The way we interact with both individual people and businesses is changing every day. In order to stay competitive and part of the current marketplace, you need to take advantage of the opportunities awaiting you in the social marketplace, or you’ll risk being left behind.
Your business needs to offer the ease, convenience, and deals that come with the social marketplace to keep your customers happy and encouraged to keep coming back for more. But what is the social market place exactly and where do you even get started? Don’t worry, even if you haven’t yet taken advantage of this opportunity it is never too late to get into the game.
Understanding the Social Media Marketplace in Today’s Market
The way your customers interact with both your business presence and your products is constantly changing. There was a time when the only way to sell products was by getting people into your store. Later it became getting more traffic and interest in your website. But with the advent of the social marketplace, your products do not even need to be found in your own store or on our own website to be purchased any longer. The birth of the online marketplace has been attributed to mega retailer Amazon.
Since Amazon has become such a large virtual presence, more online marketplaces have been born. This includes EBay, where consumers can sell goods between each other, and Etsy, where independent sellers can sell their homemade goods and other materials much like an online flea market.
Encouraging Social Interaction with Deals
The social media marketplace landscape is changing once again, with these marketplaces becoming more intertwined with social media platforms than ever before. Hubspot explains that consumers are exposed to your products in more ways now than they have been in the past. They may see a commercial on TV or visit your site after doing a search on Google; maybe they learned about your products through an email campaign or through some effort on your Twitter account.
One thing is clear: you need to get as much exposure for your products across as many channels as possible, not only to maximize the chances that consumers will interact with your product, but also to integrate your product into their everyday life. Social media is one area where you can catch the consumer in their downtime, you have a captive audience and it is a unique opportunity to convert them.
Enter the new social marketplaces like Groupon and LivingSocial. These sites offer great deals for interacting with the social applications, and create greater intrigue in both local and global markets. Your business can greatly benefit from getting involved with that kind of marketplace, and still not have to spend most of your potential profits in order to do so.
Regardless of what platforms and websites your business decides to go with, having both an in-person and virtual presence has never been more important when it comes to being a relevant business in today’s market.
- License: Creative Commons image source
By Lauren Wainwright, a social media lover and marketing blogger. Follow her on Twitter!