Social Media for Marketing
Social Media plays an important role in Business promotion. In this Article let’s see What is Social Media in Marketing, Importance of Social Media for Marketing, Example of Social Media Marketing, benefits of social media for marketing, Social Media Marketing Uses and also Social Media in Marketing Strategy.
Example of Social Media Marketing
- Social media is engaging with consumers online. According to Wikipedia, social media is internet-based tools for sharing and discussing information among human beings. Social media is all about networking and networking in a way that espouses trust among parties and communities involved. Any website which allows user to share their content, opinions, views and encourages interaction and community building can be classified as a social media. Some popular example of Social Media Marketing are: Facebook, YouTube, Twitter, Flickr etc.
The Meaning of Social Media
- The meaning of Social media is a collective term for websites and applications that focus on communication, community-based input, interaction, content-sharing and collaboration. People use social media to stay in touch and interact with friends, family and various communities.
- The meaning of the term ‘social media’ can be derived from two words which constitute it. Media generally refers to advertising and the communication of ideas or information through publications/channels. Social implies the interaction of individuals within a group or community. Taken together, social media simply refers to communication/publication platforms which are generated and also sustained by the interpersonal interaction of individuals through the specific medium or tool.
Social Media Marketing Uses
There are two benefits of social media that are important to businesses, they include:
1. Cost reduction by decreasing staff time.
2. Increase of probability of revenue generation.
- Social media enables companies to:
- Share their expertise and knowledge.
- Tap into the wisdom of their consumers.
- Enables customers helping customers.
- Engages prospects through customer evangelism.
Social Media Marketing Uses include: brand reach and awareness, consumer interactions through transactions, referrals and also reputation management.
What is Social Media in Marketing
Social Media Marketing:
Social media marketing consists of the attempt to use social media to persuade consumers that one’s company, products and/or services are worthwhile. It is marketing using online communities, social networks, blog marketing and more.
How Social Media is used in Marketing
A recent study, “The State of Small Business Report,” sponsored by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business, points to economic struggles as the catalyst for social media’s rapid popularity. The study results show that social media usage by small business owners increased from 12% to 24% in just the last year, and almost 1 out of 5, actively uses social media as part of his or her marketing strategy. In 2009, only 23% of marketers were using social media for years. Now that number has grown to 31%.
Is social media marketing important ?
Here’s a breakdown of what the small businesses reported as the main uses of social media marketing:
- 75% have a company page on a social networking site.
- 69% post status updates or articles of interest on social media sites.
- 57% build a network through a site such as LinkedIn.
- 54% monitor feedback about the business.
- 39% maintain a blog.
- 26% tweet about areas of expertise.
- 16% use Twitter as a service channel
Benefits of Social Media for Marketing
Significantly different from conventional marketing strategies, Social Media Marketing (SMM) offers three distinct advantages. One, it provides a window to marketers to not only present products / services to customers but also to listen to customers’ grievances and suggestions. Two, it makes it easy for marketers to identify various peer groups or influencers among various groups, who in turn can become brand evangelist and help in organic growth of a brand. And, three, all this is done at nearly zero cost (as compared to conventional customer outreach programmes) as most of the social networking sites are free.
Social media marketing helps in:
- Generating exposure to businesses.
- Increasing traffic/subscribers.
- Building new business partnerships.
- Rise in search engine rankings.
- Generating qualified leads due to better lead generation efforts.
- Selling more products and services.
- Reduction in overall marketing expenses.
Importance of Social Media for Marketing
Social media is now increasingly becoming an ingrained aspect of political campaigns, national defense strategies, public policy, public relations, brand management and even intra company communication. Since the major task of marketing as tool used to inform consumers about the company’s products, who they are and also what they offer, The importance of social media for marketing are plenty. Lets see few important role of Social media for Marketing.
- Social media can be used to provide an identity about the companies and the products or services that they offer.
- Social media helps in creating relationships with people who might not otherwise know about the products or service or what the companies represent.
- Social media makes companies “real” to consumers. If they want people to follow them they need not just talk about the latest product news, but share their personality with them.
- Social media can be used to associate themselves with their peers that may be serving the same target market.
- Social media can be used to communicate and also provide the interaction that consumers look for.
Importance of Social Media for Marketing Strategy
Social Media Marketing Strategies
- SMM is still in its infancy. Most of the online retailers though appreciate its positives fallouts on the brand awareness and promotion; they are still in the early stages of adoption. For an organization willing to invest in SMM, it is important to understand why SMM is an important strategy and how it can help:
- This is the age of consumer satisfaction. It is not about selling it is more about interacting. There is a lot to learn from the customers. Using social media one can identify customers, listen to their feedback and use them to improve and innovate on products or services.
- SMM is not a mass advertising strategy. It can be used to identify peer groups and advertise to that particular group. Social Media can help in identifying influencers and through them one can guide a prospective customer into making a purchase.
- SMM calls for novel advertising methods as the attention span of online junta is very low. This is largely due to the multitasking phenomena. A person watching a video clip on YouTube might be simultaneously updating a blog, while reading another one and watching friend’s photographs on Facebook. In order to garner their attention away from distractions the advertisement must be innovative and interesting to hold the imagination and also attention of the prospect.
- At the same time the message must also provoke the recipient into action; like seeking a detailed description of the product/service, or suggesting to a friend, or initiating purchase. So, if the advertisement is trying to sell something then it should be conveniently placed with links so that the prospect can make a purchase with least effort
- Similarly Social Media marketing can be used to increase customer loyalty through customer support services and hence improve customer retention.
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