1. What does Social Media mean for SME's?
Across industries, social media is no more looked upon as just a 'nice to have' marketing and communication network. It has evolved into an essential component of any digital marketing strategy. Social Media provides immense opportunities for sales and growth for businesses all over the world, especially SME's. An online presence integrated with sustained social media advertising has a significant impact on business success in terms of increased awareness, traffic, and revenues. It helps struggling SME's to communicate cost-effectively with their customers on a global scale. Through social media, businesses can
- Increase brand awareness.
- Humanise their brand
- Reach customers globally.
- Boost brand engagement.
- Build a community around the business.
- Foster customer loyalty.
- Establish brand trust.
- Increase brand advocacy for customers in the region.
- Grow influencer marketing.
- Establish authority and industry expertise.
- Drive website traffic and increase your conversions.
- Generate and nurture leads.
- Boost sales and growth.
- Integrate with other channels.
- Expand business connections.
- Improve recruitment prospects.
- Support customers.
According to a survey, the average amount of time each day that internet users aged 16-64 spend on social media is two hours, twenty-two minutes which makes up about 35% of the total internet usage. About 45% of survey respondents have reported spending more time on their social media due to the prevailing Covid-19 pandemic.