What is the cost of social media inaction?
There was a period of time when you could get away without fully embracing social, but that time has passed. The decision makers of tomorrow have grown up communicating with businesses through social media and are notoriously difficult to engage through traditional mediums. If you want to future-proof your business, now is the time to start going all in on social media. But what is the cost if you don’t?
Fail to reach and impact future decision makers
The decision makers of tomorrow are today’s Millennials and Gen Zs. They want to see social proof; to have confidence in your brand through seeing social media activity, quality content and evidence of engagement. These factors all influence someone’s perception of your business and will influence their decision to purchase.
In 2018, Millennial purchasing power surpassed that of Baby Boomers, confirming Millennials as ‘the most important age range for economic activity’. Already, the majority (63%) of consumers who search online are more likely to purchase from brands who have an established social media presence.
You may see fierce competition from brands who have already started
cultivating a social media presence. It’s also increasingly difficult to access your target audience as social networking becomes a much more integral part of people’s lives.
Difficulty attracting talent and retaining engaged teams
Young people now are far more discerning about the kinds of companies they want to work for. Businesses today should be striving to build a workforce who are passionate about what they do and naturally become brand advocates.
When your employees publish positive content about your brand it receives on average eight times more engagement and is reshared 24 times more frequently. The cost of inaction is reduced trust with prospective customers. Without this, it is so much harder to recruit quality staff. Especially if your competitors can demonstrate a forward-thinking approach to social marketing.
A dated approach to marketing with no business ‘personality’
People have come to expect a more intimate, behind the scenes experience from businesses across sectors. Popular new formats such as Instagram Stories and live streaming are ideal ways to share your story and make people feel included. This kind of content shows transparency and confidence and facilitates a less sales focused approach.
You’ll have far more success selling to someone who already knows and trusts you, rather than interrupting someone who doesn’t – a fundamental social media marketing principle. The cost of inaction is failing to show your business values, people and personality in a popular and credible format that people use every day.
Love it or hate it, it’s here to stay. It will continue to evolve but one thing’s for sure, businesses need to adapt and get on board.
Social Brighton partner with organisations to drive results through the positive use of social media. www.socialbrighton.com