How do I grow my business?

Social Media 101

by The Social Hub

Why Social Media for your business?

Social Media for a business has changed dramatically over the last few years. What started as a way for your business to have an additional online presence has now grown to an all-encompassing Advertising, Customer Review, Product Sales and Reputation Management machine.

For any business owner wondering “Should I have a Social Media presence for my business?” -The short answer is a resounding YES! Social Media for business is not without risk but the many benefits far outweigh potential problems a business might encounter. Some main benefits include:

 

  • Increased Exposure:

    Social Media allows your business to be seen by new potential customers. Every time a customer of yours engages with a post from your business, you will be seen by their connections, many of whom have never even heard of you – until now!

  • Learn About Your Target Audience:

    Social Media allows you to get an understanding of the interests your potential customers have. Getting to know them better will help when it comes to creating bespoke and relevant advertising campaigns to drive new business – Give the customer what they want!

  • Customer Service:

    Like it or not, we live in a world of instant gratification. Many customers today prefer to communicate with businesses through instant messenger platforms. Social Media provides your business to communicate with customers on their terms which can only help bridge the gap between you and your customer.

  • Reviews & Feedback:

    A necessary evil some would say but an integral part of growing a trusted brand and business. Social Media allows your business to collate positive feedback from customers for the world to see. However, and perhaps more importantly, Social Media allows you to publicly resolve complaints. Sometimes, compassionately resolving negative feedback has a far greater effect on people’s buying decisions than multiple positive reviews.

  • Competitor Analysis:

    Social Media lets you see how your competition are performing when it comes to branding, engagement and promotions of their products / services. Don’t be afraid to emulate the big players to get a bigger piece of the pie. Alternatively, make a note of what others are doing poorly and work hard to provide a better experience for people looking to buy.

  • Sales & Leads:

    With traditional advertising platform costs (Radio, Television, Direct Mail) increasing and a lack of insightful performance reporting – more and more businesses turn to Social Media to drive Sales Growth through organic reach and paid advertising. Whether it is small value e-commerce products or leads for a longer sales cycle, Social Media has options for all sales objectives.

  • Relevancy:

    Part of staying in business is to remain relevant. What better way to remain relevant than to be in the thick of conversations your customers are having about their needs and wants? Social media gives your company or brand insight into how it can continue to evolve and deliver results for your bottom line and your consumers.

The average number of daily active users for March 2018 was 1.45 billion, which is a 13% increase since the year before.

Platform Statistics

There are many Social Media platforms available to businesses to build an online presence. Each provide a slightly different way for businesses to reach their audience and build a following. Let’s have a look at some of the key stats for the most popular Social Media platforms courtesy of Falcon:

Facebook

The average number of daily active users for March 2018 was 1.45 billion, which is a 13% increase since the year before.

91% of all Facebook ad revenue was brought in solely through mobile in Q1 of 2018.

Facebook brought in $11.8 billion in the first quarter of 2018, compared to $7.9 billion in the same time last year.

On average, the best time to post on Facebook is between 1-3pm, when you are more likely to get a lot of clicks and comments on your content and the best days to post are on Thursdays and Fridays.

User engagement is at an overall high on Fridays, especially for brands, and Thursdays come in at a close second.

LinkedIn

The number of users on LinkedIn is just above half a billion.

 LinkedIn’s largest age group is 25- to 29-year-olds. The next-most-popular age group is 30- to 49-year-olds.
Around 50% of Americans with a college degree use LinkedIn, compared to only 9% of those with a high school diploma or less.

 LinkedIn is the only social network where men and women are equally represented.

 The best times to post on LinkedIn are Tuesdays, Wednesdays, and Thursdays at 12 pm. Traffic on LinkedIn peaks at lunchtime during the workweek and slows down after work and on the weekends.

Twitter

Twitter has about 336 million monthly active users.

Video accounts for more than half of Twitter’s ad revenue and was the fastest growing ad format in the first quarter of 2018.

B2B tweets perform 16% better during business hours while B2C tweets perform 17% better during the weekends.

Instagram

200 million Instagram users visit at least one business profile each day.

There are over 25 million business profiles on Instagram. Over 80% of accounts on Instagram follow a business.

The best day to post on Instagram is Wednesday and the best time is at 2 am (seriously). This is because you don’t have to deal with as much competition from other brands when you’re posting at such a late time, giving you an opportunity to garner more attention.

18-24 is the largest age group on Instagram. 14.8% of global active users are women between the ages of 18-24 and 16% are men between the ages of 18-24. 60% of internet users with an annual income of $100,000 or more use Instagram.

The number of influencer marketing posts on Instagram doubled to over 1.5 million in 2017 and continues to grow.

Which social media platform is right for my business?

This depends on your target audience, the products you sell, the services you provide or the message you wish to push out to your customers. Here is a breakdown of considerations for each of the main Social Media platforms:

Facebook

BEST FOR:

Business to Consumer (B2C), in some cases Business to Business (B2B).

TOP INDUSTRIES:

Real Estate, Auto, Health & Wellness, Marketing, News & Information, Sports, Fashion, Entertainment, Retail.

TARGET DEMOGRAPHICS:

Men and Women, 25 – 55+

Any business should consider Facebook a necessity. It doesn’t matter if it is not your main Social Media platform. As the most popular Social Media Platform in the world, your business needs a presence there.

LinkedIn

BEST FOR:

Business to Business (B2B), Business to Consumer (B2C) employment

TOP INDUSTRIES:

Employment, Legal, Professional Services, IT, Finance, Science & Technology, Manufacturing, Education

TARGET DEMOGRAPHICS:

Men & Women ages 25 – 45.

LinkedIn is your one stop B2B shop. If other businesses are your customers, then LinkedIn should be considered the apex of your marketing channels. Nowhere else are you afforded the opportunity to deal directly with Business Owners, Decision Makers, C-Suite (CEOs, CMOs).

LinkedIn allows you to Network without leaving the office! So take advantage of that.

Twitter

BEST FOR:

Business to Consumer (B2C), some Business to Business (B2B).

TOP INDUSTRIES:

Telecom, Retail, Health & Wellness, News & Information, Travel & Hospitality, Sports, Finance, E-commerce

TARGET DEMOGRAPHICS:

Men and Women, 18 – 29

Twitter is often the first source of news for many people these days. Posting relevant and interesting content will help capture attention for your brand.

Instagram

BEST FOR:

Business to Consumer (B2C).

TOP INDUSTRIES:

Fashion, Photography, Events Planning, Food & Beverage, Travel & Tourism / Hospitality, Arts & Crafts, Beauty,

TARGET DEMOGRAPHICS:

Traditionally, mainly women, but that is beginning to change. Ages 18 – 35.

If you have a visual product then consider Instagram potentially the most important social media platform for your business. If your Target Audience is tending towards under 40 years of age, then consider Instagram an integral cog in your business wheel!

Instagram is owned by Facebook so keep in mind the number of opportunities to cross promote across both channels with relative ease.

Get started with your Social Media strategy today. For any further guidance on Social Media for business, please reach out at thesocialhub.co.nz

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