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By harnessing the power of social media, you can turn your fledgling business into a large enterprise

Entrepreneurship is a vital aspect of market economies. Entrepreneurs introduce new sources of wealth by creating products or services that did not exist before, thereby generating new jobs and opportunities.

The rise of social media as a marketing tool has had a significant impact on businesses, particularly startups. What used to be merely a communication tool for young people has rapidly morphed into a vital aspect of any company’s marketing plan.

Social media marketing is significant to entrepreneurs who may not have the large marketing budgets that more established companies have. By harnessing the power of social media, you can turn your fledgling business into a large enterprise.

Today, Facebook has more than 1.6 billion monthly active users, with the fastest growing demographic being people over 40. Twitter, the micro-blogging site, averages at 310 million monthly active users. Such numbers cannot be ignored as they indicate that a vast number your company’s customers may exist on these platforms.

Social Media and Entrepreneurship

As an entrepreneur, it is critical that your business is active on social media for the following reasons –

Create buzz about your brand

For entrepreneurs, starting early is the name of the game. It is much simpler to build a new venture using social media and integrate it into the company’s culture than to retrofit it into an already existing business. Social media can help create brand awareness. Most importantly it can put out the right message about your brand and get potential customers talking about it.

Adopting social media tools must be a well-planned and researched step. It is important to find out which platforms your customers are on before devising an appropriate strategy for each.

One-on-one interaction with customers

Through the power of social media, you can get feedback on your product or service instantaneously. This interaction with your audience will not only help fine tune your product or service, it will also create a loyal base of followers from the very beginning.

Track competition and potential prospects

Social media platforms enable you to monitor conversations not only about your own brand, but also your competition. A simple keyword search can yield numerous results. If someone has had a bad experience with a competitor, you will have the ability to offer them a possible solution. This can help you reach several prospective customers.

Connect and collaborate

Your social media network can give you access to potential collaborators who may help expand your reach. In addition, social media networks provide the ideal platform to create connections. Becoming part of a community of entrepreneurs can result in advice and support that can help your business in numerous ways.

Streamline your marketing budget

One of the biggest advantages social media can offer entrepreneurs is the ability to shift their budgets from media advertisements to other critical aspects such as product development and building outlets. Smart and well-researched use of social media can result in significant savings, which may then be reinvested into your brand.

The power of reaching out

Today, CEOs and leaders of large corporations are active social media users and understand the power of two-way interaction with their audiences. Social media enhances the authenticity of these messages and can be truly empowering.

Social media also gives customers and employees access to information that they may not have previously had, breaking down hierarchies and leading to transparency. It is impossible to deny that social media has begun breaking barriers for businesses that have adopted it. For any entrepreneur, an active social media presence is crucial. Taking advantage of the benefits of social media can make or break your venture.

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