The marketing industry has welcomed social media with open arms as one of the most popular tools used in business today. In the 2015 Social Media Marketing Industry report, the founder of the Social Media Examiner, Mike Stelzner (@Mike_Stelzner), shares How Marketers Are Using Social Media to Grow Their Businesses. This free download has many great tips to help you get started. Here are 5 benefits that social media marketing can have on your marketplace.

Increased Exposure

This is vital for businesses, especially startups. Creating a buzz about your marketplace is key to getting off on the right foot, even before your product or service is in place. With 78% of the U.S. population using social media, increasing exposure on social platforms is one of the best type of marketing in today’s world. Facebook, Twitter, LinkedIn, YouTube, and many others are great tools to get started with to let people know who you are and what you can provide.

Increased Traffic

This will come with your social media accounts up and running with valuable content being produced. No one wants to follow or like a dull and boring page. Traffic will increase as your page is more active and users will be more interested on what your company is all about. For a look into frequency of post best practices across platforms, check out buffer’s Social Media Frequency Guide.

Developed Loyal fans

Loyal fans may come easier than you think. If you are loyal to your fans, they will be loyal to you. While not everyone will be a loyal to you, there are plenty who are willing to be. That is the beauty of social media; there are seemly endless amounts of people using it. Interacting with your followers or fans is a huge plus because it shows that you’re not some kind of automated robot. Customer satisfaction is another way to develop more loyal fans because they are simply happy with what you have to offer. While they may not necessarily want to buy your product today, they will become familiar with it and may need it somewhere down the road. As an old saying goes, “Don’t burn your bridges.”

Provided marketplace insight

Content, content, content! While your marketplace may not be for everyone, they may at least get useful information from your social channels. For example, if a blog or weekly news update occurs frequently on your social feed, people may look forward to reading it. Another great tool for providing insight is a podcast. Invite thought leaders and well-known people in your industry to share their experiences and and expertise. Check out our bimonthly podcast The Crowd for the most insightful thought leadership in the sharing economy sharing.

Generated leads

At the end of the day, a big key to your marketplace success is generating sustainable revenue. Without a steady revenue stream, it’s very difficult for a business to keep its doors open or services available. Generating leads does not necessarily translate into direct sales but it is more so the opportunity. Social media is a great place to build trust and add value in order to position your product or service in front of a large audience. As more people become interested in your marketplace, there will be more qualified leads that you can nurture into customers.