How Social Media Can Impact Businesses For More Profit

Over the past ten years, the growth of social media websites has been phenomenal. Sites such as Facebook and Twitter were originally established to enable individuals from around the world to chat to one another, exchange photos and videos, and share experiences. More recently, however, the world of commerce has begun to see the huge advantages to be gained by having an online presence. Today, no self-respecting entrepreneur would think of trying to establish a new venture without having a page on Facebook, Twitter, Pinterest or LinkedIn. In Nigeria there is a whole host of other social media sites aimed at serving both domestic and trans-African consumers.

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One of the key advantages if you are involved in a startup company is that setting up a social media page is significantly easier and cheaper than establishing a website. Yet doing so offers your fledgling enterprise exposure to a global audience that just a few short years ago would have been unimaginable.

The growth of social media has been so rapid that a recent survey found that 70 percent of the CEOs of Fortune 500 companies did not have a personal presence on any social media site. Some of these executives claimed that they simply did not have time to set up a page, while others lacked the know-how. No less than 77 percent of consumers said they would purchase goods and services from a company that used social media to define its values. It has been found that consumers feel a closer affinity with companies whose CEOs have a personal presence on social media sites, and are therefore more inclined to remain loyal to that brand or company.
One point to be aware of is that if you design a page and/or write your own blogs or other online content, you need to be careful about what the page looks like and how interesting, relevant and attractive the content is. Remember, whatever you write could be seen and read by thousands of potential customers, so be prepared to employ a professional to edit and proofread any content you propose posting. A quick search of the internet will reveal numerous companies that specialize in writing and editing articles and others that will set up a page on a selection of social media websites for just a small fee.

social media & Business

Having the ability to promote your company’s products and services to so many people in a remarkably short period of time makes social media the most effective and economical form of advertising there is. Think about it; for a minimal outlay, even if you are setting up a one person business, you can get yourself noticed by your target customer base within a matter of hours. Having the ability to promote your company so quickly brings nearer the day you make your first profit and ensures your business is more likely to expand and increase profitability over the longer term.

Young Nigerian entrepreneurs such as Bankole Cardoso, who founded the Nigerian branch of EasyTaxi, and 30 year old Uche Pedro, the founder of Bainstone, a media company aimed primarily at a domestic audience, both shows just how successful online companies can become, almost overnight. At the other end of the spectrum are established entrepreneurs who head up multi-million dollar industries such as Tunde Folawiyo – leading Nigerian business leader – who has maintained both a personal and commercial presence on social networking sites for some time.

As with consumers around the globe, Nigerian men and women are starting to recognize how social media can benefit their lives. As a result, businesses that fail to embrace this development will be left behind as their more switched on competitors see their profits surge.
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