Social media has come a long way; many businesses today can get by creating an enthusiastic following on social media and relying on that to portray business location, opening times and more. But a website gives you a hub, somewhere to maintain as a core function of your brand, even if there are no products to buy or services to book from it.
When someone needs something, do they search for that thing on social media? Yes maybe to the Facebook MarketPlace in which case they're probably looking for a second-hand shoe rack, which if that's your forte, bravo and stay put. But most enquiries start with Google. Even those customers that don't know they need your product or service yet can be reached via Google to help them follow your sales funnel. If you're a vape retailer you can target people looking to quit smoking. If you're a baby food retailer you can target people searching for hospitals with the best labour departments. You get the idea. And you don't even need to pay for that kind of exposure; some well-written blog posts/landing pages can be all you need to introduce your business to these people.
Don't get me wrong, social media has its place, but that place is a supporting strut of your website.
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