How Important is Social Media for Small Business?

November 25, 2015 | Small Business Tips

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There is no denying the pull that social media has for a host of online users spanning all ages. It is this pull that is helping small business grow in leaps and bounds through interacting with their customers directly, where the customers are most comfortable.

In Canada, adults are spending more and more time online each year. This is largely due to mobile devices becoming more advanced, and now including smartphones and tablets. According to eMarketer, in 2015, Canadians spend an average of 4 hours 12 minutes each day connected to the internet through digital devices, with 2 hours 12 minutes of that time being on a mobile non-voice device.

Another study by comScore established that most mobile users who are connecting to the internet, are logging on to popular social media sites, including Facebook and Twitter. Furthermore, these users are spending more time on these sites than ever before.

This is excellent news for small business who are using social media to reach their customers directly. Advertisers across the board are investing higher amounts for digital marketing in Canada, with 36.4% of all advertising being done on this platform. Therefore, what other opportunities can ensure that small businesses experience the positive impact of social media, and which medium is the very best? Here are some points worth noting.
How Important is Social Media for Small Business in Building Customer Relationships?
Building customer relationships is much easier with social media. It is possible to create highly targeted adverts to reach your required market, and even easier to set-up your own social media account where customers are able to provide feedback on your product or service. This is why 71% of the marketers in Canada focus on generating dialogue with their customers using Facebook, Twitter and LinkedIn.
Faster Sales Conversions
Social Media Engagement for Small BusinessSocial media allows for an excellent conversion rate, increasing the sales that a small business is able to achieve. According to the CMO Council, the social networking site Twitter has the highest
conversion rate
 compared to the other channels. It was determined that promotions channelled through Twitter can result in 10 times more sales.
Content Attention
Small businesses that offer rich content through their social media pages are able to make a positive impact, allowing for exponential growth and elevated sales. This is because people online will visit a page and like it, if the information on that page is relatable. The more people like the page, the higher it rises in popularity, as well as overall credibility. In fact, content marketing is attributed to generating 3 times as many leads as what one could expect from outbound marketing in Canada. It also has the added advantage of costing 62% less.
How important is social media for small business? A company that is focused on achieving and maintaining success will ensure that it has a strong presence on social media, and actively participates with customers on social media platforms. In addition to being highly effective, this type of advertising is also low in cost. For the best results, focus should be placed on highly successful social network sites, such as Facebook, Twitter and LinkedIn.

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