traditionally you might do a peer review or a focus group before releasing a new product. Now, you have the opportunity to do customer-led product development.
Consumers also have high expectations so it is important to have the resources to maintain and monitor your social media activities. It can reflect badly on your business if they feel they are not getting the instant response they can get elsewhere (possibly with your competitors). You will even get immediate feedback on your more traditional marketing activities such as print or TV advertisements, so you can modify them to be more effective.
Social media is now having a big influence on customer service. In our fast-paced society modern consumers expect instant feedback. It is important to be responsive, flexible and to manage customer expectations. If you do this successfully you build a good reputation both on and off-line.
Finally, it is important to realize there can be a negative impact on your business if you get it wrong. So in order to protect your business make sure anyone dealing with your social media is educated on the financial and legal implications of the information they post and the relationships they build.
Social media is instant Word of Mouth so make sure you get it right even if it is just to monitor what other people are saying about you.
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