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How Social Media Can Strengthen Your Business Loan

How Social Media Can Strengthen Your Business Loan

Social media platforms have become the go-to way of conducting a good marketing plan. It is the best way to reach thousands of potential customers. Reaching only the ones that have shown interest in your niche, or people that are in the same line of business as you. Consumer based advertising increases your profits by a substantial amount when used correctly.

It has been shown that out of all the businesses registered in Australia that 56% of big companies use social media to grow and maintain customer bases. 32% of medium-sized ones and 30% of small businesses use one platform, or a combination of them. This number is small when you consider how much it can help, but that is a discussion for later.

The question here is how social media can be used to increase your probability of getting the business loan for which you have applied. There are several reasons for it, which we will cover now.

  1. Customer Reviews-Unless you have been living in a cave you already know how important it is to have positive feedback on your social platforms for your business. Business reviews are considered by all lenders when it comes to trying to get a loan from them. It shows how stable your business is because most of your customer base can be found on at least one of the social media sites. This means that all your customers current, past, and present, will read what others have to say about you. Fair or not, this is how customers research your business. Without customer reviews being on the high side you will never be able to keep your doors open for business. That means your actual location, or your virtual location.
  2. Customer Service- A major aspect of business operations is customer service. Without customer service it is hard to increase your customer base. Today technology is the way for people to conduct business, which is why it is even more important to have good customer service through your social media pages. Many companies have opted to use a chat bot that will answer most questions, which is a promising idea, but when the customer wants to talk to a human they must be able to do so without jumping through a ton of hoops. The bank will look at this aspect of business to see how approachable you are, and how well you would respond to any members of the bank offering you the business loans.
  3. Posts-The bank will even evaluate you on the posts that you update. The more information that you post, such as blogs strategically placed to increase customer bases, the better off that you are. Customer engagement leads to more consumers. More consumers mean more sales, which leads to more profits. The bank wants to know that you have a profitable business that is trying to gain the maximum number of profits possible. After all, banks are money and money is what matters to them.
  4. Up To Date-The other aspect of your posts that they will consider will be how often you post. If you have not posted on your social media accounts for a month or two, they will know that you are going to lose some of your customers. The consumers will start to think that you are no longer in business and will not even take the time to contact you to ask. This is bad when considering the whole scheme of things because if one customer sees you as dead business, others will as well. And so will the bank.

The bottom line is that the more you post, the more relevant information that you post, and the more spread out that your blogs are, the better the risk number that the bank will give you. High risk companies will not have as good of a chance of getting the loan that is applied for.

If you want to stay ahead of the competition and have access to a bank loan when you need it, you will need to have a strong social media presence. Use Facebook, LinkedIn, Twitter, Instagram, and any other social platform that you use. “The more, the merrier,” as they say. You can never have too much exposure unless it is bad of course.

We have all entered the technological era and you need to understand how important social media is to the success, or failure, of your business. Not just for your specific business, or your profits, but for bank loans as well. The bank lenders know that social media is the way profitable companies continue to grow.

As they continue to grow more profits will come in. Profits mean dollar signs to the bank. Without it, you might as well go to the local loan shark to get your money because no bank will touch you.

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