It is no secret that the success rate of a new business is pretty low, with some worrying figures being published recently about the survival rate in the early years. The stats show that 56% of new businesses will go out of business in the first 3 years and that of that 56%, a further 44% will go bust in the two years which follow. That means if a 1000 new business are created this year, in 3 years there will only be 440 who are actively trading, and two years later than number will be just 247, it is fair to say that business can be brutal.

In light of this, new businesses must do all that they can to survive and thrive in whatever industry they happen to be in. One such method of ensuring that you are pushing your business to the max, is through the use of social media, and here are the benefits which you can count on.

Recruiting Faster

Looking for temp staff? Use ShiftPixy, a novel social media app which connects you with temp workers in a heartbeat. Looking for a new position? Hit LinkedIn and search for the perfect candidate for your position and get in touch with them? Looking to share a vacancy? Get on Facebook and share the vacancy in a creative way where people can share it amongst their friends. The point is that if you are looking to recruit, social media can come to your aid.

Marketing

Marketing costs money and there is not always a guarantee that you will get a strong return on your investment. Social media on the otters hand, does something which very few marketing campaigns can, connect you with hundreds of thousands of users in the click of a button. As far as social media is concerned, the quality and the success of you marketing will come down to the way in which you chose to market, rather than the where. The people are ready and waiting, it is up to you to captivate them.

Two Way Communication

Some of the most valuable information which you can have as a business is to know what you r customers think, what the customers like, and what puts the customers off. Getting this kind information on customer trends and opinions is something which businesses have been paying through the nose for, for a number of years. With social media however, you can simply have a conversation with your customers, both present and potential customers, to find out what they really want. Not only does engaging with your customers give you further insights into what they are looking for, it also helps to build trust between you and the customer. Customers find it difficult to place loyalty in any business thanks to the fierce competition that exists, and through a two way conversation with you, you can increase the chances of a loyal customer.