Social media is great for small businesses because it requires a small financial investment to be implemented, therefore helping small businesses to grow.
Apart from using social media platforms to grow your business, you can also learn from business mentors like Tony Robbins who are always ready to share with the world some of the incredible strategies that one can use to make their business successful.
Here are some of the benefits of social media for small businesses.
Increased inbound traffic
When you market your small business on social media, you can quickly increase your inbound traffic. People who are familiar with your products and services are likely to be searching for the same keywords that you already rank for. You should include social media in your marketing strategy because if you don’t, it will be difficult for you to reach people beyond your customer circle.
When it comes to using social media, posting content in your account can be an excellent opportunity to get a new customer. Again, posting content on different social media platforms can allow your customers to reach your business organically. Marketing your business on social media can open your business to a large number of consumers across the globe.
Increases your brand awareness
When you have a strong social media presence, you can build your business reputation easily. Through the help of a digital marketing company who can execute a social media strategy, you can increase your brand recognition since you will engage a wide audience of consumers in platforms such as Facebook, Twitter, Instagram, etc.
For starters, first, you have to create a social media account for your business, and start interacting with people. You can get people such as sponsors, business partners, and employees to like and share your page. The more you get the likes, the more your business gets recognized.
Increases your conversion rates
When your business gets increased visibility, it means that it has more chances for conversion. The comments, images, or videos can lead readers to your business’ site and increase traffic. Social media marketing gives your business the opportunity to interact with your customers on a personal level.
Research shows that social media has a 100% higher leads than the outbound marketing. Individuals use social media platforms to keep in touch with their family and friends. And because people are active on these platforms, you can throw in your brand in the mix. This will expose your business to people and individuals may mention your brand to a friend when your products or services are needed.
Social media improves customer satisfaction
It is no surprise that social media is a great networking and communication platform. Your small business can rapidly grow if you create a voice for it using these platforms. Nothing makes a consumer happy like knowing that if they post a comment on your page, they will receive personalized feedback and not an automated message.
One of the best ways to show that you value your customers and pay attention to their needs is to acknowledge each comment from them.
It is cost-effective
Social media is one of the most cost-effective methods of advertising. Creating a profile is free for almost all social media platforms. Moreover, any paid promotions that you sign up for are low cost compared to other methods of marketing.
If you are running a small business, a cost-effective marketing strategy will be best for your business since you may be working on a tight budget. A cost-effective method will also enable you to see a significant return on investment [ROI] and retain a huge budget for other business expenses.
From the points above, you can clearly see how social media can be of significant value to your business. If your business does not already have the correct profiles, create them now. Fill in your business’ details and post interesting and engaging content. You don’t have any reason not to integrate social media into your marketing strategy. It is cost-effective, meaning you won’t lose a thing!
You have an idea, and that’s where it will all start. One single idea can blossom into a successful business. It may be a simple vision of a product or service that makes someone’s life easier. And your ambition is to turn that into a profitable venture. Dreams of fame and fortune, accolade and adoration all creep into the mind when you know you have something special. But that doesn’t mean your startup will be plain sailing. Many entrepreneurs of note have tried and failed to get their startups off the ground. So what are the hazards and highs of following your dreams into entrepreneurship?
Some would say ploughing money into a new business idea is a lot like gambling. There is certainly a degree of risk involved. Others would say that it is a calculated risk. After all, why would you throw your hard earned cash at something you didn’t truly believe in? Anyone with good business sense knows to research their investments thoroughly to be sure of a good return or profit. However, without that initial investment, it’s nearly impossible to get your startup off the ground.
Every business needs an initial investment. It may be in the form of raw materials, or simply business stationery. You may need formal premises so there is rent, rates, and utilities to consider. It takes money to make money. And this investment can appear in many guises. You may feel it is necessary to gain further qualifications to help boost your confidence and skill set for your business. Or you may just need a little bit of cash behind you while to feed your family while you’re getting things started.
Your family will miss you when you leap into the world of the entrepreneur. There will be many occasions when you need to travel for meetings. This could involve a lot of overnight stays in strange cities away from your family. You’ll miss mealtimes because you’re busy calculating a profit projection. And attending soccer games and recitals could become a thing of the past. It’s easy to feel guilt when you need to prioritize your business over your family life. But you know that you’re doing this now to secure your family’s future.
If you have a partner, chances are they are incredibly understanding and supportive of your new role. They know this business is important to you, and they will do what it takes to make your home life worry-free. Of course, you want to spend time with your family. And if this start-up goes well, you may have a lot of time when you can retire early! But right now, your family may have to take a back seat. This can be incredibly challenging for all of you to cope with.
Your lifestyle will also change as you work harder and harder to get your business off the ground. Social engagements may be put off for weeks or even months. Those lazy Sunday mornings could become a thing of the past as you leap out of bed to prepare the next contract. You know that your time is money. So many other things in your life, like hobbies and interests, have to be put aside for now. Life has become fast-paced and focused. And it’s all on you to keep up with it.
You may find you are living out of a suitcase more and more as you travel for work. Strange beds and strange cities become the norm very quickly as you try to secure more clients. Eating in restaurants or rest stops may also leave you missing the taste of a home-cooked meal. And you may not remember the last time you went for a leisurely walk.
All this hard work, convenient meals, and lack of exercise will quickly take its toll. You may feel you don’t have enough time to sleep. But a lack of sleep will impair your cognitive function. This can lead to poor decision making and mistakes. Stress will also quickly take its toll on your health. High stress levels can lead to high blood pressure. This can be incredibly hazardous for your heart.
Hard working people who don’t give themselves the breaks they need can appear older too. Deep lines and wrinkles may start to appear. You may even start to gain weight now you can’t make it to the gym as frequently. Of course, health problems may motivate you to work harder. You want to provide for your family, so you’ll work hard while you can to make sure life is easier for them. You can look here for info about how one entrepreneur uses his own mortality as a motivator to push for success.
No matter how hard you work, the economy is going to affect your business. It doesn’t matter if you’re in the startup phase or you have a multinational, billion-dollar enterprise. A good entrepreneur is aware of the potential for crash and boom. Staying up to date with business and economy issues is easy. There are plenty of websites, online publications, and newspapers to detail the trends and movements.
A tough economy needn’t be one that beats you, though. Preparation for the tougher times will help prevent disaster for your business. We can’t all run businesses that are recession-proof. But we can tailor our companies to the needs of the customers as their spend needs to fluctuate. Cheaper versions of the products we sell or providing products to a new market that is less influenced by the economy could be a way to manage tough times.
Your competitors will also be working just as hard as you to make sure you don’t steal their market share. One way to overcome this is to create a new market. Of course, everybody would love to have the ability to do this! Finding a completely new product that has zero competitors is almost impossible these days. Instead, we have to settle for a share of what may already be a pretty crowded marketplace.
Drawing a competitor’s customer toward you to increase your market share is the secret of success. It can feel a little cut-throat, but healthy competition is considered best for the consumer. The choice is important for the consumer. If you can provide the service, product, and access they desire then why wouldn’t they come to you?
It all comes down to marketing. You may have the most incredible product idea in the world. You may even have found investors to mass produce it. But the stock will sit in the warehouse forever if you don’t let the paying consumer know they can have it. Product and brand awareness are enormously important if you want to sell anything. You need to carefully craft your marketing strategy to reach the maximum number of people that will want what you have.
Many entrepreneurs have a clear idea of the channels they wish to exploit. You may need to hire an agency to manage the creation and placement of your marketing messages. This can be incredibly expensive. It’s no wonder that the bulk of startup investment funds goes on marketing. However, no customers mean no sales. That will quickly translate into another failed business.
As well as contracting outside agencies, you will undoubtedly need some staff working for you to build the business up. Sales, production and administration, are the most common areas that startups struggle to cover. You may need skilled machinists. Or perhaps you need a good closer to secure those big corporate clients. Don’t believe for a second you can go from zero to global without some help. Hiring can be expensive. You might prefer to use temps or freelancers in the beginning. Be wary of taking on staff if you are not well versed in the legal implications of doing so.
Your business relies on the goodwill of suppliers, business partners, and customers. And your customer relies on your assurances about the product quality and service you provide. Contracts between your business and others will define the expectations. They also give you legal backing should disagreements arise. Some suppliers will expect payments in a timely fashion. And you should make sure your contracts bring in the cash flow you need to honor them.
Making a deal with another business could be the boost your business needs to go from startup to successful corporation. Always use legal representation to ensure good deals don’t go bad. If all of your income is derived from just one or two key clients, you could be setting yourself up to fail.
Some may say that the success of a business relies on hard work and luck. In reality, this may have an element of truth. But it is down to the entrepreneur to carefully navigate all the hazards and highs of running their startup. Without you and your good health, your company could fail. And without your due diligence, your business could fall foul of any number of hazards. Take care of you and your business to better your chance of success.