Anything Is Possible!

  In order to qualify for the list, a company had to generate $49.7 million in annual revenue. General Motors (GM) topped the 1955 Fortune 500 list with annual revenues of $9.8 billion. Since 1995, the Fortune 500 has undergone the most changes.

How do Fortune 500 companies use social media?

  In 2018, nearly 97 percent of Fortune 500 companies used social media to promote their initiatives and foster positive communication. According to the most recent estimate from 2021, there will be 3.78 billion social media users globally, an increase of 5 percent since 2020.  

Fortune 500 companies rely on social media in 97% of cases. Learn how to best utilize social media for maximum impact.

With social media platforms such as Instagram, Facebook, TikTok, YouTube, and Pinterest, brands have countless opportunities to connect with customers (old and new). Here are some tips.

As technology has developed over the years, small businesses have become increasingly dependent on digital tools in order to succeed. E-commerce stores and mobile apps have caused companies to go online, causing a massive shift in the workplace. With the help of social media, small businesses have been able to reach far-flung customers. Social media platforms, such as Instagram, Facebook, TikTok, YouTube, Pinterest, and many others, provide brands with creative and innovative ways to engage existing and prospective customers.  

We can all agree that social media is extremely fruitful and saturated, and that isn't likely to change anytime soon. According to an annual study conducted by the National Business Information Service, nearly 97 percent of Fortune 500 companies currently use at least one social media platform to promote their initiatives. According to social media statistics, there are approximately 3.78 billion users on social media around the world as of 2021, an increase of 5 percent from 2020. As a result, it's clear that how businesses harness social media's power can help them grow and succeed in 2021.  

Social media benefits for small businesses

Social media, when used properly, offers a host of beneficial functions for growing a business, including:

  • Despite limited budgets, your company can achieve high-quality brand recognition on social media. Whether a company spends more or less on social media will vary from entity to entity, but there are a number of tools and strategies small business owners can employ to maximize their efforts. In some cases, companies may invest in social media planning software programs or paid Facebook ads, but this isn't a necessity, especially for a small-business owner just starting out. As a starting point, entrepreneurs can create a Facebook and Instagram page for their business free of charge.

    • Direct, instant communication between brands and customers: Social media platforms allow for direct, instant communication between brands and customers, thus enhancing the sense of connection and increasing customer satisfaction. In light of the crucial role customer service plays in fostering brand loyalty, it's important for small-business owners to use social media to their advantage in bolstering customer service.

    • Reach a targeted audience: You can reach your target audience directly when you buy ads on placement sites like Facebook or Instagram. Even customizing your ads to specific demographics like sex, age, salary, location, and more is possible. If you target certain consumer segments, your conversion rates will rise and eventually you’ll get more sales

    • Creating a brand community: Social media platforms bring people together. When you grow your social media presence, you are cultivating a unified community that has mutual respect for and interest in your brand. Eventually, this community could generate user-generated content and be a source of brand ambassadors for your business.
    • Business hours: If you're running a traditional brick-and-mortar company, it's a given that you'll need regular working hours. You can, however, ensure that your business never sleeps thanks to social media. Since social media profiles are available 24/7 and are accessible from anywhere, they can help your business evolve into a nonstop operation. Even when you and your employees are away from the office, you can set up automated responses and chatbots to serve as customer service representatives.

Organize and automate your content

    • The responsibilities of a small-business owner leave little time for creating social media content. There are, however, several platforms available, such as Later, Sprout Social, and Planoly, that allow you to create, plan, and automate your content. You can use these tools to upload photos, edit them, add captions, and publish posts much more quickly. Also, you can see what your feed will look like before you publish so that you can ensure it is cohesive, well-curated, and aligns with your brand.

Analysis of metrics and reevaluating existing strategies allows analysis of metrics and reevaluating existing strategies

Your small business should clearly define which metrics are important to it (e.g., click-throughs and engagement rates). Identify the metrics that help you make informed business decisions, take action, or judge the value of certain initiatives. If you have already identified which metrics are important for your company, analyze them. Reports provide all the information you need to understand your customer base and how they behave as consumers. As you assess the information you have gathered, you can make necessary adjustments to your existing strategy.

Be sure to clearly define which metrics (i.e., click-throughs, engagement rates) are important to your small business. Assess which metrics help you make informed business decisions, take action or judge the value of certain initiatives. Once you decide which metrics matter to your company, use reports to analyze these metrics. Reports streamline all the data that is crucial to adequately understand your customer base and their consumer behavior patterns. You can then use this information to reassess your existing strategies and make adjustments as needed.

Engage social media assistance from external sources

Consider utilizing the services of social media companies in 2021 if you want to make sense of the changing social media landscape. Providing valuable insights into social media practices, such as content planning, competitor tracking, and curated links, such services can help you cultivate your social media following and establish a stronger presence online. Their expertise also extends to tools that make platform-specific content development simple.

Moreover, these professionals understand how to translate brand voice and personality into the digital space, and know firsthand that many consumers use social media for fun and leisure. As a result, the content your small business publishes on these platforms should be fun and engaging. If you’re struggling with this process, a social media specialist can help.
Clearly, the power of social media in helping brands reach new heights is not a passing trend. Rather, social media platforms of all kinds have proven to be an impressive force in growing companies across all industries. In a global society that is becoming increasingly reliant on technology, this trend shows no signs of dissipating. As a result, having a social media presence for your small business is an absolute necessity to attain success in 2021 and beyond.
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