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social media 2018-02-03

Importance of Social Media in Growth of Business

Companies have received honest feedback, a rise in brand value and enormous business opportunities due to the involvement of social media.

By Nibedita MohantaSenior Sub-editor

Social media has outpassed all the barriers that were earlier limited to only monotonous mediums such as radio or newspaper. Social media apps such as YouTube, Facebook, Instagram, Twitter, Whatsapp, LinkedIn and Gmail etc come handy in almost every individual's cell phone.

Many brands of the entrepreneurs have time and again witnessed the power of social media by the kind of response; they have got from the audience.

Companies have received honest feedback, a rise in brand value and enormous business opportunities due to the involvement of social media.

Social media gives the audience the liberty to show their interest towards the product through social media.

Here are some of the points which explain the role of social media in the growth of business:

Increase Visibility:

The marketing strategy cannot work without social media. Advertising in newspaper, television, and radios exist yet the kind of response social media gets is unbeatable.

There are endless options for promoting your brand on social media. People these days are addicted or glued to social media, which is why a promoted piece is likely to fetch more eyeballs on social media than on any other media.

Platforms such as Twitter, Facebook, Instagram, and LinkedIn are available worldwide, which is why there are high chances of promoting your product or brand on a global platform rather limiting to television ads or newspaper that has a limited approach to customers.

Real-Time Performance Analysis:

If you produce a video ad for your product with a human interest topic in it, there are chances of going viral on social media.

It can raise debates and drive people’s attention towards it. That is the power of social media. If it creeps into the trending list of the social media then your product value will touch sky within hours.

If you want to introduce or implement new things in your product or brand, but you are unsure of the response or whether it would work out or not. Then initial a poll question and leave the decision on customers, within hours you would have the analysis report in your hand.

Check on Rivals’ Movement:

What is the point of running alone on the tracks, when there is no resistance or no competition to spice up? Hence, social media provides you every detail of your rival companies’ movement or approach towards tackling any problem related to inflation or budget.

Since budget is out, many companies will have surely started their brainstorming sessions to identify their weakness and to solve problems on the path of growth. An advertisement to damage control or some hidden agenda, which will help you in the long term if you keep a close watch on your rivals, is provided by social media.

Eases out Customer Interaction:

Newspapers or magazines have limited space to express and most of them write as much is fed to them, and it is a one-way method but social media allows a vast field to keep the engagement with the public, where the customers can interact with the brand directly.

People who are already your customers, when initiating a conversation about the brand or the products, then other people who are not your customers also join the conversation and that is what makes the brand reach distances without much of investment.

Social media gives an all-round platform for exchanging ideas, giving feedbacks, initiating discussions and pushing their point of views or genuine concern towards the product in the field of improvement and development of the product or brand.

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