As the number of internet users continues to rise all over the world, most businesses are now appreciating the benefits of social media marketing. This marketing method is one of the cheapest, plus it can reach a worldwide audience. Social media marketing has enabled small retail Start-ups to penetrate foreign markets with ease— something that was only possible for big corporations with financial might.
While social media is helping companies to market their products at no cost, all is not positive as there also challenges like negative publicity that can ruin your business. In the same way, it is easy to reach potential customers; negative news about your business will also reach all your customers in a matter of minutes and ruin your repetition. Below is a detailed analysis of the pros and cons of social media for business that you should be aware of if you have social media accounts for your business.
The Pros
More Customer Engagement
Social media marketing is one of the platforms where you can closely interact with your customers or potential customers. People like businesses that have several active social media accounts where they can air their views. Opening a social media account for your business provides a platform where you can joke with your customers and share engaging content to improve customer loyalty. For example, a commercial law firm can share exhibit their expertise by sharing their knowledge on their social media platforms.
It Is International
Social media might be the best option for you if you wish to penetrate the international market without investing too much. Social media platforms such as Facebook, Twitter, and Instagram have users from all over the world, and there are no limitations on who should view or share your content. Businesses can also use their social media accounts to run a test campaign in the new targeted market before they commit their time and resources for more market penetration strategies.
Customer Feedback
Companies that use social media platforms to interact with their customers can easily obtain the data they need about the market. Customer feedback is crucial in business as it lets you know how the customers rate your product. Customers will also give suggestions on where you should improve your product or service to meet their needs perfectly. It is also possible to identify your clientele type by checking on their profiles.
The Cons
It can be Risky
Sometimes businesses using social media platforms for marketing find themselves in hot soup for misinterpretation of their advertising content. People who find your message can easily share your post to others and explaining yourself can be a challenge.
Sometimes business disputes can happen as a result of your social media posts and end up in litigation. Such scenarios are a loss to your business, as you will have to hire commercial lawyers to represent you in court.
Bad Reviews and Trolls
People who dislike your business or your competitor can follow your social media accounts and give negative comments or fake complaints about your product/service. It is hard to deal with the trolls because they mostly use pseudo-social media accounts to conceal their identity. Bad reviews on social media, unlike a complaint email, can easily create a negative picture of your business to the public as they are open for everyone to view.
Parting Words
Is you are planning to use social media or already using it to plan your businesses, you will enjoy the above benefits and more, plus you should be ready to face the challenges. Though it looks easy to use as a marketing tool, social media marketing also needs an investment of your time and money for a clear strategy on how to use it to your advantage effectively.
About the Author
Patrick Watt is a content writer, writing in several areas, primarily in business growth, value creation, M&A, and finance. Other interests also include content marketing and self-development. Say hi to Patrick on Twitter @patrickwattpat.