Importance of Social Media for Young Entrepreneurs
According to the definition from WhatIs.com, social media is the collective of online communication channels dedicated to community-based input, interaction, content sharing and collaboration. Websites dedicated to forums, micro-blogging, social networking, social bookmarking, social curation, and wikis are among the different types of social media.
Some popular examples of social media include:
Usage of Social Media for Business Purposes is called “Social Media Marketing”.
Social Media Marketing (SMM) takes advantage of social networking to help a company increase brand exposure and broaden customer reach. The goal is usually to create content compelling enough that people will share it with their social networks.
Who is an Entrepreneur?
An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services and business/or procedures.
Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market. Entrepreneurs who prove to be successful in taking on the risks of a startup are rewarded with profits, fame and continued growth opportunities. Those who fail suffer losses and become less prevalent in the markets.
There are several business-related courses for students who want to be entrepreneurs but are also new to the business field. Most common degree course is Masters in business Administration (MBA). A candidate can study MBA in several ways such as Full-Time, Part-Time, Executive, and Distance MBA in India.
Top colleges offering MBA in India are: Faculty of Management Studies, Indian Institutes of Management (IIMs) for full-time MBA; Indian Institute of Management Studies (Ghaziabad), ICFAI and ICFAI for distance MBA in India.
Benefits of Social Media for Young Entrepreneurs
An entrepreneur can use the applications of Social Media to fulfill the following goals of his/her business:
- Brand Building
- Business Growth
- Content Creation and Distribution
- Insights Gain
Below are the benefits of Social Media Marketing:
Improved Brand Awareness
An entrepreneur can create social media profiles for their business and start networking with others. By applying a social media strategy, it will help him/her significantly increase his/her brand recognition. By spending only a few hours per week, over 91% marketers claimed that their social marketing efforts greatly increased their brand visibility and heightened user experience.
Creating an account and signing up is free for almost all social networking platforms. But young entrepreneurs should always start small to see what they should expect if they decide to use paid advertising on social media. Being cost-effective is important as it helps entrepreneurs attain a greater return on investment and hold a bigger budget for other marketing and business payments.
The more entrepreneurs communicate with the audience, the more chances they have of conversion. Candidates should set up a two-way communication with their target audience so that their wishes are known and their interest is catered with ease. Moreover, communication and engagement with customers is one the ways to win their attention and convey them company’s brand message.
Improved Brand Loyalty
By connecting with their customers through social media, entrepreneurs are more probable to upsurge customer retention and customer loyalty. Since developing a loyal customer base is one of the main goals of almost any business. It is essential to often engage with your customers and start developing a bond with them. Social media is not just limited to introducing company’s product; it is also a leading platform for promotional campaigns. A customer sees these platforms as service channels where they can directly communicate with the business.
Healthier Customer Satisfaction
With the help of these platforms, creating a voice for the startup is important in improving the overall brand image. Customers appreciate the fact that when they post comments on brand’s page, they receive a modified reply rather than a computerized message. A brand that values its customers, takes the time to compose a personal message, which is perceived naturally in a positive light.
Enhanced SEO Rankings
Social media presence is becoming a vital factor in calculating rankings. It is no longer enough to simply optimize company’s website and regularly update the blog. Businesses sharing their content on social media are sending out a brand signal to search engine that speaks to your brand validity, integrity, and constancy.