Small and medium-sized enterprises (SMEs) face many challenges in the modern business environment. The evolution of technology and the increased use of the Internet have created new opportunities, allowing them to expand their reach but also, under certain conditions, compete with larger market players. One of the most powerful tools in this endeavor is social media, which, if used properly, can really make a difference.
The advantages of social networks for SMEs
Social media platforms like Facebook, Instagram, TikTok, etc. offer a unique opportunity for businesses to communicate directly with their audience. Some of the advantages are:
- Raising awareness
- Interaction with the public
- Advertising costs
- Performance analysis and monitoring etc.
Best Practices for Leveraging Social Media
To get the most out of their social media presence, SMEs should follow certain “rules”:
- Quality content
- Constant presence
- Audience Engagement
- Collaborations with influencers, etc.
Truths and myths
It is important to understand that the use of Social Networks should be part of a more general marketing plan for each business. Each company must, among other things, clarify from the outset who its target audience is, what image it wants consumers to have of it, what budget it can allocate in a given period of time, and then be able to use Social Networks to achieve the desired results.
Posting organic sales posts on your profiles when you have 100 or 200 followers is not taking advantage of social media. This is not “I do marketing,” as many people like to say.
What should a company do? Start with the goal of growing its audience and figure out how to achieve this. Then, with a base of 1,000, 5,000 or even more followers, it will be able to properly promote its actions, products and services.
Furthermore, funding marketing efforts with random amounts of money is not an investment. For example, the needs of a B2B company and a B2C company are different.
An informal rule of thumb states that for B2B companies the budget should vary between 2%-5% of their turnover, while for B2C it should be 5%-10%. Of course, each case is different and has its own peculiarities. The truth is that a company with a turnover of €1,000,000 cannot invest €10,000/year in marketing activities and at the same time expect terrible results.
Therefore, the use of Social Networks can transform the dynamics of SMEs. But this requires an appropriate strategy, although finding the right partners is also very important.
Konstantinos Ginos, marketing specialist, https://www.bssplus.gr/