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 transitioned from being a novel concept to an essential component of any successful business strategy. The sheer scale of social media—boasting over 5.4 billion active users—underscores its significance in shaping consumer behavior and driving business outcomes. However, many brands still underestimate the power of social media, viewing it as an optional channel rather than a critical driver of growth. Let’s explore the imperative for brands to embrace social media, not just as a marketing tool, but as a fundamental aspect of their overall business strategy.
One of the most compelling reasons for brands to engage with social media is the real-time customer feedback it provides. As discussed in the podcast, brands can gauge public sentiment almost instantaneously, allowing them to respond to customer opinions and concerns promptly. This immediacy can be invaluable, particularly in times of crisis or when misinformation spreads rapidly. For instance, during the COVID-19 pandemic, many healthcare organizations utilized social media to combat misinformation by disseminating accurate information and engaging directly with the public. This proactive approach not only helped to preserve their reputation but also established them as trusted sources of information.
Moreover, social media serves as a fertile ground for identifying emerging trends. The podcast emphasizes that many trends originate on social media platforms, giving brands an early glimpse into shifts in consumer behavior. By monitoring these trends, businesses can adapt their product development and marketing strategies accordingly, ensuring they remain relevant in a fast-paced marketplace. Ignoring this aspect of social media could result in missed opportunities and a disconnect from the very audience they aim to serve.
The risks of neglecting social media are significant. As mentioned in the podcast, brands that fail to engage with their audience risk damaging their reputation and stock price. The consequences of remaining silent in the face of customer dissatisfaction or market changes can be dire. Additionally, brands that overlook social media miss out on valuable engagement and revenue opportunities. With 75% of social media users indicating they purchase from brands they follow, the potential for sales is substantial.
Furthermore, competition in the digital landscape is fierce. Brands that do not actively participate in social media risk being overshadowed by competitors who do. Engaging with audiences on social platforms allows brands to stay attuned to market dynamics and consumer preferences, ensuring they do not fall behind.
Looking to the future, it is crucial for business leaders, particularly those in the C-suite, to rethink their social media strategies. The podcast suggests that a modern approach should prioritize acquisition, expansion, and retention. This means not only attracting new followers but also nurturing existing relationships and fostering loyalty. Brands should leverage social media as a dynamic engine for growth, utilizing it to connect authentically with their audiences and build lasting relationships.
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—one that prioritizes acquisition, expansion, and retention—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. By focusing on these three key areas, companies can transform their social media presence from a passive platform into a dynamic engine for growth and customer loyalty.
