The social media can benefit SMEs in many ways when it comes to crowd sourcing and branding. Via social networks, the firm is able to get free consultation opportunities where they can get great ideas on product and service improvement from the people. The firm is able to pool clients into a wide range of interest groups, which revolve around the brands of a firm, particularly the ones the firm has already lost track of. A company is also able to engage in very meaningful engagement and relationship with the public through the social media. Spending more time online on these social media platforms increases the number of visitors to your website.
The social media comes with a wide range of opportunities for referrals and networking of clients of SMEs. And unlike the word of mouth, social media is able to present the words of so many mouths that occur among the customers simultaneously. This is what is known as the effect of social media. The customers of the company get to inform other prospective buyers about the products of the company regardless of whether or not they are ready to buy them from the company.
Social media also enables a company to test other new markets even without having to test the response of foreign market to new products physically. A company stands to benefit from the many opportunities presented by the social media particularly when it comes to sales and marketing because they can have leading personalities and celebrities to become the brand ambassadors for the firm even without having to ask for any pay. SMEs can even create official corporate videos within a very short time and effectively distribute them to popular search sites like YouTube. This can greatly boost the sales of the firm as more clients recommend their brands to others in social networks.
SMEs enjoy competitive insight availed by the social media as the firm is always aware of all the moves of its competitors without having to scan their sites physically which can be quite a great hustle. Where the firm has been involved in certain marketing activities and many people are chatting about the event in social media, the firm can be assured of increased attendance for their future events. This is because the people will be looking forward to inviting their family and friends via photo tagging.
All in all, social networking is very useful when it comes to creating publicity and can help a lot in times of crisis management as the journalists hunt for interesting stories about the firm from online sources. In addition to this, your fans can as well offer free services for crisis management even before the firm has made an official statement. They are able to air positive comments on the social sites regarding the firm and can help address media crises responsibly. In conclusion, small and medium enterprises stand to benefit a lot from social networking, especially in managing customers.