This article was based on the interview with Dr. Antonis Papatsaras from Hootsuite by Greg Kihlström, AI and Marketing keynote speaker for The Agile Brand with Greg Kihlström podcast. Listen to the original episode here:
Social media has transcended its original purpose as a mere communication tool. With over 5.4 billion active users globally, it has become an essential component of business strategy, influencing various aspects of brand engagement, customer loyalty, and revenue generation. The misconceptions surrounding social media, particularly among C-suite executives, can lead to significant missed opportunities for businesses. This essay delves into the pivotal role of social media in driving business impact and the necessity for brands to adapt their strategies accordingly.
The Evolving Role of Social Media
Historically, many C-suite executives have viewed social media as a platform primarily for brand awareness. This perception is rooted in the traditional understanding of marketing as a function separate from core business operations. However, as Dr. Papatsaras points out, social media has evolved to affect all areas of a business, from customer engagement to sales. The misconception that social media is merely a lightweight activity undermines its potential to foster meaningful engagement and drive tangible business results.
Social media platforms are no longer just channels for broadcasting promotional content; they are dynamic environments for interaction, feedback, and relationship-building. Brands that recognize this shift can leverage social media to enhance customer relationships, generate leads, and cultivate a loyal community. By engaging with customers on platforms they frequent, brands can gather insights, respond to inquiries in real-time, and create a sense of community that fosters customer loyalty.
Demographic Misunderstandings
Another stereotype prevalent among executives is the belief that social media is primarily for younger audiences. This notion is particularly misguided, as social media usage spans across various demographics. Dr. Papatsaras emphasizes that social media is a powerful tool for reaching diverse groups and that product discovery often begins on these platforms. Today’s consumers of all ages are using social media to research products, connect with brands, and make purchasing decisions.
Moreover, the next generation of buyers, particularly Generation Z, is increasingly relying on social media for their purchasing journeys. According to Hootsuite’s media trend report, 46% of Gen Z consumers are turning to social media for product searches, indicating a significant shift in how brands should approach their marketing strategies. Ignoring this trend means missing out on a substantial segment of potential customers who are engaging with brands in ways that traditional marketing methods cannot capture.
B2B Opportunities
In addition to B2C interactions, social media presents vast opportunities for B2B companies. Many executives mistakenly believe that social media is irrelevant to their business models. However, Dr. Papatsaras argues that B2B companies can utilize social media to drive partnerships, gain insights into audience preferences, and receive feedback on products. Social media can serve as a platform for networking and collaboration, allowing businesses to connect with potential partners and clients more effectively.
Furthermore, social media can enhance brand visibility and credibility in B2B markets. By sharing valuable content and engaging with industry leaders, B2B companies can position themselves as thought leaders and attract new clients. The ability to engage in conversations and showcase expertise through social media can significantly impact a B2B brand’s reputation and market reach.
Conclusion
The impact of social media on business is profound and multifaceted. As discussed in The Agile Brand podcast, outdated views on social media can hinder a brand’s ability to thrive in today’s competitive landscape. By recognizing social media as a critical driver of business impact, brands can harness its potential to enhance customer engagement, drive sales, and build lasting relationships. Embracing a modern approach to social media strategy is essential for businesses aiming to remain relevant and competitive in an increasingly digital world. As the landscape continues to evolve, brands that adapt and innovate their social media strategies will be well-positioned to succeed.
