Wednesday, 30 July 2014

MAXIMISING SOCIAL MEDIA FOR YOUR BUSINESS (PART 1) - Pocket Finance Business

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I'm pleased to announce that we have a guest writer, Omawumi Egbe, a social media and communications expert. She is also a blogger and her blog is www.originalomawumi.blogspot.com. Omawumi would be educating us on why your business must take advantage of social media. The second part of this article, will focus on practical tips on how to maximise social media for your business. You don't want to miss this.

MAXIMISING SOCIAL MEDIA FOR YOUR BUSINESS

The fact that you are reading this means you are not a stranger to the Social Media. It is an open secret that the internet with its unprecedented reach, immediacy and permanent ability to store, is the ultimate communication medium. 

The Social media, an off-shoot of this ultimate medium can be defined as the social interaction among people in which they create, share or exchange information and ideas in virtual communities and networks. Social media has introduced important and pervasive changes to communication between organizations, communities, and individuals.

So the question isnt why should your business be on the social media but why shouldnt your business be on this ultimate medium?

Benefits Your Business Can Derive From Being On Social Media:

  1. Increased Platforms: Adding social media strategies to your traditional (offline) marketing activities can open up newer lines and platforms for communication with target audience.
  2. Easy Engagement: engaging with customers and potential customers is easier which improves business/ customer relationship and consequently fosters brand loyalty.
  3. Your customers and competitors are there: Research has it that 40% of the worlds population uses the internet and you can bet that this percentage is going to double in the nearest future. The market is huge, there are people waiting to be engaged, go in there and get your share of the proverbial cake.  Displaying social sites ranking.pngNote that whilst you are thinking but I dont really need this, your competitors are there and cashing in on the market. It is also a good way to spy on your competitors, industry leaders and admirers. See what they are doing right or wrong, learn a thing or two, add your own twist to it and win.
  4. Unequaled Reach: with the social media, you can reach customers, industry peers and leaders near, far and across the globe. This helps to take your business from local to global faster than the usual.  This ensures that your business is relevant anywhere. This is why someone can be in Ghana and sell shoes to another person in Lagos via Instagram.
  5. Immediacy: The social media is fast, available and can be accessed anytime anywhere as far as you are connected to a digital technology. This means you dont have to wait for a TV/Newspaper or radio channel to air your adverts, you just start talking about your products when you want.
  6. Customer Inclusion: When people can feel like they are part of your business, youve got them hooked. Nothing says user inclusion like the social media. E.g the ongoing #OnyePoloAvenue campaign by Luxury store, Polo Avenue in collaboration with singer, Waje and the Beat99.9FM on Instagram. They are getting users to generate their own content using the tag #OnyePoloAvenue, and the winner gets some money to shop. This has not only increased awareness for the brands involved, it will guarantee them loyalty from the participants whether they win or not.
  7. Analysis: it becomes very easy to know when a customer uses your product/service, what they think about it and in case you need to make amends; you have the opportunity to do it immediately. Banks, Telecommunications, Fashion brands and more are taking advantage of this and doing most of their customer care services via social media. Your small business will benefit from this immensely.

Now you know why your business should be on social media and how you can benefit from it. However, how do you determine the social media site that would benefit your business more?  Next post will be Practical Tips on How to Maximize Social Media for Your Business.

                                                                                                    ...to be continued next week

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