Why is now the Best Time for Businesses to use Social Media Marketing in Sri Lanka?
A golden opportunity lies for businesses today! Are you taking advantage of it, like many others are? If you are not, this will help you become one of the gainers!
In today’s modern era, all businesses are going online. It is easy, it is fast, and everyone is on it. The world would fall if the internet crashed for just one minute. That is how much people use the internet and social media. We all know that social media is highly efficient since it reaches a larger audience, increases the chances of engagement and conversion. Let us look at why now is the best time to use social media marketing in Sri Lanka.
Covid-19 global pandemic
Covid-19 has disrupted the entire world’s economy, including the economy of Sri Lanka. Just recently, Sri Lanka was hit by the second wave of Covid-19, taking a toll on the economy and business. Of course, this is bad news! However, there is always a positive side to everything.
When Covid-19 initially hit Sri Lanka back in March, the lockdown and quarantine lifestyle which lasted for almost 3 months, forced individuals to switch to digital and online means of getting their work done. This included activities such as online and digital banking, online shopping, and e-commerce.
Most of the Sri Lankans were afraid or hesitant to use online platforms for purchasing since they were afraid of it being a scam or the quality not being the same as perceived. But, due to the lockdown, the individuals had no other choice than using online methods. When Sri Lankans started using online methods, they were exposed to the convenience of online purchasing. In addition to that, the individuals had an abundance of time, so the time individuals spent on social media skyrocketed during the lockdown period.
Now, most of the Sri Lankans are active users of social media and prefer online purchasing since it is convenient. As of January 2020, there were 6.4 million active users on social media, with a 30% social media penetration rate (% from the population of Sri Lanka) and 50% internet penetration rate (% from the population of Sri Lanka) (Data Reportal, 2020) – this is more than 10 million people, waiting for you to reach them on social media.
Hence, this is the best time for businesses in Sri Lanka to use social media for their advantage. Since most of the individuals are active and prefer online purchasing, the chances of engagement and conversion are high.
A golden opportunity for entrepreneurs!
Digital Marketing and Social Media Marketing have been around for many years. However, this area has only recently caught pace in Sri Lanka and is now growing exponentially. The majority of the businesses in Sri Lanka have a presence on social media, at least by owning a Facebook account. And those who do not, are working on creating one. This is because the consumers of Sri Lanka have recently adopted digital means of performing transactions, and this has provided businesses an immense opportunity.
Today, due to social media, creating a business is easy and free. All you must do is, create the page and profile. Upon completion, the entrepreneurs have a digital business space, which they can use to perform business. There are many startups, who only have a digital presence on social media, such as home-bakers, marketing agencies, freelancers, clothing lines, etc.
Although many entrepreneurs have tried to establish their presence on social media, not everyone is effective. This is mainly because some lack knowledge & skills, where some are completely unaware of social media marketing best practices. This highlights that opportunity gaps exist in how well entrepreneurs use social media. If you are an entrepreneur using social media to build your brand’s digital presence, and you do it effectively. It will allow you to obtain a competitive advantage and leave your competitors behind – this is a golden opportunity for entrepreneurs.
Everyone knows that social media marketing is relatively cheaper than traditional marketing channels such as TV and Radio. But what people do not know is that the cost-per-conversion (CPC) – this is the marketing cost incurred for each sale made – is relatively cheap in Sri Lanka than in other countries. This is because Sri Lanka has a smaller population and is a developing nation, thus the costs are much cheaper and are more effective in reaching the potential target market of businesses.
And honestly, I do not think there is a reason why you should not use social media marketing to your advantage. If you do not have a marketing team or knowledge in social media marketing, you can always outsource it and leave it to the professionals to deal with it. There are multiple established and professional digital marketing agencies in Sri Lanka, which can provide you the best performance and results, to meet your marketing objectives and goals.