Entrepreneurs and business people alike, all share a common goal: making a profit. The ways in which they reach their profit goals however, can often vary widely, depending on their business practices, knowledge, and especially marketing acumen. Most brands and companies understand the ability to affect revenue and profit from a traditional media perspective (i.e. – T.V., radio, print, and web advertising), however it is also important to understand the new role of social media (i.e. – Facebook, Twitter, site blogs, etc.) in affecting profit opportunities. Accounting for social media is quickly becoming a “must do” for all businesses big and small.
Social media offers a powerful communication tool to reach consumers and affect profit generation in that social media is a group of unique broadcast mediums with the ability to have effective feedback provided as an immediate return. As a company or a brand, the advantage of social media to engage your consumer base in an informal setting is invaluable. With greater engagement and the idea of connecting one on one with a consumer, comes greater loyalty, and greater loyalty to a brand or product can increase profit opportunities.
When companies and brands listen for their consumers needs, the response is generally positive, with consumers providing helpful direction in how to promote products, improve ideas, and increase exposure. Moreover, an often overlooked advantage that listening through social media brings to the table is limiting brand damage and potential setbacks. The direct, immediate feedback that brands can receive through social media can often times put out fires before they even start. Consumers are more than willing to be engaged through social media, and if a brand is willing to listen, engage, and offer what the consumer has requested, then profit opportunities will abound.