Why an active Social Media Presence is critical for the Survival of Small Businesses?
Due to the nature of small businesses they tend to lack the resources and have certain disadvantages, compared to established brands, when it comes to marketing and getting products and services seen on the internet. But the very nature of small businesses can be their great advantage when it comes to taking advantage of the biggest growing sales area on the web, Social Media.
Social media has emerged as a great tool for small business owners. It allows small business owners to reach their targeted clients, build strong relationship with them and promises 24/7 connectivity with them. The costs of traditional advertising through local papers, specialty magazines, local radio etc. can be prohibitive and with little or no guarantee of success. As a small business you cannot hope to compete with established national brands or large regional players in this traditional sphere. You will lose! This is the way small businesses remains small throughout their lifetime, and then perishes very soon.
The way people are using the internet is changing rapidly and the rise of Social Media has great potential for a small business. What in real world advertising is a disadvantage for SME’s is an absolute strength when it comes to Social Media advertising. Your size makes you able to respond quickly, on a personal level and with a genuine connection nation brands could only dream about.
Now if small business owners opt for a social media campaign for their business they can reach thousands of potential clients, putting nothing at stake. Social media can broadcasting your message, attract new customers, engage in conversation with clients, and get valuable feedback and responded to queries. By sharing pictures and publicizing events, special offers or availability you can increase footfall and grow your business. For a small business owner this is a win win situation. The cost of such campaigns can be a fraction of the cost of traditional advertising and with some time and effort you can gain pretty good results with a DIY campaign.
This is universally true for all small business owners. However this isn’t the end of this story. Following are few more reasons why social media is important for survival of small businesses.
1. Social Media is the need of time
Keeping close eye on business trends is key factor in the success of any business. Social media is latest trend for businesses that cannot be ignored. Today people got tired of watching traditional one way advertisement on television & newspaper. Rather they prefer to search for and follow brands on social media that could solve their issues. Therefore every business needs to be present on social media.
Social Media presence is even more important for small businesses. If they are absent from social media so people will have many other choices. Though they like your product they will still connect with your competitor brand. Once they are connected with other brands they will soon start searching for new variety with competitor brand, their prices, and start conversation with them. You can’t imagine that it will take hardly few weeks for your competitor to grab the customer, who was once your loyal customer.
2. Brand Name, Brand Awareness & Brand Exposure
If you don’t want to put your business on stake then you need to think strategically. For this you need to work on brand awareness. Social media is great tool that make your recognition in the social sphere. Though you work in a limited geographical area, social media enables you to work under unique brand name. Even though there would be many businesses like yours around the world, with social media you will be recognized as the LOCAL business.
Once you have a distinguish identity social media empowers you to work on brand awareness. Now the quality of relevant content you upload and the way you respond to audience on social media will shape audience views about your brand. Sooner more and more people will connect to your brand and inquire about it. As a result you will get increased brand awareness.
3. Business Growth and Profits
Survival of any business depends on steady growth and constant profits. Most of small business doesn’t survive because they either don’t have regular stream of profits or prospects for growth. Social media solves both of the issues for small business owners. With social media you cannot only multiply your profits but also increase the opportunities of business growth.
Social media give exposure to your business and allow you to sell your product to the extended market. In other words social media enables you to target those audience that you weren’t able to reach if you hadn't opted for social media. Likewise you get the opportunity to connect with other businesses who can be at times your business friends rather than competitors. You can cross promote each other and multiply clientele and profits. There are also numerous examples where social media enabled small businesses to form partnership and turned in to much stronger and healthier organization.
Social Media has leveled the playing field and for once SME’s have the potential to out perform their larger competitors with personalised communication and focused messaging. The growth of social media is taking an increasing share of all internet traffic and multinational brands are throwing millions of pounds at it, but they lack the personal, genuine communication that a small business can have with a client. This is where we win!