Social media has become one of the most interactive forms of communication in the world. It forms an easy way for humans to share ideas, information and keep in touch. Other than that, businesses use social media to promote themselves. Social sites like Facebook, Twitter, Instagram, and LinkedIn have proven to be an integral part of many businesses in the world. They have enabled brands to expand their boundaries due to the power of marketing and advertisement.
But despite the fact that social media has a lot of benefits for businesses, there are some risks one should weigh before marketing their business.
Exposure to competitors
One of the risks a marketer needs to consider is exposure to competitors. A rival company may be keen to check on your marketing strategies and use the same to market themselves. Competitors study your business methods and may copy and even be better at it. This puts you at risk as it exposes your business plans and tactics.
Tarnish brand name (PR crisis)
When something bad happens with your company, social media can be a sure way to tarnish your name. Negative comments, bad reviews, and exposure will all help your brand go down. Mistrust by your customers is quickly formed when your business is received in poor light. When your brand goes viral on social media in a negative way, customers tend to stay away from it.
Cybersecurity risks (Account hacking)
Social media accounts may be prone to security breaches which can have a devastating impact on your brand. Breaches to clients’ information and intellectual property are a determent to the credibility of a business. Also, a company’s social media account may be hacked and taken advantage of where the hackers may post negative things which will lead to the brands’ reputation suffering. Also, the audience may not have complete faith in you if your social media accounts are easily breached.
Disgruntled employees may also take to social media to complain which will place the company in a bad light. Employees should also be well trained and conversant with the use of social media. Unqualified employees may cause more harm than good. Disrespectful and unprofessional comments by employees could lead to your brand offending your clients, therefore, leading to the loss of potential customers.
It is important for a company to always stay relevant on social media as competitors are doing their best also. A company needs to be constant in posting, advertising and marketing themselves to attain brand recognition and relevance. When a business does not interact often on social media, then a consumer will take the inconsistency as careless. You, therefore, need to be interactive and present in your social media accounts.
There are many legal implications one needs to consider before they choose social media marketing. A brand should be aware of the legal frameworks involved and strive to stay within the boundaries of these laws. Breach of these laws has seen many companies face litigations which cost them not only their reputation but financial strains also.
Despite all, social media is an important tool for your business in this internet era. When used appropriately, a business can thrive and reach its full potential as evident with different brands around the world. You will achieve brand loyalty, increased sales, relevance in the market and improved search engine rankings if you market correctly; thus, choose wisely on ways on how to brand, promote and market yourself.