KPMG Spark Blog
Starting your own business is a daunting task in itself, but by adding in the complexities of finances, bookkeeping, employees, payroll, customer service, and so many more it’s easy to drown yourself in responsibilities. One aspect of the process of starting a business that is crucial to its growth is the use of social media.
Social media can expand your potential client base by a significant amount and can allow you to reach your intended audience much easier - and perhaps less expensively - than by traditional media. Simultaneously starting several social media pages for your business can be overwhelming, to say the least. Here we outline some factors you should consider when choosing what social media platforms to employ and how to use them to engage with your customers, clients, and partners.
When deciding what platforms to use, it is important to know who uses what and how they use it! Identifying key demographics about the audience you want to reach - your potential customers - is essential in choosing what platform to use to try to reach them. The social media with the largest audience is Facebook with over 2.6 billion monthly active users. By utilizing their platform you have access to the largest number of people. However, say your business targets a younger generation and has access to visually appealing media. If that is the case, it may be more advantageous to utilize Instagram’s platform, as they tend to attract a younger audience. Many platforms provide demographics such as age, gender, geography, income, and education free of charge so you can determine what is best for your business.
The uses of social media vary wildly. There is video sharing on platforms like YouTube and TikTok, photo sharing on a variety of platforms, recipe sharing on Pinterest, and the list goes on. It is important to determine what social media platforms your intended audience is going to be using based on the reasons they will use social media. For example, do your desired clients post pictures and videos? Or are they looking to connect their business to yours? You likely would not post about a job listing on Facebook when sites like Linkedin are dedicated specifically to connecting professionals. You have to make sure your content on your profiles matches the platform and your brand.
Another factor that is important to recognize when deciding what social media to use for your business is how often people are using social media, and how effective it is in getting people to use your service. For example, Instagram receives an intense amount of engagement because its platform uses ‘likes’, ‘comments’, and ‘stories’ to increase user engagement—especially with brands. On the other hand, while Facebook offers similar features, it has been built as a community website where people can follow other people’s pages, groups, and events. While there may be more variety of features on Facebook, on average it receives less engagement. This is why many companies and brands use Facebook as a social media hub and community for their customers. See what kind of engagement your business needs and determine which platforms best suit your needs.
It is important for your business and the social platform to be compatible and have the potential to grow together. This is where an up and coming platform can be beneficial as there is little competition for engagement. But your desired customers and clients will no doubt already have a preference as to what platforms they are using and therefore you will need to match that. Each platform has its challenges and benefits as outlined in the infographic below.
No matter the platform you choose, the content you present should cater to your clients and partners—past, present, and future. Social media is intended to be concise, fresh, shareable, and give insight into your business. So have fun with it!
Just as social media can be an unforeseen stress for small business owners, bookkeeping is another task that often gets overlooked and becomes a thorn in the side. But we at KPMG Spark are here to help you so you can keep your records in order and focus on the things that matter most in your business!
· This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.
· Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.
· The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.
The appeal of doing your own bookkeeping is perhaps obvious: not having to pay someone else to do it for you. But the important thing to consider when you are thinking about doing your own bookkeeping or outsourcing it is what you are losing from taking that time from your business.
Stay on top of what you should know about attracting and retaining a millennial workforce, and KPMG Spark, a small business CPA firm, will help you stay on top of your online accounting and bookkeeping. This blog's author is a millennial and the content therein represents the views of the author.
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