How Entrepreneurs Can Benefit from Social Media

Featured article by Richard Dean, Independent Technology Author

This is the era of social media and its impact on business cannot be underestimated. Not only has it set new trends in marketing but also on how business is conducted in general. The fact that it is free makes it a venture worth trying.

Richard Dean, CEO at Caffeinated says “As a digital entrepreneur you probably are active in different social media platforms. But are you using them to add value to your business? Do you know how to fully exploit all that they have to offer to increase your profits?”

Below are some tips on how entrepreneurs can use social media to their benefit.

1.   Be Aware Of Emerging Trends

Entrepreneurs have to keep themselves acquitted with the latest news that concern their industry. Platforms like twitter break news long before TV stations; Facebook has on the other hand become the main source of news for about a third of Americans.

Knowledge of current trends in an industry can determine which business goes under and which ones stay afloat. Questions like; what people want, how they think and where the populace is headed can all be answered by following the trend setters, and those with views similar to yours.

2.   Keeping an Eye on Competitors

One of the essential things that social media offers budding entrepreneurs is understanding of their competition. Keeping track of what people say about your competitor’s products gives a unique insight on how to tailor products or services.

You can filter opinions from major social platforms to find out what is negative about your competitors. These allows you to capitalize on their pitfalls when devising your next move.

3.   Make your Presence be Felt

So, you have spent considerable resources on your venture; you believe you have the next big thing in the industry and you can’t wait for the profits to pour in. Well, unless people know about it then it will remain just that; an idea.

Use social networks to tell people about your ups and downs, as part of your overall digital marketing mix. This will not only appeal to other like-minded entrepreneurs but it may put you within the radar of reporters.

The more people talk about your company, the better chances you have of reporters covering your company. Increase the chances of being discovered by following, engaging and sharing stories and posts from reports.

4.   Getting Reaction to Products/Services

The only way to improve your business is by getting feedback from clients. While it’s possible to make profits without feedback; hitting it big will require one to be in touch with customer and market expectations.

Social media gives you feedback promptly and at no extra cost. Customers expect companies to also respond to queries on such platforms ASAP. These offers you a chance to ‘read’ their minds and know what they want.

You also get to solve problems that are not related to your venture. This creates lasting relationship that leads to more business down the line.

5.   Getting Expert Advice

Companies in their infancy face many challenges. Mistakes are bound to happen in any venture and even established entrepreneurs at times find themselves in need of advice.

Having the right mentors and advisors at your disposal can mean the difference between success and failure.

LinkedIn is one social media platform that gives you to access expert advice. The tool allows you to engage with professionals who are experts in their fields.

At a glance you can tell skills and qualifications as well as how to reach out; this gives you a chance to forge the right relationships that will give you an edge as your venture grows.

6.   Being Part of a Like-minded Group

Most platforms like Google+ and Facebook have ‘Groups’ in their platforms. These are tools designed to bring like-minded people together to interact on different issues. Smart entrepreneurs join these groups where they get to learn from others.

Apart from learning, groups can be a consortium of sorts. You will have a better chance of solving problems by asking the group for help. When facing difficulties, chances are that else in the group has been in the same situation and emerged victorious; as the saying goes ‘a problem shared is a problem halved’.

7.   Knowing Whom to Hire

If you surround yourself with the wrong employees then actualizing your vision becomes a pipe dream. Even a well thought out idea needs the right people to see it materialize.

Social media can give you an in-depth knowledge of suitable employees. Over 90% of companies use different platforms scout for top talent. Let your company be part of the success.

At the same time you can use the same to interview and hire at the comfort of your internet enabled device. This saves on time and resources that would usually go to traditional methods of hiring.

8.   Package Yourself as an Expert

Many are the times a new product does well in the market, not because it’s superior but because of the brand it represents. Every move an entrepreneur makes is geared towards increasing profits.

These maybe easier said than done if your brand is not identifiable with an expert. The best way to attract and maintain clients is to mold yourself as the best in your field.

Social media offers you tools that will make your name or product stand out. Set up blogs and have multiple social network accounts that paint you as an expert. The bio in such accounts should be done and redone to resonate with your customers’ expectations.