Social Media and Its Impact on Business

By | October 24, 2018

Social Media is a medium through which people connect and share content with each other. This content can be anything like a written post, an image, or a video. Over the years the business has changed tremendously in their operation and promotion. Social media happens to be one of them. Now every business has some kind of social media connection through which they communicate with their customers. Social media is a community where people socialize and get to know each other.  When social media started it was used just to communicate and get to know each other and this concept change when this is used for business. Today! Every business share contents related to their business to attract the customers like posting a discount offer, event posting etc.

How Social Media Affect the Business?

Customer Retention

Customer Retention can be defined as the ability for a business to do the business again with the existing customer. This is a very important factor as it can save huge bucks because the cost of acquiring a new customer is much more than doing a repeat business with the existing customer. Social media helps to retain customer due to constant engagement with the customer through your content and once you served your customer then you get the trust of your customer after that it becomes easy for you to pitch your product again and it is more likely that he will buy it from you.

Customer Relationship Management

Customer Relationship Management is an approach by the business to the existing and potential customers. Through social media, a business can make a relationship with the customer stronger and long-lasting. Huge cooperates invest a huge amount in this area but for a small business, social media is enough to make their customer relationship in check.

Product marketing

Marketing your product through advertisement and TV ads can cost you a very hefty amount but sharing the same product over the social media can be very cheap as it is free to post content on the Social media. You can also run campaign ads after paying comparatively very less money and you also have an option to target the customer that is factor specific and this factor can be dependable on your business niche.

Expansion of customer base

There are millions and billions of Social media users who use Social media on a daily bases. The business can use social media to gain new customers and connect with them instantly also social media provides the customers with a huge platform where they can project their ideas, product, and update about their business within minutes. Social media is a must when it comes to Expanding a customer base.

Brand awareness

Branding is an important part of establishing a business. Branding creates a positive image for a business in front of customers as the customer’s post review of the product or service you offer this review can make your product credible in front of the new customer and acts like a word of the mouth which is a powerful way to market your business.