How to Boost Your Business Economy with Social Media

Many companies often ponder endlessly over the question of social media adoption fearing that it may not work for them. While it’s true that ‘One size fits all’ approach does not work for businesses, the USP of social media is that it can be used equally effectively for companies of any size and ranging across a variety of verticals to boost business.

Minimizing costs and maximizing profits are the two basic rules of business economics for any company. And social media plays a crucial role in both, provided it’s applied correctly.

Reduce Costs

When it comes to establishing and running a business, some of the major costs include advertising, marketing, sales and customer service. Higher the cost savings, the more it benefits a business.

Social media offers a low-cost alternative to conventional techniques. For example, an online press release doesn’t cost a fortune and it extends the reach of conventional print media press release.

Despite being a staunch social media loyalist, I’ve enormous respect for classical time-tested legacy techniques – be it marketing, sales or customer service. I’m not an advocate for replacing conventional techniques with social media in most cases, merely for the sake of minimizing costs. However, I strongly believe that the best judge for choosing the right mix of social media and conventional media techniques is the business itself. No one understands your business better than you do. While it’s good to get expert opinions from social media specialists, you should be judicious in your decision making.

Boost Revenues

Social media is equally effective as a cost reduction as well as tool to boost the revenues of your business. A well-planned and well-executed social media marketing campaign can do wonders to boost your business revenues. On the contrary, an ill-devised social media strategy isn’t likely to get you any impressive returns.

With the ascendancy of social media, companies are being forced to change their business models. Social media helps boost revenues directly through online marketing and sales campaigns as well as indirectly through online PR exercises. Social media can help create brand awareness and is a great way of educating customers about your business and your products.

More Traffic

Social media blended with a good SEO strategy can help drive more traffic towards your business website. More high-quality traffic implies higher number of business inquiries and prospect customers. With a well-devised plan, a business should then be able to turn prospect customers into ‘real customers’.

More Contacts

Social media is a great tool to build personal as well as professional contacts. As a business gains more professional contacts, it opens up additional possible avenues of revenue through partnerships, reseller and channel arrangements etc. I’m an ardent LinkedIn fan and I have a strong professional network which has helped me spread my business globally.

It’s all about money, honey!

There’s no such thing as a free lunch, especially in business sectors which face cut throat competition. Therefore, businesses are constantly on the prowl looking for innovative ways to reduce cost and boost revenues, and social media is a great option to do so.

Join the Conversation


  1. Robert Portman       Reply


  2. The Social Network: Your Business « Max Marzouk       Reply

    […] stated in Douglas Idugboe’s August Article entitled How to Boost your Business Economy with Social Media, traditional marketing and advertising is expensive. Social media offers a cheap, yet effective […]

  3. Matthew C. Kriner       Reply

    I just want to say I am just new to weblog and absolutely enjoyed this web blog. Almost certainly I’m want to bookmark your blog post . You certainly have fabulous stories. Thanks for sharing your web page.

  4. local marketing company phoenix az       Reply

    This website is really good. How can I make one like this .

  5. Boris Frier       Reply

    I like this site because so much useful material on here :D.

  6. your chairmats       Reply

    Just discovered this site through Yahoo, what a pleasant shock!

  7. high quality chairmat       Reply

    Just discovered this blog through Google, what a pleasant shock!

  8. www       Reply

    Just to let you know your web-site looks a little bit strange on Safari on my netbook with Linux .

  9. security systems memphis       Reply

    pretty useful material, on the whole I picture this is worthy of a book mark, thanks a lot

  10. rate us online       Reply

    Just to let you know your webpage looks a little bit strange on Firefox on my notebook with Linux .

  11. analysis       Reply

    quite beneficial material, all in all I picture this is worthy of a book mark, thank you

  12. address       Reply

    I had been wanting to know if you ever thought of adjusting the design of your web site? It is well written; I enjoy what you have got to state. But maybe you could create a little more in the way of content so people might connect with it better. Youve got an awful lot of text for only having one or two photos. Maybe you can space it out better?

  13. marketing agencies       Reply

    Have you given any thought at all with translating your main webpage in to German? I know a small number of translaters here that might help you do it for no cost if you want to get in touch with me personally.

  14. go here       Reply

    Have you considered including a few social bookmarking links to these sites. At least for twitter.

  15. buy pearl jewelry       Reply

    I Am Going To have to visit again when my course load lets up – nevertheless I am taking your Rss feed so i can go through your web blog offline. Thanks.

  16. chairmats       Reply

    The design for your web site is a tad off in Epiphany. Nevertheless I like your website. I might need to install a normal web browser just to enjoy it.

  17. chair mats       Reply

    Strange , your post turns up with a black hue to it, what color is the primary color on your webpage?

  18. payday loans       Reply

    How did you make your blog site look this sick!? Email me if you can and share your wisdom. Id be thankful!

  19. who is the best credit repair company       Reply

    The look for your site is a tad off in Epiphany. Even So I like your site. I might have to use a normal web browser just to enjoy it.

  20. chair mats       Reply

    Just to let you know your blog looks a little bit different in Safari on my computer using Linux .

  21. business disaster recovery       Reply

    Just to let you know your web page appears a little bit strange in Firefox on my computer with Linux .

  22. understandable       Reply

    Is it fine to put part of this in my website if perhaps I publish a reference to this site?

  23. hair regrowth products       Reply

    How You Can Grow Strong Together With Healthy Hair

  24. partner sites       Reply

    When are you going to post again? You really inform me!

  25. intangible       Reply

    When are you going to post again? You really entertain a lot of people!

  26. online dating       Reply

    Heya just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different browsers and both show the same results.

  27. Web Site       Reply

    Special Hair Care Solutions To Use To Enable Grow Hair Swiftly Naturally

  28. cardio kickboxing       Reply

    Thanks for your publication. What I want to point out is that when evaluating a good on the net electronics store, look for a internet site with total information on critical factors such as the level of privacy statement, security details, payment options, and various terms along with policies. Always take time to look at help plus FAQ sections to get a superior idea of how a shop operates, what they are capable of doing for you, and just how you can make best use of the features.

Pin It on Pinterest