Social Media Channels: Is It Best Choice your Business?

 

Short answer is YES Social Media Channels are best for any and majority of Businesses'.

Research and Evaluation is how u determine how you will use Social media Channels to estimate the feedback ,advantages ,disadvantages and cost of perusing this digital marketing strategy.

Here are some modes of Research

Market Research- it involves the interpreting of consumer behaviors' and economic trends ,using the data collected to validate if your current business plan is profitable or show you where adjustments need to be made. Understanding your consumer base will save your business for incurring unnecessary risks.

Ask yourself these questions?

- Demand -Is there a desire for your product or service ?

- Market Size- How many persons would be interested in your product or service

- Location- which social media sites would reach your target audience

- Market Saturation - Is there an abundance of the product or service you're going to provide already in the market

- Pricing- what are the price range your target audience currently paying for the alternatives.

Competitive Analysis - Aids in providing data on competitors competing for mutual target audience. This is vital in being 'in front of the curve' giving you an edge that helps in giving your business that edge to boost it's revenue.

Competitive Analysis identifies your competitors by product or services and market segment.

The assessment of the following characteristics of the competitive landscape will help your business determine :

- when is best to enter the market

- all hindering's that will stop you from entering the market

- Indirect and secondary competitors that can hinder your success

- strengths and weaknesses

Evaluation- Ask yourself:

Does your company have sharable content ? . If not develop relatable content to cater to your intended audience.

is your target audience using the apps your advertising on? .Use surveys ,questionnaires.

How are competitors using the apps? .Learn form where they failed and know their content so your brand does not copy it.

Do you have the resources to manage and keep up with putting out numerous content on a daily basis ?. Ensure staff is available and capable of taking on this task.

References:

SBA https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis

ATOMICDUST BY DANIELLE HOHMEIER https://www.atomicdust.com/how-to-evaluate-social-media-channels/

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