Social Media Pros and Cons for Business

As a business, having social media can certainly have its benefits as you can reach your customers in real-time with your product or service offering. The information below is from the Australian Government’s website business.gov.au and provides a handy guide to the pros and cons of social media.

Business Social Media – Pros

Social media can help you engage with your customers and find out what people are saying about your business. You can also use social media for advertising, promotional giveaways, and mobile applications.

Social media can help your business to:

  • attract customers, get customer feedback and build customer loyalty
  • increase your market reach, including international markets
  • do market research and reduce marketing costs
  • increase revenue by building customer networks and advertising
  • develop your brand
  • exchange ideas to improve the way you do business
  • recruit skilled staff for example through job networking sites like LinkedIn increase traffic to your website and improve its search engine ranking
  • keep an eye on your competitors

Business Social Media – Cons

Social media may not be suited to every business. If you are unprepared and launch your social media presence without planning, you could waste valuable time and money.

You should be aware that:

  • if you don’t have a clear marketing or social media strategy, the benefits may be reduced
  • you may need additional resources to manage your online presence
  • social media is immediate and needs daily monitoring
  • if you don’t actively manage your social media presence, you may not see any real benefits
  • you may get unwanted or inappropriate behaviour on your site, including bullying and harassment
  • online exposure could attract risks such as negative feedback, information leaks, or hacking
  • false or misleading claims made on your social media (by your business or a customer) can be subject to consumer law. You could be fined if a customer fan posts misleading or deceptive information, particularly about competitor products or services

Summary

Doing the groundwork before you start is critical to a successful social media presence. A social media strategy describes how your business will use social media to achieve its communications aims. It also outlines the social platforms and tools you’ll use to achieve this. Follow your strategy and don’t overwhelm your customers with unnecessary posts. Remain focused on reaching your specific goals and tailor your messages around these.

(Source: Australian Government business.gov.au 2020)

Share:

More News

Asset Rentals

Benefits of Asset Rentals

Asset rentals allow businesses to utilise products and equipment that they may not be able to afford independently.

Adapting your business post COVID

Adapting your business post-COVID.

Although dazed and confused, businesses are finally starting to emerge from the light at the end of the Covid-19 tunnel, however, the world they are entering is not quite the same.

SME Cash Flow Challenges

SMEs are feeling keen and confident about business recovery, but many are lacking the necessary cash flow to take advantage of the economic upswing in

Small Business Super Risks

Many small business owners neglect to pay themselves super believing the business will fund their retirement. We share some useful insights from Helen Barker of

Send Us A Message