The New Power of Doing Business – For Small Business Owners
Ownership of personal mobile devices, such as smart phones and tablets has exceeded the world’s population in recent years and is expected to change the way that consumers interact with business.
Interestingly, research shows that smartphone and tablet users spend the majority of their time online on social platforms.
Instead of being frightened about the possible downsides of this new reach of consumers, small businesses should embrace the opportunities that have arisen to engage and attract new customers by developing more personal, tailored and deep connections; having a social media presence not only increases brand awareness but also acts as a useful source of word of mouth marketing and a tool for improved search engine results. Direct connection to a business via social media pages like Facebook and Twitter is now just a click away for consumers virtually around the clock.
Research suggests that 74% of adults who are active online use social media sites. This creates enormous potential for businesses to reach these consumers and time spent on social media is only set to increase as the smartphone and tablet penetration continues in the coming years.
Handset data revenue is expected to be the largest contributor to retail revenue growth worldwide for the next 5 years, which highlights the importance of establishing an online platform located on the social media pages that your customers already frequently visit in order to draw them to your website and to your business.
Today’s customers are empowered and like to interact with the companies that they do business with. As a business you should at least have a Facebook, LinkedIn and Twitter account. A majority of consumers engage in multiple platforms while Facebook acts as their home base. Engaging with your customers and involving them in updates and trend promotions not only develops loyalty but turns consumers into spokespeople for your brand, increasing exposure and brand awareness.
It’s not only small business owners who are frightened of engaging customers on social media. The AFR recently featured an article discussing the importance of Australian CEO’s having a social media presence. According to the article, many Australian CEO’s have yet to understand the power and influence of social media and are therefore missing opportunities to engage with a variety of stakeholders.
Any questions?
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