Impact of Social Media on small business Industry

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Just as the name suggests a small scale industry is one that operates on a small scale thus requiring less capital investment, fewer employees, and fewer machines to operate. These industries play a crucial role in the economic development of the country. As the world progresses into the technological age, the question of how the digital era, and particularly social media, has impacted small-scale industries around the globe emerges. People’s lifestyles have changed dramatically in today’s fast paced world with everyone owning their own gadgets and adopting new technologies.Small business owners should use Digital marketing to promote and grow their company. Nowadays one of the most popular digital platforms for small business owners to promote their products and services is social media. This also highlights the significant impact that social media has had on the small business industry. Whether they are a startup or a small business, an online store or a large corporation, social media is critical to business marketing strategy. “According to statistics, 71% of consumers who have positive social media experience with a brand are likely to recommend it to others”.

This demonstrates the significance of social media in business. Businesses will undoubtedly use popular social media platforms to keep up with the competition. Social media platforms allow the small business owners to connect with their customers, raise brand awareness, and increase sales. These platforms enable the company’s services and products to reach up to five billion active monthly users worldwide. Social media can play a critical role in increasing sales for your small business by creating brand awareness etc. Social media marketing benefits businesses in three key areas, which are Brand building, Omni channel engagement and Business growth. Social media has assisted small business owners in reaching out to new potential customers, and by implementing a social media customer service strategy, they can  increase the visibility of their brand. Social media strategies also enhance user engagement across channels in order to provide a better omni channel user experience.

Introducing their product or service online and the interaction between customer and owner on the internet is a growing trend that boosts sales and strengthens brand loyalty. “73% of the marketers say that social media has been somewhat effective or very effective for their business”. It is also said that almost 54% of the social browsers use social media to research products. Social media has also increased personalisation of brands with its customers. Statistics show that 81% of consumers value brands that get to know them and understand when and when not to sell a particular product to them. This is where Social media comes into play, it allows small businesses to develop a more personal relation with their customers thus helping them serve advertisements based on their interest and previous interactions. GymShark , for example, has had great success on TikTok by leveraging influencer marketing. Social media isn’t just a strategy that every small business could perhaps implement, but it can work wonders for various aspects of their business. They must make a point of focusing on the social platforms where their customers or target audience are most active, and devise a strategy for regularly composing and interacting with them. However we must understand there is no quick fix with social media. Growing on Social Media takes time. 

Author: Arshiya Garg


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