Social media is a valuable tool that when used properly can significantly reduce your business costs of operation while increasing revenues.
Here are ways in which you can significantly reduce the cost of running your business using social media:
1. Reduce Recruitment Costs
If you’ve had to fill a position you know how much legwork goes into advertising for the position, screening potential candidates, and eventually finding the right person for the position. There is a huge investment in time and there can be a huge investment in advertising costs.
If your business has a presence on social media sites like Facebook or Twitter, you can use those networks to help you find the right person for your position. You can get the word out, and you can also target people you regularly interact with.
Interviews can also be conducted over the social media such as Skype, Viber, Facebook, LinkedIn.
2. Reduce Your Customer Service Cost
Social media can play an important role in reducing customer service cost. It’s easy to help customers directly using social media. Consider the cost of a customer service call compared to the cost of helping that same customer directly using Twitter. Twitter is one great social media tool for assisting customers. When one customer is assisted on a particular issue over twitter, not only him that will benefit from the response, but all your customers following your company on twitter. There’s another benefit.
When social media is used properly(such as customers asking questions on Facebook page), you will find customers helping customers, significantly reducing the cost of your employee resources.
3. Reduce Product Design Costs
Smart companies are recognizing the benefit and the savings of using social media in product design. The feedback you gather from customers and potential customers can be utilized in product design as well as in your marketing. Companies can significantly save because much of the guesswork has been eliminated. They can garner a huge amount of information on what the consumer wants.
4. Increase Profits Using Customer Ratings and Reviews
Does the use of customer ratings and reviews work? The answer is emphatically yes! Just look at PETCO.com who has seen a 41% increase in sales per unique visit because of the ability to “sort by rating.” When customers can learn more about what other customers think about the company and the products, they are much more likely to make a purchase.
Don’t worry a few negative review or ratings isn’t bad. It actually legitimizes the ratings and reviews as a whole. Take the lead from other businesses that have seen how this can increase sales and get on board.
5. Reduce the Cost of Advertising
One of the biggest expenses a business faces is their advertising budget. A savvy business will recognize that social media along with blogging can provide them with a huge amount of free advertising. For example, GMC claims that their blog generated free publicity with a value of $240,000.
Facebook allows businesses to create pages and groups with no costs associated with them. Banks, Victoria Secret, iTunes, DillionWorld, online shops, and Starbucks are great examples of companies that have taken full advantage of Facebook pages as a free advertising tool.
Other Ways Of Using Social Media:
- Can be useas platform for making and accepting payment.
- Can serve as meeting or conference platform.
- Visual online office/shop.
- For identification/security during online account opening.
There are two ways any business can increase their profits – they can increase their sales or reduce their expenses. Online social media is a tool that can do both. Yet it’s still in its infancy and still misunderstood by many businesses.
For consultations and training of your staff for better productivity via social media, contact us
tochukwudike@gmail.com
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Thanks for sharing these benefits for social media!
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