The Pros and Cons of Social Media for Business

by Mar 11, 2019Success Tips0 comments

4 min read
pros and cons of social media for business
One day you are a local business with your regular daily customers and the next day, suddenly, you are a viral sensation and people start pouring in from different parts of world. What happened? Sometimes all it takes one post on Facebook or Instagram from a satisfied customer, and bam – you an internet sensation! It’s irrelevant whether they’re an influencer or not, if it gets traction, the word will spread with the speed of light and you can do nothing about it. However, social media can also bring negative publicity that can cost you your business. For that reason, we’ve made a detailed analysis of the pros and cons of social media for business owners such as yourself, and how to respond to those.

The Pros

Customer Engagement – People tend to like businesses more when they can be reached on any social media. Answering questions, sharing engaging content and even making a joke or two makes your business more approachable and relatable in the eyes of your customers.

Market Data – Valuable data such as feedback is of crucial importance. It’s easier to make a decision on certain business aspect when you know whether your customers like your products or not. Suggestions on how to improve your product/service and what to pay more attention to, are among the most valuable things you can learn from social media. You’ll be saving a fortune on third-party research.

SEO – If you get more shares on social media, search platforms such as Google will notice you more. Thus, creating higher rankings on search results.

Sales and Growth – As we said previously, word is spread quickly around the internet. When your customers like, comment or share a post of yours it means it’ll end up on their friends’ feeds. This way your business gets more attention for free, which lead us to the next advantage or social media.

New Customers – It seems like social media have become the most worthy tool for attracting new customers. Investing in social media marketing can bring you under the spotlight. Whether you opt for a LinkedIn or Facebook campaign, the chances to get to your ideal clientele are bigger than ever. Of course, it all depends on your budget.

The Cons

Privacy – The recent scandals with Facebook made them lose a quarter of their worth (over 2 billion dollars). Imagine that happening to your business. Scary, right? Don’t even think about exposing information about your clients online, your reputation will get damaged beyond repair. Be careful.

Security – Sometimes revealing too much can hurt your business. For instance, when you try to create hype over a new product or service and fail to deliver it on schedule, all that hype can easily generate a backlash which you cannot control. It’ll cost you not only your reputation, but money too.

Success and Profit – No one can precisely tell if a social media campaign would be 100% successful. It is a difficult and time-consuming process to do without any guarantees. Also, profits can go as easily as they came. You’re never in the clear with the algorithms that constantly change. Therefore, if not managed correctly, it may cost you even more than what you invested in the first place.

Bad Reviews and Trolls – Recently, we saw trolls bash the movie Captain Marvel, despite not even being released yet. The same thing can happen to your business. Bad online reviews can create an inaccurate picture of your business, and managing them is a lot harder compared to complaints you get in person. Additionally, if you get targeted by trolls, they can completely ruin your online reputation and things can start crumbling down in a matter of minutes.

Time Consuming – If you want your efforts on social media to be successful, you will probably need to hire a social media expert. If you do it yourself, you will most likely just waste precious time that could be better spent elsewhere. On the other hand, a new employee can bring fresh ideas and focus solely on social media, which means getting one thing off of your plate.

Finally, there are numerous advantages and disadvantages of using social networks in business. However, it all falls upon whether you learn from your mistakes and invest enough time and money in creating a strategy on how you will deal with social media engagement. After all, it is a powerful tool and you must take advantage of it.

conclusion

“…it all falls upon whether you can learn from your mistakes and invest enough time in creating a strategy on how you will deal with social media engagement. “

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