While many businesses may understand that they should utilize social media platforms, most fail to comprehend its full importance. Sooner or later, it all boils down to the return on investment that businesses gain from social media marketing.
Let’s face it, marketing can be expensive, and businesses typically have a strict marketing budget they need to stick to. This requires marketers to justify each strategy they choose to utilize.
To achieve this, performing ROI calculations is a necessity; however, it can be difficult to accurately calculate the ROI of social media.
Before you write off social media marketing because it’s difficult to calculate an ROI, take a look at these two considerations for utilizing social media that goes beyond a favorable ROI.
Consumers naturally turn to social media when researching products they’re considering buying. So if you don’t have a social media presence, you’ll lose ground to your competitors who are utilizing social media to draw in customers.
In 2017, PWC surveyed 24,000 consumers and discovered that 39% were inspired by what they viewed on social media to make purchases.
With the purchasing power of Generation Z, it can be assumed that these numbers are likely to continue to climb.
2. Direct engagement
By maintaining a presence on social media, businesses have the power to engage with their customers easily and directly. This means owners can send personal feedback to their customers, push messages directly to customers, and respond to questions anytime.