Social Media Marketing

21/04/2021 2 By indiafreenotes

Social media marketing is a powerful way for businesses of all sizes to reach prospects and customers. Your customers are already interacting with brands through social media, and if you’re not speaking directly to your audience through social platforms like Facebook, Twitter, Instagram, and Pinterest, you’re missing out! Great marketing on social media can bring remarkable success to your business, creating devoted brand advocates and even driving leads and sales.

Social media marketing is the use of social media platforms and websites to promote a product or service. Although the terms e-marketing and digital marketing are still dominant in academia, social media marketing is becoming more popular for both practitioners and researchers. Most social media platforms have built-in data analytics tools, enabling companies to track the progress, success, and engagement of ad campaigns. Companies address a range of stakeholders through social media marketing, including current and potential customers, current and potential employees, journalists, bloggers, and the general public. On a strategic level, social media marketing includes the management of a marketing campaign, governance, setting the scope (e.g. more active or passive use) and the establishment of a firm’s desired social media “culture” and “tone.”

When using social media marketing, firms can allow customers and Internet users to post user-generated content (e.g., online comments, product reviews, etc.), also known as “earned media,” rather than use marketer-prepared advertising copy.

Strategies

There are two basic strategies for using social media as a marketing tool:

  • Passive approach

Social media can be a useful source of market information and a way to hear customer perspectives. Blogs, content communities, and forums are platforms where individuals share their reviews and recommendations of brands, products, and services. Businesses are able to tap and analyze the customer voices and feedback generated in social media for marketing purposes; in this sense the social media is a relatively inexpensive source of market intelligence which can be used by marketers and managers to track and respond to consumer-identified problems and detect market opportunities. For example, the Internet erupted with videos and pictures of iPhone 6 “bend test” which showed that the coveted phone could be bent by hand pressure. The so-called “bend gate” controversy created confusion amongst customers who had waited months for the launch of the latest rendition of the iPhone. However, Apple promptly issued a statement saying that the problem was extremely rare and that the company had taken several steps to make the mobile device’s case stronger and robust. Unlike traditional market research methods such as surveys, focus groups, and data mining which are time-consuming and costly, and which take weeks or even months to analyze, marketers can use social media to obtain ‘live’ or “real time” information about consumer behavior and viewpoints on a company’s brand or products. This can be useful in the highly dynamic, competitive, fast-paced and global marketplace of the 2010s.

  • Active approach

Social media can be used not only as public relations and direct marketing tools, but also as communication channels targeting very specific audiences with social media influencers and social media personalities as effective customer engagement tools This tactic is widely known as influencer marketing. Influencer marketing allows brands the opportunity to reach their target audience in a more genuine, authentic way via a special group of selected influencers advertising their product or service. In fact, brands are set to spend up to $15 billion on influencer marketing by 2022, per Business Insider Intelligence estimates, based on Mediakix data.

Technologies predating social media, such as broadcast TV and newspapers can also provide advertisers with a fairly targeted audience, given that an ad placed during a sports game broadcast or in the sports section of a newspaper is likely to be read by sports fans. However, social media websites can target niche markets even more precisely. Using digital tools such as Google AdSense, advertisers can target their ads to very specific demographics, such as people who are interested in social entrepreneurship, political activism associated with a particular political party, or video gaming. Google AdSense does this by looking for keywords in social media user’s online posts and comments. It would be hard for a TV station or paper-based newspaper to provide ads that are this targeted (though not impossible, as can be seen with “special issue” sections on niche issues, which newspapers can use to sell targeted ads).

Social networks are, in many cases, viewed as a great tool for avoiding costly market research. They are known for providing a short, fast, and direct way to reach an audience through a person who is widely known. For example, an athlete who gets endorsed by a sporting goods company also brings their support base of millions of people who are interested in what they do or how they play and now they want to be a part of this athlete through their endorsements with that particular company. At one point consumers would visit stores to view their products with famous athletes, but now you can view a famous athlete’s, such as Cristiano Ronaldo, latest apparel online with the click of a button. He advertises them to you directly through his Twitter, Instagram, and Facebook accounts.

Facebook and LinkedIn are leading social media platforms where users can hyper-target their ads. Hypertargeting not only uses public profile information but also information users submit but hide from others. There are several examples of firms initiating some form of online dialog with the public to foster relations with customers. According to Constantinides, Lorenzo and Gómez Borja (2008) “Business executives like Jonathan Swartz, President and CEO of Sun Microsystems, Steve Jobs CEO of Apple Computers, and McDonald’s Vice President Bob Langert post regularly in their CEO blogs, encouraging customers to interact and freely express their feelings, ideas, suggestions, or remarks about their postings, the company or its products”. Using customer influencers (for example popular bloggers) can be a very efficient and cost-effective method to launch new products or services Among the political leaders in office, Prime Minister Narendra Modi has the highest number of followers at 40 million, and President Donald Trump ranks second with 25 million followers. Modi employed social media platforms to circumvent traditional media channels to reach out to the young and urban population of India which is estimated to be 200 million.

  • Engagement

Engagement with the social web means that customers and stakeholders are active participants rather than passive viewers. An example of these are consumer advocacy groups and groups that criticize companies (e.g., lobby groups or advocacy organizations). Social media use in a business or political context allows all consumers/citizens to express and share an opinion about a company’s products, services, business practices, or a government’s actions. Each participating customer, non-customer, or citizen who is participating online via social media becomes a part of the marketing department (or a challenge to the marketing effort) as other customers read their positive or negative comments or reviews. Getting consumers, potential consumers or citizens to be engaged online is fundamental to successful social media marketing. With the advent of social media marketing, it has become increasingly important to gain customer interest in products and services. This can eventually be translated into buying behavior, or voting and donating behavior in a political context. New online marketing concepts of engagement and loyalty have emerged which aim to build customer participation and brand reputation.

Engagement in social media for the purpose of a social media strategy is divided into two parts. The first is proactive, regular posting of new online content. This can be seen through digital photos, digital videos, text, and conversations. It is also represented through sharing of content and information from others via weblinks. The second part is reactive conversations with social media users responding to those who reach out to your social media profiles through commenting or messaging.

Benefits of Social Media Marketing

There are a variety of reasons why your company should use social media marketing. We’ve created a list of the four most beneficial reasons to consider.

  1. Increase Brand Awareness

In 2018, there were over 3.2 billion people on social media globally. Due to the sheer amount of people on social media, you can see why ensuring your business is sharing content related to your products as well as details about your company via a platform or two has the potential to help you improve brand awareness.

In fact, social media has been proven to boost brand awareness by driving up engagement. Social engagement includes things like comments, likes, shares, and re-posts. Social media also helps you increase brand awareness by directing traffic straight to your site. You can do this by including direct links to your website in your profile, bio, and posts.

  1. Generate Leads and Boost Conversions

Promoting and sharing your products on social media is a simple way to improve lead generation, boost conversions, and increase sales because you’re advertising to people who have opted to engage with you by following your account.

  • Create contests for your visitors and followers to participate in on your social media profiles.
  • Include links to your website and offers in the bio sections of your profiles.
  • Host live videos to make announcements about products and provide updates or details about exciting news at your company.
  • Implement a social media marketing campaign on one of your channels.
  • Sell your products through your social profiles. For example, you can enable Facebook’s Shop Section or Instagram’s Shopping feature on your profiles. These features allow your visitors and followers to click on products you’ve shared in posts to view information such as price, material, and size. Then, visitors can easily proceed to checkout through the platform and buy the product directly from you.
  1. Foster Relationships with Customers

By connecting and engaging with your social media followers, you’ll be able to build lasting relationships between them and your business. You can do this by interacting with them on your posts, responding to their questions and comments, and providing them with any help they may need.

You can also ask your followers questions about your products, their pain points, or create giveaways to help you build trust and show them how much you value their input and support.

  1. Learn from Competitors

Social media is a great way to keep tabs on your competitors whether that’s in reference to their social media tactics, the products they’re promoting, the campaigns they’re implementing, or their level of interaction with followers.

Social media allows you to get a look at what is and isn’t working for your competition, and therefore helps you decide what should or shouldn’t change in terms of your company’s approach. Lastly, reviewing the social accounts of your competitors can help you make sure your marketing stands out and is unique to your brand.