The success rate of startup businesses has risen in the current generation compared to the past.
This rise in success rate is attributed to using social media platforms in businesses. Social media platforms are a handy tool for startups and established businesses.
In the current era, startups require many technological tools and services to succeed and grow in the current slow economy and saturated markets.
Over the past years, Malta has attracted many business owners. The country’s laws are structured to promote the registration and formation of new companies.
The country’s procedures for registering and forming a new company have also favored many business owners.
The procedures for registering a company in Malta are also digitized to enable remote formation.
Business owners starting new companies in Malta have also adopted the use of social media due to its numerous benefits.
This article highlights some of the benefits that social media offers business owners forming startups across the world.
1.) Increased Brand Awareness
Currently, 4.59 billion people who use social media. This number is expected to reach 6 billion in 2027.
The high number of people on social media platforms makes it a perfect and easy platform to create awareness about your brand easily.
Startups can create social media accounts to post and engage with the platform users.
Once the startup gains followers, it can increase its interactivity with followers by replying to direct messages and comments. Increased interactivity helps a startup’s social media accounts to gain more popularity on the platform.
Interaction on social media platforms while promoting brand awareness helps a startup build trust with its clients.
It also makes the clients perceive the brand as a source of reliable information, products, or services.
2.) Influencer Marketing
Influencer marketing has proven to be an effective tool for gaining new clients. Brands that partner with influencers gain tremendous results from this investment. Startups can also opt to get into influencer marketing.
For startups, using influencer marketing will help increase brand awareness and bring in more clients.
Influencers are highly effective when working for brands because they build trust with their respective audiences. This trust largely contributes to influences having the power to influence the purchase options of viewers.
Instead of startups allocating finances to more expensive marketing methods such as billboards, they should focus on using influencers.
Working with influencers is a cost-efficient option, especially for startups that often work with strict budgets.
When choosing social media influencers to work with, the startup should ensure they choose an influencer whose personality resonates with the brand.
A startup offering financial services should choose something other than influencers focusing on skincare and beauty products. Such a startup can choose social media influencers who interact with their audience on financial responsibility and planning matters.
3.) Cost Effective Marketing
Traditional marketing is an expensive endeavor, especially for startups. Introducing social media as a marketing tool helped brands get better marketing services at a fraction of the price of conventional marketing methods.
With social media, startups have numerous options for marketing methods. A startup’s marketing option should depend on its target clients.
Startups targeting the younger generation can create ads on social media platforms like Instagram and Snapchat. That is because these platforms are popular among the young generation.
When targeting clients of the older generation, Facebook is the best social media platform to use. It has the highest number of people in the older generation.
A benefit of using social media over conventional marketing methods is that one pays for the ad based on the number of clicks. This helps ensure one only spends a little money on marketing that does not offer good returns.
The use of social media marketing also offers greater ROI due to the implementation of targeted ads. Targeted ads take various features of social media platform users, such as age, interests, etc., and offer ads to the person with a high chance of clicking and interacting with the ad.
4.) Lead Generation
Recently, we have seen social media platforms such as Instagram integrate e-commerce functions into the platforms.
This integration boosts a pre-existing benefit of social media for businesses. Social media offers clients and leads an avenue to express interest in a brand’s products or services.
With the introduction of e-commerce functions into social media platforms, the ability to express interest can be taken further, and clients can make direct purchases.
With social media platforms offering e-commerce functions, clients and leads who are redirected to the business’s page through targeted ads can make direct purchases.
An advantage of startups using special media for making sales over robust e-commerce platforms is their higher chances of success.
Social media platforms offer small businesses and startups tools to help them succeed.
5.) Feedback
The easiest way for startups to beat established businesses in their markets is by using client feedback to better their products or services.
Social media platforms offer a free platform whereby startups can request their clients to submit feedback and innovative ideas that can better the startup.
Taking client feedback and implementing it also shows the clients that the startup values them and their input. This creates a bond between the client and the startup that is important for client retention.
Conclusion
After registering your startup, you should take advantage of the benefits of social media platforms by trying to embrace conventional marketing methods.
Failure to embrace social media in a startup reduces the chances of success for the startup.
FAQs
1.) Does Social Media Help Startups?
Social media is a vital tool that has helped numerous startups to achieve success and increase their revenue returns.
2.) Can Any Startup Use Social Media?
Social media is not designed to suit some types of startups only. Any startup can use social media platforms and adapt its features to the brand’s social media requirements.
3.) What Are Some Benefits Of Social Media To Startups?
Social media offers numerous benefits to startups. The benefits include increasing brand awareness, influencer marketing, cost-effective marketing methods, lead generation, and getting client feedback.
