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Should every business invest in social media?

There is no doubt that social media can generate buzz, drive more traffic to site, increase brand awareness and create two-way conversations with people. It seems like that social media is the best marketing tool to build a brand, and it is necessary to invest in social media. So, here comes the question – should every business invest in social media? I would say it depends. Before a business drives in to social media, here are two common myths to consider.

Myth 1: Every Business Should Invest in Social Media

Fact 1: It depends on what kind of products or services a business provides and where the target audiences are.

It is important for a business to know where the customers are and find the best way to reach them. If a business’s target audiences are on Facebook or Twitter, the business can certainly reach them through social media. On the other hand, if a business’s target audiences do not use social media, it is unnecessary to invest in social media.

Also, it is important for a business to know what kind of products or services it provides. If a business is selling services people rarely need, it is unnecessary to invest in social media because people do not have the time and energy to follow a product or service that is not relevant to their daily lives.

Now, there’s a rush to get on Facebook or Twitter and launch a blog without a plan. In order to make a social media plan successful, doing research and setting goals are necessary. Also, social media fits more naturally for certain types of businesses. It, however, doesn’t mean that other businesses should not use social media. It may take more time for those businesses to reach customers through social media.

Myth 2: Social media is free advertising.

Fact   2: It actually costs a lot.

People like to create a Facebook, Twitter or LinkedIn account because it is free. So, there is a widely held perception that social media is free. Conversely, managing social media efficiently requires a good strategy and a lot of money. According to SocialTmes, the average cost of a social media campaign is $210,000. Not every company has enough budgets to run a social media campaign. As a result, before investing in social media, businesses should evaluate whether they have enough budgets and whether they have the ability and time to monitor the social media.

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