Social Media for Business
There are many business owners who think that Social Media is a complete waste of time. The reality is very much different and unless you stop to reconsider you might well be handing the advantage to your closest competitors. It is estimated that 2.8 billion people will be using Social Media by 2018, that’s roughly 31% of the worlds population, on average 50% of those users are between the age of 25 and 70 an age group that is considered to make the most purchases. These users are typically interacting around 3 to 5 times per day spending on average 2 hours each day socialising and browsing on Social Media.
Now consider this, online shopping has skyrocketed from 10% in 2008 to close on 85% today, businesses small, medium or large can not afford to underestimate the power of Social Media. The majority of large companies have understood very quickly that having the right Social Media Strategy can vastly improve their competitive edge. They have invested in acquiring bright minds with the knowledge and expertise to give them the edge and get their Brand in-front of the Social Media Crowd.
Small and Medium business owners have been much slower to adopt Social Media for Business this in large is down to a number of factors such as time, understanding, fear and knowledge. The reality is that The Internet, Social Media is the advertising platform of the of the here and now and if your not using it you are missing a significant opportunity.
Business who use Social Media attract 30% more customers that others in the same sector who don’t, loyalty is increased by 28% but more importantly 97% of customers considering a purchase who search online will buy from a business who has a positive online presence compared with a business who doesn’t.
Chartered Institute of Marketing (CMI) carried out a study which revealed that 32% of people online turn to Facebook when making a purchasing decision, some 62% of people questioned by the CMI said they now “always” or “Often” use Social Media when deciding to make a purchase.
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Graphic courtesy of smartinsights.com