Risk Mitigation in the Digital Age
Risk Mitigation in the Digital Age: Farosian’s Social Media Readiness Training
3 August 2022
Woman looking at smartphone & social media in the dark
The Dark Side of Social Media
9 November 2022
Show all
The Importance of Social Media for Businesses

The Importance of Social Media for Businesses

Brands, Businesses & Social Media

A brands social media presence is now more influential than its website. This may sound absurd to some, however, according to a recent study, 60% of South Africans will research a brand or product on social media compared to the 42% who research it through its website. Whether we like it or not, the use of social media as a business tool is no longer an optional endeavor.

The importance of a robust social media strategy and an authentic digital media presence is more important than ever before. Read on to find out how your brand can leverage the growth and adoption of social and digital media, drive brand awareness while mitigating the associated risks at the same time.

In all seriousness, if your organization doesn’t have a social and digital media presence, you’re missing out on a critical touch point with access to 53% of the world’s population!

What are the benefits of social media for businesses?

The benefits of social media extend far beyond just having a presence and an additional touch point with your audience. It is also important to note that there are risks associated with this pursuit, but we’ll get to that later in this article.

Brand Awareness

Statistics show that 55% of consumers learn about brands or companies on social media, with Gen Z leading the movement at 78%, Millenials at 61%, Gen X at 56% and finally Baby Boomers at 35%.

As the spending power of these younger generations grows, so does the importance of having a digital media presence. If your company doesn’t have a social media presence, these generations will most likely find themselves discovering your competitors first.

Stay Top Of Mind

When you consider that the average social media user consumes 2 hours and 27 minutes of content DAILY, the importance of an active social media presence becomes apparent.

Being active and present on social media allows your brand to stay relevant in the minds (and feeds) of your target audience. The issue here is considering which social media platforms to focus on, in order to reach your desired audience.

Humanize Your Brand, Engage With Your Audience

Statistics show that 78% of consumers are willing to purchase from a brand after having a positive engagement with them on social media. It is easy to underestimate the power of a positive interaction and connection with a business, and this is something that becomes a whole lot more achievable through social media.

The online domain also provides a unique opportunity to showcase a brand’s personality, and portray a different side of your organization which might not always be communicated through other touch points such as a website.

Generate Leads

66% of marketers generate leads from social media after spending only six hours per week on social marketing. (Social Media Examiner). Lead generation through social media is an incredible low-commitment way for potential consumers to engage with your organization, certain social media platforms cater to this exact pursuit through lead generation adverts. Trust us, it’s worth it.

If you’re looking for some more guidance on lead generation on social media click here.

Risk Mitigation & Reputation Management

With great power comes great responsibility, and the same is true for social media. One of the reasons that certain businesses avoid social media is due to the risks posed and the hands-on involvement required.

If you’re willing to take the plunge, social media becomes a fantastic tool to keep an eye out for any public opposition, concerns, and complaints about your organization which can be addressed directly and even leveraged as an opportunity to demonstrate efficient customer service.

Not only this, but through third-party outsourced social media screening, employers can keep tabs on any untoward behavior online by their own employees which could be detrimental to their brand image and reputation. Farosian’s Social and Digital Media Background Screening is an effective solution for this issue.

Targeted Advertising

A statistic from Sprout Social states that 80% of business executives think that it’s essential to invest additional resources into social media advertising content. This may seem obvious, but social media is an incredible tool for targeted advertising if you know how to use it.

Above and beyond this, this method of advertising provides very clear and measurable results so that marketers and businesses can track exactly how their advert is performing so that it can be tweaked or improved.

Keep An Eye On The Competition

According to Entrepreneur, 97% of Fortune 500 companies rely on social media. This gives an indication of the importance of this component to your company’s growth and success.

Certain social media platforms allow users to compare their page to their direct competitors, providing insights into ways in which you could improve or alter your approach.

Understanding Brand Sentiment & Social Listening

Social media is an incredible tool for gaining insights if you know where to find them. Currently, 72% of organisations use social media data to drive business decisions, which makes it the most valuable source of data above and beyond conventional market research!

Farosian offers a solution called a Business Sentiment Report, where we use our proprietary technology to analyse all online content (social media and general) relating to an organisation/brand or a person.

Our report categorises these insights into positive, negative, and neutral content – on a per-platform basis, as well as an overall online basis. This provides unparalleled insights into the public perception of a brand, which can help a company identify risks and opportunities to be addressed.

What are the benefits of Farosian Business Sentiment Reports?

Gaining an in-depth insight into the online sentiment surrounding your brand or organization yields numerous benefits, some of which include;

  • Understanding what your target audience likes and dislikes about your brand.
  • Gain insight into the kinds of issues customers are having with your product and service
  • Identify key insights into areas where your marketing could be improved
  • Find a way to speak directly to your customer’s pain points
  • Understand how often your brand is being spoken about, and on which platforms
  • Formulate a social listening strategy to stay informed
  • Find out how your business can improve in different areas

For more information about how Farosian can assist your organisation with Social and Digital Media Screening, or you’d like more information about our Business Sentiment Reports, get in touch today.

Good luck with your social and digital media pursuit!