Why social media is vital for your business and its future success
Just how important is social media for the success of a business in 2016 and beyond?
We hear so much these days about how businesses should have a social media presence.
Does your business need to be on social?
Maybe you have so much work coming in already that you don’t think you need to be?
Perhaps you are thinking yours is not the type of business that can integrate social media with day to day operations?
It could be all of the above.
However, you are more than likely experiencing the most common reason for business owners not ensuring their business has a social presence. The age old lack of ‘time’.
Whatever the reason for your business not having a social media presence, let me give you a few examples of why you need to seriously consider it.
Mind blowing social media statistics
Let’s start with the hard facts.
There is no better place to get these hard facts than the annual Sensis Social Media Report.
One of the most telling ‘stats’ released for the June 2016 edition is that ‘only 48% of small businesses in Australia have a social media presence’.
Let me tell you the first thing I think of when I see that statistic.
With less than half of small businesses using social media, I would have an immediate advantage over the other 52% of businesses if I was leveraging social.
And it gets even better!
That 52% may include a number of, or even all, of my direct competitors.
We are always looking for an edge over our competitors right?
Here is an infographic I made recently containing some mind blowing social media stats for 2016:
Why social media is so important
Having worked more than a decade in small business, I have found many business owners still believe that social media is not something they need to adopt.
They think that social media is a ‘fad’ and would have no positive impact or ROI for their business.
If you are reading this, you possibly have the opposite approach.
You know that it’s not about being on ‘social media’ because it’s trendy or a current fad.
You also know that it’s not about being on social, just to gain a high number of followers.
And of course, it’s not even about being on social media because people are saying you should be!
It is so much more than that.
Social media is how the modern world communicates.
Social media at its very basic core is a platform for human communication.
That’s why your business needs to have a social media presence. Period.
We as modern day business owners and entrepreneurs, need to stop being romantic about social.
We need to stay relevant and keep up with the changes the digital world is going through as best we can.
Remember that it’s not about being on Facebook, or Instagram, or Snapchat.
They are just the platforms that enable the magic of social media communication.
It’s about being where the attention is.
It’s about being in the place your customers spends so much of their time.
It’s about being a step ahead of the competition so that you can continue to grow your business.
It’s about thinking of your customers, their behaviours and reverse engineering the sales process of your business.
That’s why you need to be on social media in 2016 and beyond.
The current state of advertising
Traditional advertising still works.
Newspaper ads, magazines, billboards and television commercials are still big business in 2016.
However, they have now become over priced for the attention they gain and are not returning the same results and ROI that they used too.
The reason is that there are increasing amounts of underpriced attention being gained.
Underpriced attention through digital technology and platforms like social media, video marketing and Facebook ads.
The reach and engagement is higher and the cost for this is far lower than a tiny advertisement in the middle of your local newspaper.
Advertising digitally and on social media is currently underpriced for two reasons:
- It is new and not everyone is taking advantage of it as yet, which would drive up the price.
- The fact that Facebook has over 1 billion daily users means that you have the potential to reach vastly larger numbers of your target audience than through a newspaper or television advertisement.
As business owners we need to look at what is working best in the current moment and adapt. We also need to ensure that we are planning for the future and this applies to our marketing strategies.
For example, if your target market is 40–55 years old, what will happen in the next 10–15 years?
Those middle aged people will be moving on in years and your new client base will be the older millennials ageing up.
Planning for the future
So what questions do we need to ask ourselves?
What type of advertising is currently gaining the attention of millennials?
What types of advertising are they being exposed to and growing up with?
Where do millennials experience the majority of advertising they come across?
Where do they spend so much of their time?
The answers to these questions are digital advertising and influencers.
Which they are exposed to on social media, which they access mostly through their mobile device, where they spend hours of their time every day.
Even if you are currently using traditional media for your advertising, regardless of the results you are getting, your future customers are digital natives.
They will not be browsing the newspaper in 10 years time to see your latest advert.
The savy business owner today is already adapting to the change and looking to embrace the value and cost benefits of digital marketing and advertising.
Next week’s blog post at anthonygmurphy.com will focus on how you, the business owner, can build a social media presence and leverage underpriced digital technology and advertising to help grow your business into the future.
If you have any questions at all in the meantime, please leave a comment below and I will be right there to help you in as many ways as possible.
As always, thank you for spending your precious time reading this week’s blog and I hope it provided you with a lot of value in return!