Pros and Cons of social media
With its low costs and large audiences, it's easy to get carried away with social media. It's wise to tread carefully and be aware of both the pros and cons before you start.
Pros of social media
When used effectively, social media can have all the benefits of word of mouth, just on a larger scale! It can also help you reach a high number of potential customers.
Potential advantages of social media can include:
reduced marketing costs
increased traffic to your website
improved ranking on search engines
greater customer engagement
greater access to international markets
opportunity for customer feedback
opportunity to conduct market research about your customers
improved networking opportunities with customers and other businesses.
Read more about the Benefits and opportunities of social media for more information.
Cons of social media
Social media may not be suited to every business. If you are unprepared and launch your social media presence without proper planning, you could waste valuable time and money.
Some of the possible disadvantages you should be aware of are:
Not having a clear marketing or social media strategy may result in reduced benefits for your business.
Additional resources may be needed to manage your online presence.
Social media is immediate and needs daily monitoring.
If you don't actively manage your social media presence, you may not see any real benefits.
Greater exposure online has the potential to attract risks. Risks can include negative feedback, information leaks or hacking.
Whatever the risk, preparing your policy and procedures carefully beforehand can help you manage the risks. False or misleading claims made on your social media channels by your business or by a customer can be subject to consumer law. Customer fan posts and testimonials that are misleading or deceptive to other customers, particularly about competitor products/services may result in your business being fined.