“Your value will be not what you know; it will be what you share.” ― Ginni Rometty, CEO at IBM
A decade back, we were all new to the internet and platforms like Facebook, Instagram, Twitter, and YouTube. Today it’s almost impossible for people as well as businesses to not have a presence on social media.
As per an article by Duct Tape Marketing, “a whopping 90% of marketers say social media is important to their business.” From writers and artists to celebrities and brands, everyone who wants to reach their target audience, must use social media if they want to grow their reach and, ultimately tap in more sales.
The big brands already have an edge because of their name, at least when it comes to marketing on a bigger scale like print, TV, or radio.
But it’s the SMEs that actually have a bigger edge when it comes to social media. Let’s understand how:
1. Opportunity to grow a wider audience
Besides your known network and people, not many know about your business, at least not when you start it off. And if people don’t know about your business, they can’t become your customers. It is here that social media boosts your visibility among potential customers. This lets you reach a wide audience.
2. Inexpensive Advertising
It is absolutely free to create a business profile on all the major social networks including the top ones like Instagram, Twitter and Facebook. Later too, if you opt for paid marketing, you have the freedom to create the type of ads as per your budget, and depending on your target audience. And, it is pretty straightforward to set a budget and choose your audience.
Because SMEs have a limited customer base in comparison to bigger brands, instead of coughing up lakhs of rupees on social media marketing to reach across the nation, they can instead focus on their own locality.
3. Collaborative and Affiliate Marketing
Social media opens up the ample opportunities for collaborations and affiliations. Two or more businesses pages can co-host a social media contest or giveaway. It is also possible to benefit by providing discounts coupons to each other’s followers when they make a purchase from one of the businesses.
The possibilities with these sorts of collaborations on social media are endless. By teaming up with other SMEs, building and spreading brand awareness becomes easier. This not only helps get on the radar of potential customers but even encourages individuals to buy from both businesses. It is a win-win for all concerned parties.
4. One-on-one attention and interaction
Being a small business and having a smaller group of loyal plus potential customers means you can reach out personally to all of them. You can respond to their queries and comments promptly, increasing the chances of a query converting to an order, even leading to repeat orders.
5. Reaching out to bigger brands
A lot of bigger brands encourage and even hold events to support SMEs. For instance, in July 2021, Amazon India was able to ramp up the scale of participation for Prime Day sales from 1000 to 75,000 local neighbourhood offline shops. Many such brands and e-commerce platforms are supportive to SMEs.
When participating in events like Prime Day, SMEs can piggyback on the social media marketing and promotions done by the bigger brand. SMEs also get the advantage of increased exposure, where the bigger brand’s customers and followers become aware about their business as well as social media accounts.
Are you a small business owner? In what ways has social media helped boost your business? Do comment and help out other SMEs.
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Thank you for reading.