Does The Importance of Social Networking Apply to Your Business?
We’ve all heard about the importance of social networking, but here are 5 Things to Consider If Social Media Is the Right Marketing Tool For Your Business.
Over the last few years, technology and digital marketing have advanced almost hand-in-hand amplifying the use of content, google analytics, and social media platforms among others.
These forms of marketing are explicitly dependent on internet connectivity and the use of online platforms as sources of information for a large number of individuals. Increased internet connectivity, an essential infrastructure for the development and advancement of social media marketing has driven this medium to become a business necessity.
Just look at some of these statistics;
- Over 50 million businesses use Facebook Business Pages.
- 2 million business use to Facebook for advertising.
- Per Forbes, Facebook reported 47% growth in revenue to about $17.4 billion in the first half of 2017 over the same period last year.
- 93% of Pinterest users use the platform to plan or make purchases.
- 39% of LinkedIn users pay for monthly premium accounts.
- Pinterest drives 25% of all retail website referral traffic.
- More than 56% of online adults use more than one social media platform.
- Per Forbes, Facebook mobile ads account for 87% of advertising revenues and stood at $8 billion in Q2 of 2017.
When you see stats like these, you automatically make the assumption that the importance of social networking certainly must apply to your business.
But does it really?
We’re going to get to the bottom of this question, but first let’s re-familiarize ourselves with the basics of social media marketing.
What is Social Media Marketing?
Social media marketing is a digital marketing method that involves creating awareness of goods and services through social platforms.
Marketers draft messages and post them on various social platforms such as Instagram, Facebook, and Twitter. This form of marketing is currently being used by a significant number of businesses around the world because it has substantial benefits.
Moreover, the increasing number of social media users gives organizations no option but to use the social sites as the best areas to market their products.
According to recent research studies, the number of social media users is expected to triple in the next ten years.
The young and upcoming generation is very enthusiastic about technology, which means that almost everyone in developed countries will own a smartphone. This will have a direct or indirect influence on these individuals opening a social media account. The fact that they will open a social media account is enough justification as to why organizations should market their products through social platforms.
What are the Benefits of Social Media Marketing?
Social media marketing has impact and reach when it comes to marketing products and services.
Many people use social platforms on a daily basis, which means that they will be more likely to see business advertisement and posts. It’s not just advertising that brings short-term results and temporary boost in sales, but a more comprehensive promotion that can affect your company’s image in the long run. Using social media platforms is a great way to build a brand, promote its values and set up a community around that brand.
Social media marketing is borderless.
This means that a company in the United States can effectively market its products and services in China, without physically being there.
Creating a ‘global brand’ certainly has it’s benefits, but that doesn’t necessarily mean that it’s easy to do.
All regions and subregions of the world have their own customs, beliefs and practices.
Each one has to be treated sensitively, and your social media campaigns need to be tailored accordingly — not just for the sake of political correctness, but also for the sake of resonating with new audiences and converting them into customers.
This means that your singular ‘brand message’ must be adapted to work accordingly by region. Take a look at this article to see how Hotels.com overcomes these global hurdles to go social globally.
Is the Importance of Social Networking Applicable to your Business?
Despite social media marketing emerging as one of the primary digital methods through which organizations are marketing their products and services, some companies are still struggling to understand whether it is the right method for them to market their products and services.
So, Is Creating Awareness through Social Media Right for your Company?
Before you begin using social platforms to market your company’s products and services, some critical factors need to be considered.
1. Your Target Audience
The customers or the target audience that your company wishes to reach is the single most important determinant of whether your company should adopt social media marketing.
For example; if your company is targeting millennials, social media marketing is the best tool to use.
However, a company that is targeting senior citizens will struggle to create an impact because a considerable number of old people don’t use social media platforms and can only be reached through traditional marketing methods such as personal selling and television advertising.
2. Company’s Marketing Capability
Some companies might not have the necessary marketing skills and experts that will help them to market navigate social platforms. This means that they will end up making huge mistakes rather than improving their marketing strategies.
An organization that does not have the necessary marketing capability would do itself a favor by consulting marketing agents like Sketchcorp Company, that can help develop effective social media marketing strategies. The right consultants can also help your company strategize on how to maximize the use of social marketing for future growth and expansion.
3. Technological Advancement
We are all more connected than ever and we’re using our smartphones at a growing rate.
Everyday you scroll through your social media feed and see big corps like Apple and Amazon promoting their stuff on social platforms. That gives you a sense of verification that if they are doing it, you should too.
But here’s something to consider…
If you’re just starting out, you’re not going to have the multi-million dollar budget to run ads like Apple or Amazon and frankly your ad budget would be better suited elsewhere.
4. Industrial Competition
The level of competition in the industry is a significant determinant on the methods that organizations will be using to market their products and services.
In a very competitive environment, a marketer has no option but to use all the marketing channels available. Using multiple marketing channels will not only keep the business relevant but will also help it to compete effectively. Moreover, using different strategies will also help the company to reach a massive number of customers.
5. Competitor’s Marketing Methods
It is the culture of businesses to analyze what their competitors are doing so that they can either copy them or improve on what they are already doing. Therefore, the method of marketing that the competitor is using will inform the company whether to incorporate social media marketing or not. If the competitor is not using social media to market its products and services, then, there could be a reason behind this.
Nevertheless, the competitor could also be making a huge mistake by not using social media marketing. A business should come up with a clear report on competitor’s marketing strategies before embarking on social media marketing.
The importance of social networking has certainly had a significant impact on the way that many businesses and brands market online. That being said, social media marketing is just like any other form of marketing in that your business should do the research to find out where your audience actually is in order to determine the best way to reach them. If social media marketing is right for your company – you should be able to produce a positive ROI for those marketing dollars.