After having a discussion with a top level executive at a major cosmetic company, it dawned on me that some businesses are still not understanding the importance of social media and unsure of what it can do for their business. Large corporations are often even slower at adapting to change, especially when it comes to technology.
Some, particularly old school executives are having a hard time grasping why they should invest in something that seems so unconventional and difficult to quantify. After all, social media is an entirely new way of relating and doing business.
Are you having doubts about investing in social media marketing?
Here are 4 critical reasons why your business needs to be social:
1. Because your competitors are already using social media.
According to the 2012 Social Media Marketing Industry Report: 94% of respondents are employing social media for marketing purposes. 62 percent of Fortune 500 companies have an active corporate Twitter account and 58 percent of Fortune 500 companies have a corporate Facebook page. Source: V3im
2. Because the new generation of consumers have been using social media from the start and are expecting you to be there too.
According to the World Bank, by 2015, 47% of the world’s population will be under 25. Young consumers (generation Y) have grown alongside computers, the internet and digital technology. For them, social networking is the norm and already have adopted it as their main communication channel. You should definitely not ignore this segment of the market.
- 58% use Twitter “all the time.”
- 40% visit Facebook more than 10 times per day.
- 66% would look up a store after learning their friend had checked in.
- 38% of students surveyed said they could not go more than 10 minutes without checking their digital device—about the time it takes to walk to class.
3. Because your clients and prospects are already using social media.
According to comScore in October 2011, 1.2 billion users around the world visited social networking sites, accounting for 82 percent of the world’s population. Nearly 1 in every 5 minutes spent online around the world is now spent on social networking sites, making Social Networking the most popular content category in engagement worldwide.
4. Because Social media activity is becoming increasingly important in organic search results.
With more than 97% of consumers searching online for local businesses, ranking well in search results is extremely important for your business success.
Social media signals from Facebook, Twitter and Google+ are frequently associated with good rankings in Google’s index (SearchMetrics.com).
According to SEOMOZ, it was pretty clear that social signals were gaining momentum and driving more traffic in 2011. With the arrival of Google+ it wouldn’t be surprising to see the social signals it creates reflected even more heavily in search results.
Social media is not the magic bullet that will provide your business immediate and guaranteed success, your services or products still have to deliver! But integrating it to your overall business plan and with the right approach, a properly executed social media strategy can provide you with some major benefits. Ignore it and risk of becoming obsolete!