An increasing number of people in the United States are starting their own businesses. In 2020 alone, the country reported 4.41 million new business applications.
However, not all businesses succeed. A lot of businesses don’t even survive the first five years and are closed before reaching the breakeven point.
If you want your business to succeed, you should use the power of social media for your startup. You should also ensure that you offer great products and services, follow a customer-centric approach, and have a plan in place for everything.
Before we discuss the reasons why you should build a social media presence for your business, let’s take a look at some quick tips for startup owners.
Quick Business Startup Tips for New Entrepreneurs
As a startup owner, you need to make many crucial decisions for your business and handle numerous tasks at once.
Here are a few tips that can help you build and grow your startup business more efficiently:
- Have a business plan in place that clearly defines the goals, purpose, work processes, finances, and other important aspects of your business.
- Register your business as a Limited Liability Company (LLC) or a Corporation to become authorized to do business in the state, protect your personal liabilities, and enjoy other benefits.
Regardless of the business structure you choose, you can take advantage of the easy, hassle-free state and federal filing process by GovDocFiling. It will be much easier than doing all of the complicated paperwork yourself and much cheaper than hiring a lawyer to do it for you.
- Buy a domain name when you finalize your business name and use it to build your startup website.
- Network with like-minded professionals, business owners, marketers, and business consultants to learn from their experiences.
- Keep experimenting with new ways to reach and engage your target audience.
- To continue gaining return customers, never compromise service quality.
Now, let’s get back to how social media can help grow your startup business and why it’s so important.
Why Should You Use Social Media for Your Startup Business?
Whether you are establishing a small local shop or a company that will cater to wider audiences, having a social media presence for your startup business is a must.
That’s why 60% of businesses are planning to increase their Instagram marketing budgets, and nearly 50% of them are planning to do the same for Facebook, YouTube, and LinkedIn.
Building a strong startup presence on social media can help:
1. Increase Online Exposure
The easiest way to help thousands of people find your startup business is to build your official social media profiles.
You should optimize your business accounts by listing your relevant niche, business category, and contact information. You can share content related to your industry, address common concerns of your target audience, and advertise your products and services.
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You can also partner with industry influencers and happy customers to boost your social media presence more quickly.
2. Acquire New Customers
Having a strong social media presence is an effective way to build your brand’s reputation and showcase your business’ offerings to a larger audience.
When you consistently post content related to your niche, showcase your products, and offer useful tips and discounts, your audience will subconsciously start to recognize your brand. Then they will be more likely to turn to you while looking for similar products, services, or answers.
Launching giveaway contests, announcing a sale, and offering discounts on social media can also help you acquire new customers. Many businesses leverage limited-time offers to grab the attention of their ideal customers and generate sales.
Social platforms such as Instagram and Facebook allow you to sell your products directly through the app. You can display your startup products on Instagram Shop and ask influencers to tag your products in their sponsored posts.
3. Generate and Nurture Leads
Social media is not just about building brand awareness and generating sales. You can also use it to drive traffic to your website, encourage product inquiries, and start interactions with your customers.
Social media is a powerful tool to understand the needs and preferences of your ideal customers. Once you understand their needs, you can optimize your products/services and marketing strategies to attract your ideal buyers.
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Many businesses also run retargeting campaigns on social media platforms like Facebook to nurture leads that showed interest in their product or service.
4. Build Customer Loyalty
Social media helps businesses stay connected with their existing and potential customers.
You can use various social media listening tools to monitor conversations about your brand. This can help you understand what people think about your products and services, respond to customers’ questions, and provide quick resolutions.
You should not only respond to positive comments but also address negative ones. Customers often respect businesses that listen to their feedback and help resolve their issues quickly.
Being proactive on social media can help you build a loyal community of prospects and customers, which can help boost your startup business’ growth.
5. Reduce Marketing Costs
Social media marketing is a more cost-effective way to promote your products and services than traditional print and outdoor advertising methods.
As a startup owner, you can start promoting your business for free on social media and still see great returns. However, you will have to plan and create content that your target audience is looking for.
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If you’re not good at content creation, you can hire professionals to do social media marketing for your startup business. It will still cost you less than investing in traditional marketing methods.
Are You Ready to Start, Build, and Grow Your Business in 2021?
With its rising popularity, social media has become an integral part of the marketing mix. Along with generating traffic and leads, now you can also encourage your target audience to buy directly on social media.
There is no shortage of opportunities that social media offers to both startup and established businesses. You just need to use it effectively.
Do you need help starting your own business? Connect with our business formation experts in the comments below. We can also guide you through how to grow your business effectively.