15 reasons why social media marketing is important for your business growth
Have you ever wondered why some businesses thrive on social media while others struggle to get noticed? It's because of the power of social media marketing.
Social media has become an integral part of our daily lives, and as of January 2023, there were 4.7 billion social media users worldwide. This presents a huge opportunity for businesses to connect with their target audience where they are spending most of their time - on social media.
In this blog, we'll explore 15 reasons why social media marketing is important for business growth and how businesses can leverage social media to achieve their marketing goals.
Significance of social media in 2023
As we enter 2023, the market is getting saturated with more and more brands and competition is getting fierce. Forget about the new customers, it is getting difficult to retain existing customers. Here social media will help brands engage with existing customers and reach new customers, build trust and loyalty. We should get more reasons
15 main reasons on why social media is important for business growth
- Increases brand awareness and visibility - 90% of marketers say social media has increased their brand exposure (Social Media Examiner).
- Provides a cost-effective marketing strategy - Social media marketing has a 100% higher lead-to-close rate than outbound marketing (Hubspot).
- Helps build relationships with customers - 71% of consumers who have had a positive experience with a brand on social media are likely to recommend the brand to their friends and family (Lyfe Marketing).
- Provides a platform for customer feedback and support - 71% of consumers who receive positive social media support are likely to recommend the brand to others (Lyfe Marketing).
- Provides a way to track and measure performance - Social media advertising budgets have doubled worldwide over the past 2 years (Statista).
- Helps businesses stay competitive - 91% of retail brands use at least 2 social media channels (Sprout Social).
- Allows for direct communication with customers - 63% of customers expect companies to offer customer service via social media channels (Sprout Social).
- Facilitates word-of-mouth marketing - 84% of consumers say they trust online reviews as much as personal recommendations (BrightLocal).
- Enhances search engine optimization (SEO) - Social media profiles and activity can impact search engine rankings (Search Engine Journal).
- Provides valuable market insights - 71% of social media marketers say social listening has helped them understand their audience better (Sprout Social).
- Enables businesses to showcase their expertise and thought leadership - 75% of B2B buyers use social media to make purchasing decisions (Forbes).
- Helps businesses stay top of mind with customers - 49% of consumers rely on social media influencers for product recommendations (Influencer Marketing Hub).
- Provides a platform for user-generated content - 90% of consumers say user-generated content (UGC) influences their purchasing decisions (Yotpo).
- Increases website traffic - 61% of marketers say improving SEO and growing their organic presence is their top inbound marketing priority (Hubspot).