Social Media: The new ‘cash cow’ for emerging businesses

In a rapidly evolving digital landscape, social media has emerged as a powerful tool for both business and entertainment.

With captivating hashtags and creative content, local businesses are reaching new heights and expanding their brands. Equipped with smartphones and innovative ideas, these businesses are leveraging social media to engage with their customers and gain a competitive edge.

In an exclusive interview, renowned digital marketing analyst, Stephen Naasei Boadi, emphasized the effectiveness of social media in optimizing posts through boosting, making it a more measurable platform compared to traditional media. This shift in strategy has reshaped the way businesses connect with their audience, leading to exciting opportunities for growth and success.

In today’s digital world, hashtags have become the billboards of our time, with likes and shares playing a crucial role in the success of businesses. Engaging ads captivate users’ screens, capturing their attention and driving results.

Abigail Awuni, a savvy business owner, has fully migrated her operations online. According to her, the strength of her work lies in the online realm rather than in-person transactions. She shares, “In the past, I would have less than 10 people walking into my store to make a purchase. However, I noticed that I was generating a lot of sales through social media. So, I decided to focus on leveraging my social media presence, and it has been incredibly rewarding.”

Just like Abigail, Francis has fully embraced the power of online marketing, and it’s paying off big time for him. He has mastered the art of creating compelling content about his work on various social media platforms, which has significantly boosted his sales.

Francis firmly believes that it’s not just about asking consumers to buy your products, but rather teaching them how to celebrate special moments like anniversaries and birthdays using the resources you provide.

He says, “If we can show people how to use our products to create meaningful memories, then our products become their best tool for doing exactly that.” This approach has proven to be highly effective in marketing his products.

As of 2023, the e-commerce market in Ghana had a penetration rate of 12.52 percent. This figure showed an increase from 12.4 percent in 2018 and is projected to grow by 10.10 percent between 2024 and 2028.

It’s incredible to note that over 7.4 million Ghanaians are active on social media. Naasei rightly points out, “That’s a massive number of eyeballs and fingers to target as a business.” He advises that businesses must adopt the right approach to effectively reach and engage this vast audience.

Ayisha, unlike some of her colleagues, has found the perfect balance between in-person and online marketing strategies to reach her customers. However, she has discovered that she makes the majority of her sales through social media.

In Ayisha’s own words, “You don’t necessarily need to own a physical shop to boost your sales. Just post high-quality images of your products, and you’ll have people sliding into your DMs to make their purchases.”

Despite the potential of social media, some businesses still cling to traditional platforms and methods of promotion. The outdated approaches are limiting their ability to capitalize on the benefits of social media.

“Your content should be relevant – As in, when people see it, it should speak to their needs.”

Just as the digital revolution is transforming other spheres of life, social media is turning out to be a game changer for many emerging businesses.

By: Dowreena Borley Boyefio

The writer is an intern in the TV3 Newsroom and a final year Political Science and History Student at the University of Ghana. 

The post Social Media: The new ‘cash cow’ for emerging businesses first appeared on 3News.

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