- 03 Jan, 2022
- 0 Comments
- 5 Mins Read
In The World Of Crypto, Can a Small Business Sustain Without Social Media?
In the world of Digitization, Cryptography and NFTs, the question of whether a business can survive without social media is just like air to the planet. It’s no longer the want; it’s the need! So my answer to this question is a very iffy maybe…! With a lot of things moving online, digital transformations, transactions, investing, even the medical profession due to the pandemic, and lockdown, online consultation with doctors. We are left with no choice. It’s hard to imagine any business without social media today! Social media has changed the way we live and lifestyles revolve around them with “Social Media Influencers” While there are benefits and drawbacks to getting on social media with your business.
So let me make a case here with numbers. As of now, there are 4.2 billion active social media users globally, this is something to be taken seriously. And the numbers alone prove its here to stay, and with crypto, it reaches to a next level. The power and influence of social media is a valuable asset in the business and marketing domain, where customer engagement is of top priority. Social media is a primary source for news and information today. According to Twitter, the reason people come to Twitter is to explore something new and interesting. These platforms connect us to the world at our fingertips. Every individual can connect with their audience directly, ask queries, and get feedback through online networking.
According to Pewreasearch, 18 – 29 year old’s say they use Instagram or Snapchat. The reports also claim that the results and usage of social media hasn’t changed since 2018. Social media has played a major role in how businesses connect with their audiences. Prior to social media, businesses had to drive to events, conferences, seminars and tech workshops to build networking and spread brand awareness. Now social media has diversified that to the next level of business transformation.
Let’s decode some of the good, the bad.. (and the ugly) about social media, and should it be used as a tool for marketing your small business. While businesses cannot survive without an online presence today, there must be a way to deal with social media. The Wall Street Journal, Frances Haugen, told us more than we should know about Facebook and Social media platforms.
The Good : Helps create brand awareness and adds credibility.
Whenever someone is looking to buy online, the first thing they do is check the brand’s social media profiles to check for discounts, reviews or how well the brand is performing. Social media is a great place to help generate reviews, feedback, testimonials and brand loyalty with the ratings of their customers on platforms like Facebook.
You don’t always get good reviews; you may also encounter a dissatisfied customer review and your audiences are viewing how you respond to the situation.
The Good : Helps connect, engage and communicate with your target audience.
The outstanding speculation today social media platforms are so ahead of the game is because of the way it let’s you connect, engage, express, network with the audiences and let them enter your personal spaces, your daily routines that helps you flourish a more personal synergy and interaction. Giving a personalized touch to your brand and community.
The Good : Helps build better customer relationship and get feedback
Once you start a service or launch a product, the first thing you want to know is how people are responding to your service or the product reviews. Is the service beneficial? Is the product user-friendly? Is the service offered at reasonable pricing?
Make sure to ask for feedback and take your time to respond to your audiences. You don’t have to give-in to what your customers say all the time. You can explain to them why you can or can’t do something. This helps you keep up with the communication open.
The Good : Helps collaborate with similar businesses and keep an eye on your competitors.
Social media is one such platform where growth of businesses relies through collaborations. Influencer Marketing is the most accepted form of collaboration. A lot of big brands prefer influencer marketing over advertisements. It has better engagement and is also cost effective. Most of the traffic we get is from social media.
The Good : Increases Referrals
The best explanation and biggest benefit of social media is that it’s a virtual word-of-mouth platform. There are a number of businesses like Evernote and Dropbox which were built on referrals. You may see a lot of your favorite influencers on IG holding giveaway contests during Christmas, New Year, and special occasions.
Noah Kagan, also held a giveaway contest on products he likes and uses and asked his followers to simply like and comment. This way he got his audiences to interact with him and generate an active fanbase. It builds a healthy interactive engagement with your admirers.
The Bad : You may get criticized on social media.
There is no amount of explanation needed for this. But we all know there can be trolls.
The Bad : Social media can be addictive with hours and hours of scrolling
Dr. Cal Newport, Georgetown University, talks about “Attention Engineers” and how they make you addicted. Dopamine is a natural neurotransmitter, the underlying reason why humans feel pleasured. Addiction caused to social media is by dopamine implications.
The Ugly : It can get overwhelming and can affect your mental health.
The number of followers, likes, comments, comparisons, the inferiority complex, even the superiority complex can all overwhelm you every now and then. We all need to keep healthy boundaries and understand that our worth does not depend on external validation.
According to SlideShare, 3 billion people were using social media as of January 2018. That sums up to 42%, more than a quarter of the world’s total population. Investing in a social media strategy is the single best way to take your business to the next level. Technological advancement is always a shrill. But getting too involved or ignoring it altogether – inevitably backfires.
Where to Begin
Now that you have seen numbers and examples of how social media impacts your business’s growth, it’s time you start implementing these tips.
If you already have a social presence on all relevant platforms, have a look at your posting schedules! Are you posting several times a week? Experiment with different ways of expressing written notes, pictures, videos etc.
You might even want to try for collaborations with brands and influencers. Social media is not a sprint, but a marathon. The followers won’t grow overnight. The key is to be consistent and to not give up.
If you are an introvert and want to be an influencer, you may also be willing to know more about influencer marketing.
– An Artist Muse On Canvas!
