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Top 5 Benefits of Social Media for Business

What advantages do social media platforms offer to businesses? Think about the fact that there are already more than 4.2 billion active social media users worldwide.

If social media isn’t a part of your digital marketing strategy, you’re missing out on a quick, affordable, and efficient way to connect with roughly half of the world’s population.

Let’s examine the various ways that social media can connect you with your target market, encourage customer interaction, and expand your business.

  1. Raising brand recognition
    Platforms like Facebook, Instagram, or Twitter are ideal places to reach new and highly targeted potential clients because more than half of the world’s population uses social media.
    Do you believe that on social media, individuals only interact with brands they already know? Take into account the fact that 83 per cent of Instagram users claim to find new products on the site.

Stillhouse Spirits saw a 17-point increase in ad recall after running a Facebook campaign to raise brand recognition among outdoor enthusiasts.

Humanize your brand, second
One of the most important advantages of using social media for business is the capacity to forge genuine human connections (also known as Meaningful Relationship Moments). Showcase how current clients are using and profiting from your products while introducing your followers to the individuals that make up your business.

Genuineness fosters trust. In turn, trust increases marketing receptivity and promotes new business. The best place to be authentic is on social media.

Show how you’re living up to your brand principles, how your product actually performs, and how you’re prioritising the needs of your staff and customers.

  1. Develop a reputation for being a thinking leader.
    While there has been a recent shift towards mistrust of government, NGOs, and the media, the business sector still enjoys a 61 per cent level of trust, according to the 2021 Edelman Trust Barometer. Social media is the best platform for brands to communicate the insights and information that consumers are seeking from them.

Whatever sector your company operates in, social media gives you the chance to position your company as a thought leader and the go-to authority on issues pertaining to your speciality.

When looking to create your thought leadership, LinkedIn is an excellent network to concentrate on, especially the LinkedIn Publishing Platform.

Ryan Holmes, the chairman and co-founder of Hootsuite, has more than 1.7 million followers on LinkedIn, where he offers advice on business and social media.

  1. Remain in your mind

According to 2021 research by the Pew Research Center, 70% of social media users log into their accounts at least once a day, and many people (49%) admit to monitoring social media numerous times per day.

Every time someone logs into social media, you have the chance to communicate with your fans and followers. Your followers will be happy to see your new content in their feeds if you keep your social media postings interesting and educational. This will keep you at the top of their minds so that you are the first place they go when they are ready to make a purchase.

Of course, this does not imply that you should be constantly checking your accounts. You may schedule your social media posts well in advance with the use of a scheduling service like Hootsuite.

  1. Boost online traffic
    Using social media postings and advertisements to promote your website is essential. A fantastic strategy to acquire readers as soon as you publish a new piece is to share outstanding content from your blog or website to your social media platforms. (You can even gather information about your click-throughs using UTM tracking tags!)

For instance, Architectural Digest teases Instagram followers with story content and then directs them to the “link in bio” to read the complete article and view additional gorgeous images.

Participating in social chats is a fantastic way to gain visibility, attract new followers, demonstrate your subject matter expertise, and promote your website. (However, be sure to offer genuine value rather than just self-promotion!)

Include a link to your website in all of your social media profiles so that people can easily visit it to learn more about you.

5 changes AI is bringing about in local businesses

  1. Credit Risk Evaluation

John claims that A.I. can be used to analyse credit risk, automating a large chunk of the credit lending underwriting process, allowing lenders to make loans more quickly, and even expanding services to other consumer groups without having to hire more staff. He described how a Credit Decision Engine is created by utilising data in order to provide risk assessments for clients based on various data factors. With these techniques, loans can be approved without a trip to a bank branch or any other access point. While also managing risks to acceptable levels and offering credit lending limitations suited for the customer’s situation, he said.

  1. Detection of fraud

A.I. has become a crucial instrument for fighting fraud and financial crime as the number of digital channels available to operate enterprises has grown significantly over time. According to John, artificial intelligence (AI) has the natural capacity to analyse vast volumes of data and identify fraud tendencies, which may then be applied to detect fraud in real time. He clarified that this is particularly helpful in identifying fraudulent bank transactions and spotting transactions that don’t suit a particular customer’s typical behaviour. According to John, “These systems can also learn for themselves, identifying transactions that follow patterns of previously discovered fraudulent acts.” He continued by saying that artificial intelligence (AI) is essential for preventing identity fraud since it enables digital channels to confirm identity using biometrics, voice matching, and even face matching to government-issued IDs.

  1. Promotion

John pointed out that A.I. is providing marketers with new levels of understanding and long-lasting commercial benefit, particularly at a time when connecting with customers is simpler thanks to a variety of channels for communication and client acquisition. Assuring optimal efficiency, he claimed that “A.I. analyses consumer data and profiles to learn how best to engage with clients, then serves them personalised messages at the proper moment without interference from marketing team employees.” He continued by saying that corporations might utilise A.I. to prioritise leads, which is useful when they are dealing with a high volume of leads each day yet have limited resources. A.I. may prioritise leads based on their likelihood of conversion using data like drop-off information collected during client onboarding, ensuring optimal use of limited marketing resources while maximising conversion rates.

Four. Chatbot (Conversational Agents or Dialog Systems)

The rising desire for quick replies from customers is causing a new wave of change in how consumers interact with services. John claims that chatbots powered by AI use NLP to comprehend conversations and their circumstances at such a high degree that suitable responses may be generated. With the introduction of voice-controlled virtual assistants by companies like Apple (Siri), Google, and Amazon (Alexa), he explained that recent technological advancements have gone beyond text-based chats. These assistants are capable of proficiently responding to an infinite number of questions in natural language dialogue. “Voice-controlled goods and services will revolutionise how a consumer interacts with technology platforms, decreasing entry barriers and improving technology adoption,” he added. “In a market like Africa where literacy rate lags substantially behind the world’s average.”

Operations 5.

John concluded by outlining how A.I. for operations combines complex techniques from deep learning, data-stream processing, and domain expertise to analyse data gathered from operational pipelines in order to improve efficiency, lower costs, and maintain the best possible service delivery and quality. This covers a number of verticals, depending on the sort of business, including but not limited to:

when buying products or services, estimating pricing based on historical data.
forecasting value and any impending appreciation or depreciation using macroeconomic considerations.
Predict peak times or areas with strong demand far enough in advance to plan accordingly and maximise earnings.
Management of liquidity, which involves predicting future instances of liquidity problems based on anticipated or projected growth.

Three Budget-Friendly Customer Retention Techniques for Small Businesses

The price of acquiring a consumer is high. According to research, acquiring a new customer can cost five to twenty-five times more than keeping an existing one. Because of this, businesses of all sizes must build a solid client retention strategy.

Small firms may feel they are at a disadvantage when dealing with the big players. However, many areas where small businesses naturally flourish coincide with effective customer retention techniques when it comes to retaining consumers.

tactics for keeping customers happy – the LocalIQ feature
The golden rule—treat your customers as you would like to be treated—is the key to long-term customer retention. You have a better chance of creating enduring relationships with your clients if your company can give them individualised, considerate service.

Want to discover how to develop enduring customer relationships and unleash your small business superpowers? Six customer retention techniques are provided here to help your business succeed over the long term:

Make it your own
Build a community
back up
Be receptive and request input.
Express your gratitude
Let’s examine each of these client retention techniques in greater detail now so you can see how they can significantly benefit your small business.

  1. Personalize it
    Customers now anticipate personalization since it has become the marketing industry’s gold standard. 90% of customers reported being bothered by irrelevant messaging from firms, according to a recent Statista survey.
    The trend of personalization plays straight into the advantages of small firms. In search of that customised touch, many customers flock to regional companies. People adore getting a handwritten thank you with their online order or being welcomed by name by the barista at their favourite coffee shop.

Fortunately for you, brand comprehension of certain consumers is now simpler than ever thanks to new marketing techniques. Customer behaviour across platforms can be followed with CRMs (customer relationship management tools). In one consolidated database, you can see what each individual consumer orders on your website, emails your sales team about, and calls your customer success team to inquire.

Keep it traditional even if you don’t have a decent CRM application. Put a little notepad beside the cash register so you may record the name and usual order of returning customers. You may also jot down details like the dog’s name for your new client in the notes app on your phone. Remembering the smallest things for a customer’s subsequent visit goes a long way toward developing rapport.

Build a community
The function that small enterprises play within a community is another advantage that they have over large organisations. Consider Sam Malone or Luke Danes from Gilmore Girls or Cheers. A small company isn’t a faceless, nameless corporation. It can become a pillar of the community, a location where everyone knows your name, and a fixture in the area. And that has a big advantage in terms of forming lasting connections.

Think of innovative methods to complement your product or service. What chances do you have of creating a community around your services or area of specialisation? Gather your greatest clients online, even if your internet firm is little.

Make a Slack channel or private Facebook group where clients can gather. Say you are the owner of a pet wellness company. Maybe ask a vet to organise a webinar where they provide advice on pet nutrition.

Make sure your best customers have access to this online community’s resources in addition to those they may find online. This could be exclusive handouts or swag, early access to items, knowledge and skills, or early access.

Whatever you decide, make sure to give your neighbours the respect they deserve! They develop a deeper sense of loyalty to your company when you go above and above to make them feel like they are a part of the family. They can’t compete on the personal relationship you’ve developed, even if the bigger guys charge less for the same goods or services.

  1. Return favours
    The capacity to give back is a crucial component of community involvement. Here’s one more option for small companies to compete with household names. You are more familiar with the demands of a particular community as a member than a company could ever be.

Whatever that means for your brand, look for chances to give back to your community. Consider planning a day of service at your local food bank for your staff if you own a small business in the region. If your community is online, consider volunteering for a group that shares your ideals. For instance, that company’s pet wellness line might donate to the ASPCA or another group dedicated to improving the welfare of animals.

Giving back provides practical economic advantages in addition to being a lovely thing to do. These advantages range from fostering community links to enhancing respect and reputation. Customers are happy to support your company time and time again when you establish yourself as a positive presence in your neighbourhood.