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WHY IS SOCIAL MEDIA IMPORTANT FOR YOUR BUSINESS?

Social media is on everyone’s lips; professionals and companies wanting to grow and stand out must nurture a presence on social media. But why?

Depending on your strategy, social media can be viewed as a huge database that could be compared to the old telephone directories or it can be viewed as the network of people who are connected to you.

In the first case (database), it can be accessed via advertisements on social media. Of course, the telephone books analogy is limited as targeting on social media can be a lot more precise with filters such as: region, interests, age, etc ... But here we are talking about getting new customers and the costs that go with that.

At the other end of the spectrum, we can see social media as a way to access the contact network of people around us, not so different from the good old references or word-of-mouth strategies that we all know and use.  In fact, this is the digital form of a proven strategy that works for companies who are active on social media.

For my clients and myself, most of the strategies that I suggest aim at fostering a good relationship with current customers and promoting references through the existing network (clients and employees) to attract new customers.  Why? Let’s puts clients in three categories:

  • - Existing clients;
  • - Referred clients;
  • - New clients.

It is comparatively more profitable to sell more to existing clients by developing a good communication strategy aimed at keeping them informed and involved. Social media is a great tool for that.

Then we have the referred clients who come from the network of people around us. To get this segment going, social platforms are a great tool. Articles, events, news, informative videos, etc... are all excellent opportunities to stay in touch with our people who can SHARE this valued information with those around them. There is a cost to implementing this strategy, but this is far less than the one needed to get new customers.

Do you have questions about your social media strategy? Contact me, I will be happy to answer them.

Stéphane Elmaleh-Riel, B.Ed., MBA
Marketing consultant