The world in which we find ourselves is changing so rapidly and so dramatically that yesterday’s solutions can feel strangely obsolete when viewed from the vantage point of today. This is perhaps nowhere more evident than in the conduct of small to medium enterprises and how they manage to effectively promote their business whilst upholding cost cutting endeavours. The current economic climate has placed new emphasis on saving money wherever possible; the danger is that by focussing too keenly on cost cutting practices, small to medium enterprises will find themselves falling further behind larger competitors.
In light of this, more and more SMEs are creating a Facebook Business Page as a cost-effective means to use social media to advertise and promote the services their company provides. In a recent study conducted by compete.com Facebook was found to be the most used social network in the world with some five hundred million active monthly users. Of these, fifty percent were found to log on daily with the average user spending over seven hundred minutes per month on the site. These statistics highlight why any given business’ use of social media – if used correctly – has the potential to significantly benefit small to medium enterprises as a means to effectively identify and communicate with a wider target audience.
Whilst the immediate allure of using a Facebook Business Page might be rooted in the fact that Facebook holds such a significantly large (potential) customer base, there are several other reasons why social media as an advertising medium is beginning to usurp more traditional methods of promotion such as advertisements in the trade press and newspapers. The current economic climate has necessitated a focus on employing cost cutting methods and the fact that a Facebook Business Page is completely free to create would appear to satisfy these considerations without negating the promotional side of the business. It is no wonder that more and more companies are employing people to maintain the social media their business uses, whether that is ‘tweeting’ new developments or posting news on the Facebook Business Page. The advantages of social media as an advertising platform are such that it helps to establish a level playing field between competitors, however large or small. Advertisements in the trade press and/or newspapers dictate that each company gets what they pay for: a centrefold in a daily national newspaper would cost more than a brief snippet in the back for example.
The benefits of using social media as a cost effective means to promote your business are clear: the demands placed upon SMEs in light of today’s economic climate can easily be satisfied without negating crucial aspects of the running of a business. Cocoonfxmedia Ltd provides social media management – see how your business can maintain cost cutting in today’s economic climate without compromise.