First Person: 5 Ways Social Media Can Kill Your Business

Yahoo Contributor Network

Social media can be used in many ways to excel the dreams of your business. If you're not careful however, it can also bankrupt your business. There are many things you can do that will prevent this from happening.

Beware of where you invest your finances. There are many social media sharks who will guide you to believe that you should invest in their services to better your business. Investigate all possibilities before you proceed. If you will not double your profit, it may not be worth the investment.

Remain active in your social media activity. Having connections are a must when your business on social media, but if you're not active then your effort in creating the pages will not do your business any good.

Your clients and future customers depend on your activity and so it is a must that you have their attention. Simple interactions on a regular basis can go a long way and remind them of your services when they find the time is right for the need.

Are you targeting the correct audience? Not only should you remain active with your audience, but you need to make sure you are targeting the right audience. A ten year old would not have much use for a product or service that is specifically targeting a woman in her 40's.

Remember when interacting, that you should concentrate on the interaction of the audience in which you are providing products and services for. It's important to keep to a minimum any interaction that could take your focus off track for who your business is aimed for.

When you have a business exposed in social media, it's extremely important that you do not ignore your reviews. Good and bad, reviews are what a vast majority look for when they need a second opinion on your products and services.

You must reply to the good with comments of thanks and appreciation. Customers will be grateful that you took the time to reply to their review and consider returning in the future. Most importantly never ignore a negative review.

Negative reviews should especially not be ignored and should be corrected immediately in a positive manner. If you do not have the capability to monitor your reviews, there are many companies who specialize in doing just that.

And lastly, are you marketing your business well? There are many ways to market your business on social media, some of which cost no money at all. By simply creating a custom background, banner or video you can create advertisement for the business.

If you are seeking something more complex, there are many advertisements that can be purchased for a fee that are guaranteed to excel your coverage. Such websites as Facebook offer these services for advertisement.

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you'd like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

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