05/02/2023

Social Media in Business Development

Prepared & Researched by: @RohailAddin

IT’S A “VUCA” World.Volatility Uncertainty Complexity Ambiguity

Impacts of Social Media on businesses 1

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Summary:Digital marketing is an umbrella term for the marketing of products or services using digital technologies, mainly on the internet, but also including mobile phones, display advertising, and any other digital medium.

The way in which digital marketing has developed since the 1990s and 2000s has changed the way brands and businesses utilize technology and digital marketing for their marketing. Digital marketing campaigns are becoming more prevalent, as digital platforms are increasingly incorporated into marketing plans, and as people use digital devices instead of going to physical shops. (wiki)

Use in the digital era, There are a number of ways brands can use digital marketing to benefit their marketing efforts. The use of digital marketing in the digital era not only allows for brands to market their products and services but also allows for online customer support through 24/7 services to make customer feel supported and valued. The use of social media interaction allows brands to receive both positive and negative feedback from their customers as well as determining what media platforms work well for them and has become an increased advantage for brands and businesses. It is now common for consumers to post feedback online through social media sources, blogs and websites feedback on their experience with a product or brand. It has become increasingly popular for businesses to utilize and encourage these conversations through their social media channels to have direct contact with the customers and manage the feedback they receive appropriately. The potential reach of social media is indicated by the fact that in 2015, each month the Facebook app had more than 126 million average unique users and YouTube had over 97 million average unique users.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Digital revolution

New business models, the power of the crowd and social media penetration for new normal scenario that is changing the world and it’s here to stay. Things that started out as communication platforms have become real-time media consumption platforms: content that feels like a conversation is being consumed in video and text combined, and is accessible on smartphones. (world economic forum digital report 2015)

Mobile digital media time in the US is now significantly higher at 51% compared to desktop (42%). Impact of internet has been extraordinary and broad… but –in many ways– it’s just beginning

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Digital vs Traditional Marketing

Traditional MarketingMarketers can easily reach their target local audience

Traditional marketing has a more personal approach since marketers can have a person-to-person relationship in informing the public about their brand’s name.

The public can have a hard copy of materials of which they can read or browse through over and over again.

It can be easily understood by the public because they are already exposed to this kind of strategy. It is something that most people can have access on.

There is only a little interaction between the medium used and the customers. It is more of providing information to the public that the brand exists with the hope of these people patronizing the brand.

Print or radio advertisements can be very costly. Printing materials can be expensive and you need to hire people to distribute these. Businesses have the need to invest money for this marketing strategy.

Results on this marketing strategy cannot easily be measured. Marketers need to conduct survey and finding a statistician to interpret results is a must.

Digital MarketingNot only target local audience can be reached, but as well as the audience from all around the globe.

Since it can reach a finite audience, getting more popular is easy. There is no need to be physically present in introducing the brand’s name to the audience

The public can also have access on different content on websites and videos on Youtube or video sharing websites.

Strategies implemented can reach target market with Internet connection. Most target audience is groups of people who have digital devices and are always online 24/7.

Interaction is very possible especially with the use of social media networks. Marketers take advantage of the convenience of communicating with their target audience aiming to get positive customer feedback.

Digital marketing is cost-efficient. The use of social media websites is free of charge. Though some invest on paid ads online; however, the cost is still cheaper compared to traditional marketing.

Data and results are easily recorded. With Google Analytics, specialists can easily check if the strategies are working. If not, they can easily create better content for better marketing.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

What happens in 2016 internet minute?

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

SOCIAL MEDIA SAUDI ARABIA – STATISTICS AND TRENDS

Did you know Saudi Arabia ranks seventh globally in terms of individual accounts on social media, with seven accounts for each individual and accounts for over 40% of Twitter users in MENA region.

Infographic details about Saudi Arabia

Internet users & Smartphone usersSmart phones constitute the largest platform in logging into social networks, with 260 minutes a day as an estimated average of logging per person using smart phones.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

SOCIAL MEDIA SAUDI ARABIA – STATISTICS AND TRENDSFacebook and Twitter dominate with the largest number of social media users in the Kingdom, where Facebook users reached 11 million users, while the number of Twitter users amounted to 9 million users.

YouTube witnessed a high view rate, where 7 million Saudi users watched YouTube video clips at a rate of 105,900 per hour a day.

Saudi Arabia ranked first among Arab countries and second worldwide in the use of Snapchat. WhatsApp and Facebook had the top rates of social networking platforms use, with 22% for WhatsApp, and 21% for Facebook.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

SOCIAL MEDIA SAUDI ARABIA – STATISTICS AND TRENDS

Saudi Arabia ranks 14th in terms of WhatsApp users with 56 percent of mobile phone users

Twitter is the fifth most visited website in Saudi, The average Saudi user tweets 5 times a day.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

SOCIAL MEDIA SAUDI ARABIA – STATISTICS AND TRENDS

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Benefits of Using Social Media Channels:

Learn about your customers and connect with your audience:All successful businesses have grown to know their audiences very well. The benefit of social media is that, getting to know your audience is now easier than ever. Using analytics you can understand the major demographics and patterns of your customer behaviors. This not only allows you to better target your audience but it also helps you understand the specific needs of your customer base.While gaining insight on the demographics of your audience, social also helps you connect on an individual level.

Reach a new audience locally and globallyThose familiar with Twitter will know that it’s easy to use Twitter to connect with current customers or seek out a new audience. Tools like geo search or searching for certain hashtags can help you find what people are tweeting about in your neighborhood or what people are tweeting about in general. For example, if you run a brewery and search for hashtags about local beer, you can see what people in your area are excited about. You could then use this as an opportunity to engage with them and let them know what beer you offer. Organizations like San Francisco Ballet believe that, “by offering added value to our online audiences, social media enables us to engage and nurture our existing fans, while expanding into new audiences.”Radio Italia also uses social media to, “reach a wider range of people around the globe. It’s another way for us to connect with our audience.”

This shows how social media has affected Radio Italia’s business

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Improve customer serviceBecause social media functions best in real-time, it gives you instant access to feedback from your customers. This insight is invaluable, as it can help everything from new product growth to customer retention. Gain market shareOn a less customer centric note, if you use social media properly, you can make it easier for potential customers to find you. The Manhattan Group stands by the idea that, “serious recruiting agencies with a strong social media presence are rapidly gaining market share. And those without, are missing out.”

Create meaningful relationships that generate leadsInvest time in your social media relationships. The more you invest, the more valuable these relationships become. Social media is woven into every part of business. As a result, someone who might not be a sales lead right away, can often convert months later.

Run targeted ads with real-time resultsSocial ads are an inexpensive way to promote your business and distribute content. They also offer powerful targeting options so that you can reach the right audience. For example, if you run an ad campaign on LinkedIn, you can segment by things like location, company, job title, gender, and age—the list goes on. If you’re running a Facebook ad, you can target based on location, demographics, interests, behaviors, and connections. You can track and measure the performance of your social ads in real time.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Generate higher converting leadsSocial media increases sales and customer retention through regular interaction and timely customer service. In the 2015 Sales Best Practices Study from research institute MHI Global, world-class companies rated social media as the most effective way to identify key decision makers and new business opportunities. In the State of Social Selling in 2015, nearly 75 percent of companies that engaged in selling on social media reported an increase in sales in 12 months.

Provide rich customer experiencesEven if you aren’t on social media, most of your customers expect you to be. Over 67 percent of consumers now go to social media for customer service. They expect fast response times and 24/7 support—and companies that deliver win out. A study by Aberdeen Group shows that companies engaging in social customer service see much bigger annual financial gains (7.5 percent YOY growth) vs. those without (2.9 percent).

Increase website traffic and search rankingOne of the biggest benefits of social media for business is using it to increase your website traffic. Not only does social media help you direct people to your website, but the more social media shares you receive, the higher your search ranking will be. For example, if every person who follows Hootsuite on Twitter Retweets this post, it’s more likely to rank higher in Google’s search engine results page for variations of “social media for business.”

Find out what your competitors are doingWith social media monitoring you can gain key information about your competitors. This kind of intel will allow you to make strategic business decisions to stay ahead of them. For example, you can create search streams in Hootsuite to monitor industry keywords and mentions of your competitors’ names and products. Based on your search results, you can improve your business to offer product enhancements, service, or content that they may be missing.

Share content faster and easierIn the past, marketers faced the challenge of ensuring their content reached customers in the shortest possible time. With the help of social media, specifically when it comes to sharing content about your business or for content curation, all you need to do is share it on your brand’s social network accounts.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Build relationshipsSocial media isn’t about blasting your company’s sales pitch on social, it’s a two-way channel where you have the opportunity to enrich relationships with your customers. For example, social media allows tourism brands to create dialogue with travellers, therefore creating relationships with customers before, during, and after they have booked a trip with the company. This kind of social media dialogue between brands and customers is something traditional advertising cannot achieve.

More Opportunities to Convert. Every post you make on a social media platform is an opportunity for customers to convert. When you build a following, you’ll simultaneously have access to new customers, recent customers, and old customers, and you’ll be able to interact with all of them. Every blog post, image, video, or comment you share is a chance for someone to react, and every reaction could lead to a site visit, and eventually a conversion. Not every interaction with your brand results in a conversion, but every positive interaction increases the likelihood of an eventual conversion.

Improve ResponsivenessSocial media eases the process of providing and receiving feedback. If your customers have concerns or problems with what your business offers, they can let you know in a timely manner. Social media gives customers a convenient and accessible way to express what they feel and gives companies a chance to respond. With such platforms, businesses are able to view complaints and assure their customers that their problems will be dealt with.

CompetitionIf your competitors are already using social media accounts for marketing and engaging their customers, you need to ensure that you are keeping up with the digital marketing strategies that are being implemented.In the competitive world of business, more and more companies are capitalizing on the benefits of social media. In order for you to be able to boost online traffic to your site and increase sales, you need to stay ahead of the competition while providing your customers with the best products and services.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Effective MarketingThe social networking nature of platforms such as LinkedIn and Twitter generates interest among followers who are more responsive to them than a blatant marketing approach. You can use social media creatively to advertise your products and services without making your customers feel like they are overwhelmed by your marketing campaigns.Advertisements strategically placed within informative posts are an effective way to spread the word about your business. Social media spreads awareness about your business while giving you the chance to constantly remind them about the products and services that you offer.

InformativeSocial media is informative and gives you access to what your competition is up to as well as what customers are posting online about products and services. This gives you better insight into the market and various factors that affect your industry.

AffordabilityManaging your social media accounts is a cost effective way to promote your business by using affordable social media marketing campaigns that strengthen your company’s online visibility. Social media does not require an extensive budget, which makes it fair for small businesses that are competing with well known brands.

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

Thank You

Author: Rohail Addin KhanSM Developer M: 0501567969

https://twitter.com/RohailAddinhttps://sa.linkedin.com/in/rohail-addin-3a8b72b0

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Importance of Social Media for Businesses

Impacts of Social Media on businesses

References:http://www.contentfac.com/9-reasons-social-media-marketing-should-top-your-to-do-list/https://blog.hootsuite.com/why-is-social-media-important-for-business/https://blog.hootsuite.com/social-media-for-business/http://www.forbes.com/sites/davidkwilliams/2016/10/10/how-to-ask-for-help-when-youre-the-boss-and-youre-supposed-to-know-everything/#5fa5fa83430fhttp://www.socialmediatoday.com/social-business/role-social-media-marketing-businesshttps://www.brandingpersonality.com/why-using-social-media-is-essential-for-todays-business/https://www.greengeeks.com/blog/2016/02/02/heres-why-social-media-marketing-is-critical-in-2016/http://kaizen-marketing.com/social-media-important/http://www.likeable.com/blog/2013/09/7-reasons-why-social-media-is-an-absolute-must-for-business-brandinghttp://nowsthetimetoask.com/?p=47http://www.business2community.com/social-media/10-key-benefits-social-media-business-01461178#GVrlaTCCv4DYiJpZ.97

http://www.usanfranonline.com/resources/business-process-management/how-social-media-is-improving-business-process-management/#.V_wZdyh97IU

https://en.wikipedia.org/wiki/Social_media

http://www.socialmediaexaminer.com/5-social-media-marketing-trends-new-research-2/https://books.google.com.sa/books?id=tst0BQAAQBAJ&pg=PA85&lpg=PA85&dq=how+social+media+can+improve+business+stability&source=bl&ots=pAfa49G_Ra&sig=ERCQ5lT-Us8sRoKKBq5qz1_J464&hl=en&sa=X&ved=0ahUKEwi_7KOTp9HPAhUEDxoKHX8tDOoQ6AEIUzAH#v=onepage&q=how%20social%20media%20can%20improve%20business%20stability&f=falsehttp://ku.ac.ke/schools/business/images/stories/research/social_media.pdf