Entrepreneurs need not choose between the different social media platforms as they can implement them simultaneously to benefit from varied advantages. While Facebook provides exposure to a large number of users, Twitter allows tracking of the firm’s popularity. On the other hand, Instagram enables the firm to post pictures, while You Tube facilitates for posting video content. A firm can utilize multiple platforms to promote its brand and generate sales. Social media platforms facilitate close interactions between the firm and users, and the business can gain beneficial information that can be applied in product development and product positioning. Also, the social media allows the entrepreneur to form close associations with potential customers, leading to increased customer engagement.
Social media enables the organization to evaluate competition. Firms can monitor competitors’ behavior and learn about their strategy. By learning from other firms, the firm can learn what work and what does not. For instance, the entrepreneur can monitor the marketing strategy of a competitor to determine its effectiveness. This way, it can be knowledgeable on social media strategies that are effective in generating the highest number of leads that can be converted into sales. Also, the firm can gauge its market position relative to competitors. Metrics such as number of likes, shares, and followers can provide insight into the firm’s market position.
Based on the information, the organization can devise strategies to boost its market position. The firm can also monitor the effectiveness of marketing strategies by monitoring changes in the metrics. Social media enables entrepreneurs to gain insight into customers and competitors, a factor that leads to the implementation of more effective business processes aimed at improving its performance.
Drawback of Social Media as a Marketing Tool
In as much as social media is beneficial to small businesses, it could also be catastrophic due to negative feedback. Users may post negative feedback regarding the firm or its products, a factor that damage its reputation.
Negative reviews prevent potential customers from purchasing the firm’s products. Social media users also rely on reviews when making purchase decisions, and negative reviews may result in a negative brand image and poor sales. Nonetheless, firms may implement various strategies to protect them from negative reviews.
The first recommendation is addressing negative reviews in a prompt manner. Dissatisfied customers are more likely to post negative reviews. As a result, the firm should enhance customer satisfaction by being timely in delivering products and by following up on customers to ensure that they were satisfied with the product or service.
In addition, if a large number of customers point out similar issues, the firm should consider addressing it so as to maintain customer satisfaction.
For instance, if customers do not like the product’s color, the firm should consider adjusting the product to conform to customer expectations so as to maintain customer expectations. Negative reviews can be managed by having strong customer engagement and addressing customers’ concerns promptly.
Conclusion
Social media enables entrepreneurs to gain insight into customers and competitors, a factor that leads to the implementation of more effective business processes aimed at improving its performance. The firm can gain sustainability b forming closer relationships with customers, which leads it to develop products and services that are aligned with customer tastes and preferences. Also, the social media enables the firm to advertise its products to a broader audience that increase the firm’s sales and revenues.
Also, social media provides pertinent information into competitors, and the firm can compare its performance with that of competitors to determine its market standing.
Lastly, Facebook, Twitter, Instagram, and You Tube are social media platforms that lead to the growth and development of entrepreneurial firms.
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