Hey Business Owner, Are You Using the Full Potential of Social Media Marketing?

Why Social Media Marketing?

Social media marketing is an integral component of 21st-century business. So, the crucial question is – is your business on board?

Consider these highly relevant social media statistics for business:

• 68% of Americans use Facebook
• 54% of social browsers use social media to research products
• 9 out of 10 people buy from brands they follow on social media
• 56.1% of internet users purchase a product online at least once a week
• Globally, 59% of consumers have a more favorable view of brands that respond to customer service questions or complaints on social media

According to the latest research available,  96% of Fortune 500 companies use Twitter, 95% use Facebook, 99% use LinkedIn, and 73%  use Instagram. Social media marketing works, and they know it.

By telling their story, networking, recruiting, stimulating word of mouth, and engaging with key stakeholders — companies are building their brand all through social media.

Yet, given this mainstream adoption and an emerging breed of social commerce, I see many business owners making this same critical mistake with regard to social media. They think they can simply ignore it.

The Value of Social Media for Business

Social media serves a fundamental purpose of bringing people together and this includes buyer and seller in addition to friend and follower.

The sheer variety of social media adds to its hypnotic charm and attractiveness. There is an entire social media universe made up of hundreds of social networks beyond Facebook, where people go to connect, communicate, and form a community.

The size of these networks, along with the potential customer reach, is growing as well:

• LinkedIn boasts over 830 million members in more than 200 countries and territories worldwide. This includes more than 40 million students and recent college graduates — the fastest-growing demographic on LinkedIn. This is a fantastic talent pool for businesses and firms.
• Facebook’s monthly active users (MAU) reached 3.049 billion as of Q4 2023.
• 100% of the 30 companies listed in the Dow Jones Industrial Average have a Facebook Business Page.

Does your business have a presence on Facebook? LinkedIn? Instagram? TikTok? Is your business utilizing social media marketing it to its full potential? If not, why?

The Time to Act is Now

In today’s competitive landscape, business owners no longer have time to sit on the sidelines. Competitors and emerging players leverage the power of networks to grow revenue, market share, and influence.

It’s time to take a page out of the social media marketing playbook from America’s top companies and act. An effective social media campaign takes time, effort, commitment, and persistence. This is a struggle for most business owners who are focused on managing the daily demands of clients and operations.

However, continuing to ignore social media for business in our digital age puts your business at risk. Avoid the most common social media mistakes — be seen and heard by those who matter.

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This is an updated version of an article originally published in December 2017 and updated on February 20, 2023. This article was most recently updated by the Financial Poise Editors.] 

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