Social Media And Online Entrepreneurship

Concurrently with the advent of online businesses, the social media phenomenon has grown to become a significant aspect of our personal and professional lives.

When it comes to online entrepreneurship, social media can play a pivotal and driving role in determining whether a business flourishes or flops. Starting your own enterprise can be hugely daunting. The power of social media (Facebook, Twitter, LinkedIn) lies in its near-ubiquity in Australia as shown in the following graph.

It offers a unique window of opportunity into your target demographic. Those who are willing to forgo traditional brick and mortar establishments for their online substitutes are likely to have a strong presence on social networks. According to Foresee, a staggering 56% of online shoppers are connected to an online retailer on some social network. There is definitely a symbiotic relationship between online shoppers and social media users. 

Cara Pring of The Social Skinny compiled a report that explored the relationship between social media and e-commerce.

What does this tell us? Online retailing is growing rapidly as people become more accepting of purchasing online. Furthermore, they use social networks to augment their shopping experience. Online business owners are gaining valuable brand exposure from social media platforms like Facebook and Twitter, which can be of immense benefit especially to small start-up ventures.

To prove this point, we here at the Online Entrepreneur are going to propagate ourselves on social platforms. Watch as our online community grows, and just imagine your entrepreneurial venture doing that!

Yet, the Social Skinny report tells us that only one-third of online retailers have metrics in place to track social media rates of investment. Social media is often overlooked because business owners cannot see tangible and immediate returns. Chris Wallace of Entrepreneur Magazine attempts to clear some of the misconceptions around the benefits of social media HERE. 

In the upcoming weeks, we’ll be discussing social media strategy with successful entrepreneurs to provide the inside scoop for you guys when you embark on your own entrepreneurial adventure.