Social Media, Why Bother? Part 1: The Statistics

Far West Capital

Social media and its role for the company is easy to overlook, as a business owner. What many entrepreneurs fail to recognize is how these social networks can actually help you actively seek out new clients and acquire referrals. We often speak about the importance of social networks on our blog and truly believe that it can and will benefit your company, if used effectively. 

I recently spoke on this subject, alongside with the CEO of 12five Capital, at last month’s CFA Independent Finance & Factoring Roundtable. Ryan Jaskiewicz and I discussed how social media has continued to change over time, which causes some business owners to question whether or not your company should keep up with these changes. The presentation brought about an active discussion and eventually lead to the question: Why Bother?

Well, first and foremost, your Facebook fans, Twitter followers, and LinkedIn connections are people who know your organization, have likely done business with you in the past, and will most likely be the ones to tell their friends about you. Social media allows you to strengthen relationships with these connections through social engagement. And because that engagement is easily visible to the connections of your current fans and followers, social media can introduce your business to a whole new audience and enable you to reach your next great customer or vendor. Knowing your own unique selling point and understanding your customers will help give your business a voice, and means you’ll be able to create and curate content that resonates with your followers.

A recent study from Chadwick Martin Bailey and iModerate found that consumers who are Facebook fans and Twitter followers of a brand are more likely to not only recommend, but are also more likely to buy from those brands than they were before becoming fans/followers. To top it off, 73% of online adults use social media, representing a huge opportunity to reach consumers in a non-intrusive way. Whether it’s through a Facebook post, a clever Twitter hashtag or sharing unique content on Pinterest, social media represents a key opportunity to reach people in their areas of interest without coming across as too forceful.

Looking for more information on the benefits of social media and how to get started? Stay tuned for parts 2 & 3 of our 3-part blog series of Social Media, Why Bother? 

Be sure to read our full 3 part series on Social Media, Why Bother?

Part 1: The Statistics

Part 2: The Benefits

Part 3: The Action

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