Social media networking and using social media to boost business is in full swing. Marketing experts do not see social media as a marketing trend, but instead see it advancing and continuing into the future. So, the long and the short of it is that if you are not using social media as part of marketing and promoting your business, then you are missing out on reaching millions of potential customers – and that isn’t likely to change.
Other drawbacks to ignoring social media include:
1. Loss of Sales: There is no argument; if you are not using social media marketing as part of your business marketing strategy, then you are losing out on additional sales that you could be making, with both existing customers and new customers.
2. Reaching New Audiences: Whether you are running a local business or an Internet business, using social media broadens your business reach. Social media permits you to reach and convert potential customers—customers that you may never have had the opportunity to get in front of with any other marketing tool in your marketing toolbox.
3. Staying Front of Mind with Existing Customers: It is likely that at least a portion of the customers on your social media networks are your existing customers. As you are able to convert more prospects into customers, the amount of customers on your social media networks will grow too. This turns your social media networks into a communication tool that allows you to communicate and have conversations with your prospects and customers—for free, minus your time investment.
4. Being a Cutting-Edge Business: When your customers adopt new technology and ways of doing business and you do not, you are no longer seen as a cutting-edge business. Not keeping up with your customers, the way they are doing business and the way they want to do business may leave you in the dust. This is not to say that you should jump on every marketing trend that comes your way, but remember that social media marketing is not a trend; it is a new way of communicating with customers. You have to adapt to survive.
5. Loss of Status: By not adopting social media as part of your marketing strategy, it may also cause you to lose your business status in your industry. Customers may forget about you if you are not where they are when they are looking for information on or shopping for the products and services you are selling. Moreover, one of your competitors could use social media marketing to get to these customers by connecting with them where they are—namely, social media networks— and you can quickly spiral out of the top tier position in your industry.