Nowadays is the era of social media. Everything goes through social media. Even businesses use them to promote their business and sell their products or services. However, if you do it wrong, the consequences may be harmful to your company’s image. Social media marketing is the easiest and excellent way to reach out to your customers and potential clients. But, do you know what risks can come with social media? As it’s a great tool for any business looking to generate revenue, some risks come with using these platforms. This blog will explore some of the most common challenges in using social media to help entrepreneurs better understand how to avoid these obstacles when building their company’s online presence.
9 Top Risks and Challenges of Social Media Marketing
Easy to Hack
The first risk is the fact that social media platforms are so easy to hack. It can be a major issue if you store any personal data on your business accounts or, even worse, credit card information. For example, suppose a person runs the business of area rugs, they might leave their Facebook account open in the background when they step out of the room for a moment. A scammer could easily hack into these accounts by posing as an authorized user and transferring funds to themselves, leaving the business defenseless against financial loss! The solution? Using two-factor authentication is one option that can safeguard your social media accounts from hacking.
Social media platforms connect you with your potential customers, and that is why you need to be in their sight. However, there can also be some businesses that want to take away all of your followers if they see any chance. Having no clients or audience will make it competitive. To avoid such a thing, you can use social media automation and schedule your posts in advance so that even if one account gets shut down or hacked, it won’t be the end of your business! Another risk is to neglect privacy and security settings in an attempt to gain more followers quickly.
No Policies or Procedures
Social media is the best marketing tool, but if you don’t have any policies regarding social media, it can be risky for your business. You might not think that posting inappropriate content or letting staff members misuse accounts impacts your company’s overall reputation. However, many businesses are paying dearly for this mistake! To ensure everything goes smoothly, it is best to create policies and procedures for employees, especially using company accounts. For a person starting a business of Oriental rugs or ethnic fabrics, Choosing a good domain name is vital. A website’s name or URL, which is your site’s address, directly affects its search engine ranking and popularity among people.
Not Establishing Goals or Metrics
Social media should be treated as an investment that requires a plan of action. You can’t just set up social media profiles without having an idea about what you want them to accomplish (where do you see your business in five years?). Not setting the goals and metrics of your marketing strategy well enough can lead to failure. The reason it’s essential to be specific is because you can easily lose track of your progress and end up abandoning social media altogether.
Not Understanding the Audience
Businesses need to understand their target audience, as well as what they want. It will enable them to tailor the content on every platform (Facebook, Twitter) for optimal engagement. If you don’t have a clear and concise idea of your audience, they won’t relate to you, which means your marketing efforts will go down the drain. Understanding your audience will help you understand their likes and dislikes, creating content that will engage them. Social media brings great opportunities if you understand your audience, but there are risks if you don’t.
For some businesses, risk can mean losing money or clients; for others, it might simply be the unknown factor of social media marketing. There is always a chance of uncertainty or loss even when you have done everything right. Remember that nothing is ever certain in business, and nothing is a guarantee. Risking the startup may leave you with little to nothing in the end, so be sure that your company is ready for what comes next. People are unpredictable, and there’s no way of predicting how they will react to things like new brands or changes within existing brands; it can’t always go as planned.
Loss of IP and Sensitive Data
The loss of IP and sensitive data is one thing that could go wrong with social media marketing. When you are using social media platforms to sell your business, it’s essential to make sure photos, blogs, videos, etc., aren’t being used without knowledge or permission from the creator. It can also be easy for someone or something to hack into accounts if they find out the username and password. This is why it’s important to have social media platforms monitored for any issues or problems. It also means being aware of what is on your account now will help prevent future risks, such as having old posts shared online after you’ve stopped using the platform altogether.
Customer Loyalty Risk
Another social media marketing risk for businesses that use social media platforms to promote their business is not keeping up with the ever-changing world of technology and losing touch with your customers as you do so. It means that if your business is not using new social media platforms or updating their current ones, they could lose out on potential customers who are only active socially on more modern forms of social media.
The main competitor risk for businesses is that when they’re using social media as a marketing tool, their competitors could also be doing it and gaining an advantage over them. It means people may see your competition’s posts first, with customers liking or commenting on those before they even come across yours, which can mean you lose out on potential customers. For example, if a person is selling rugs (like RugKnots), they could lose out to a competitor using Instagram if they don’t also use the platform.
The rewards of social media marketing for small businesses are many, but it’s important to weigh up the challenges. Social media is constantly changing, so be sure you’re staying on top of what works – and what doesn’t work – so your competition doesn’t gain an advantage over you! Be aware of all the risks and challenges of social media marketing before you dive in, but don’t let the risks scare you away. Social media is an easy way to connect with customers and effectively promote your business if used correctly!
Naheed Mir is CEO and chief designer of RugKnots, a company specializing in luxurious original and custom, hand-knotted Oriental rugs at affordable prices. She implements strategic plans to ensure her clients get the highest quality rugs and buy with confidence. Connect with her on LinkedIn.