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The Advantages and Disadvantages of having a Social Media Presence for your business?

Just a few years ago, companies could rely on their website in the online jungle to close deals, generate leads, raise conversions, and develop their brand. However, there is now an entire digital world that business owners must manage in order to leverage all of the benefits that the internet has to bring.

Social media networks have undergone drastic changes since their inception, adapting to trends in the digital world and meeting the ever-increasing marketing needs of businesses. It is critical to note that if social media marketing is done correctly, it can be a highly effective way to improve web presence, drive more traffic and sales, and thereby help you increase your profit. There are brands that owe their entire success to social media, but there are also disadvantages of using social media. Below are the advantages and disadvantages.

The Advantages of Social Media Marketing

  • Cost-effectiveness: As compared to other online and offline marketing strategies, social media is also one of the most affordable ways to reach out to your target audience, which is why it is so appealing to most companies. You can build an account on these sites for free, and you can use the interactive tools for free as well. Even though the majority of the features on these websites are free, you will need to invest in them to maximise your profits. 

  • Trends and insights: Another significant benefit of using social media sites is that you will gain valuable insight into what your customers require. You can hear about their purchasing patterns, issues, likes, interests, and dislikes. This information can be extremely useful for your campaigns and your company in general.

  • Reach a large number of people: If you want to gain traction in your industry, social media is a fantastic tool to use. One major benefit of social media marketing over conventional platforms such as TV or newspaper advertisements is that you can easily reach a global audience. There are no demographic limitations on these sites. This means you have a massive market at your disposal for every age demographic you want to reach with your advertising.

The disadvantages of Social Media Marketing

  • It requires perseverance: Marketing on social networks is not only time-consuming but also necessitates consistency. Developing a daily posting schedule and a habit of content preparation is critical for your success because your customers want to hear from you on a regular basis.

  • It needs practice: Social media marketing has become extremely complex, and in order to execute effective social campaigns, you must be familiar with the "trade." If you want to see results from your ad campaigns, you must understand how to set them up and run them properly. You must also understand how to properly communicate with your audience, as well as keep up with the latest social developments and changes in order to remain relevant. It's not an easy job, particularly if you're also running a company. You can, fortunately, still employ social media experts to manage your online presence.

  • It can literally make or break your business: You've probably heard of brands that became successful as a result of a great social campaign, a viral video, or innovative ideas that became social media marketing norms. Although these success stories do exist, there have also been a few brand disasters. When creating content, you must exercise caution and avoid controversial or sensitive topics.

While social media is an excellent marketing tool for companies, it is critical to be vigilant of fake accounts. Keep an eye out for suspicious accounts and flag/report them as soon as you notice them. Persona Finance can be reached at [enquires@personafinance.co.uk] for accounting and company advice.