Social media promotes the discovery of new content and news stories, as well as builds links and networks. A big advantage of social media is that a company is able to know and engage their audience so as to encourage them to do the same. The company would also be able to hear instant feedback through status updates and posts and be able to respond and address any problems swiftly.
If the company is active on their social media accounts and continuously interacts with their customers, this would drive sales up. Companies can post promos or incentives so that people would be aware of them and be encouraged to make a purchase. Companies also use social media to address customer inquiries such as product availability and reservations which really helps sales in a big way. Customers who are satisfied with their customer service will no doubt make purchases in the future.
A lot of companies have made the most of social media to promote their products and services because of all the benefits they get from it, so those who have not jumped in should do so as soon as possible.