Social Media and Small Business
In today’s cut throat competition, many companies are offering same products with little competitive advantage. This not only result in low revenue generation, but also jolts the long term sustainability of the organizations. This problem is even more critical when it comes to small businesses, because they not only have less equity but also have higher advertising expenses due to low brand loyalty. The cures to problem are:
(i) target new markets for more market segment and
(ii) maintain long term relationship with existing customers.
We all know that “CUSTOMER IS THE KING” and marketing is known to be the earning child of the organization. Without proper marketing of the product, no business can survive nowadays. One of the key marketing tools now used by many organizations is social media also known as customer generated media. It is mixture of new technology and social interaction, relatively economical and accessible, used both for presenting and dissemination of information.
When it comes to social media as a marketing tool for small business managers, it is very effective and less expensive then industrial media. Following are the main positive attributes of social media that enhances small business marketing campaign:
- Concentration to specific target market: Since small businesses focus on specific market segment which mostly comprises of less number of customers. So to target them, social media is the best option for small businesses. It not only cut advertising expenses, but also helps them to mark explicit audience.
- Reaching for a global market: Social media can help small businesses to go for customers around the global. Managers can now target international markets with higher reachability for instance blogs etc.
- Laid-back Accessibility of marketing tools: When it comes to small businesses, they cannot afford industrial media or privately own a production house. So to get rid of all these issues, small businesses can use social media which can is not only accessible to every business, but also reduces overheads.
- Simple to Use Technology: Social media does not require specialized personals to operate and use it; in most of the cases anyone can handle its operations. This not only curtails hiring cost of expert employees, but also curbs training costs.
- Faster way To Capture Window of Opportunity: At present, time in real terms is equal to money. Window of opportunity is open for very short time period and then vanishes quickly. So in order to capture the opportunity and utilize it copiously, social media is the best decision. It is faster to be produced and disseminated to customers then industrial media.
- Power to Modify Information: Social media provides users with a power to modify and alter the information according to customer’s feedback.
The above advantages of social media to small business will help in better customer relationship due to following reasons;
Fast Feedback: Due to shared communication with customers, small businesses managers can instantaneously look into customer’s feedback for modifications and issues related to product that customer wants.
Better Customer Services: Quick feedback leads to more customization of products according to customer needs, resulting not only in increased number of users but also will help in retaining existing customers.
Quicker Response: Sooner reply to customer glitches will outcome in long term relationship with customers.
So to sum up, social media is the future of marketing. It not only helps in cutting overhead costs but also results in solid relationships with the customers. No doubt “CUSTOMER IS THE KING”, so in order to do the best for customers, social media is the rule of the game.