Social media still plays an important role as efficient and less costly way of advertising your business products as well as services. It also provides an equal platform for both small and large business corporations to compete freely without taking the competitive advantages and the economies of scale.
The following are most pronounced advantages of social media;
Fair platform for both large and small business to compete: both the business partners can freely engage in the business transactions without the fear of being submerged. The platform also allows both the business and the customers to communicate freely.
High proximity to Probable Customers: it provides manufactures with a chance of exposure to potential customers. Through the social medial such as Facebook, MySpace, and Twitter, the business corporations can reach their clients all over the world.
Low cost of marketing: you can easily reach your customers without spending huge amounts of money in advertising. This improves the business efficiency leading to huge business returns.
Allow your customers to find your services and products easily: the customers all all times can find your services and products without spending huge amounts of search cost. They can also read the product information as well as prices.
Innovative ideas: allows small business to create original business ideas while venturing into the market. Social media also allows trade beyond the geographical difference, nationality, religion, and culture. Your fans can also follow your business innovations easily while contributing to our success through their product or service development ideas.
Availability of business transactions feedback: it also allows your customers to suggest ideas on how to improve the business through customer review feedback that helps in business progress.
Increased revenue: allows both the small and large business to enjoy huge business profits because of increased sales and reduced cost. This will ultimately lead to business maturity and a huge market share in the long run.