With the progression in technology and internet development, people are now communicating in real-time, across vast distances. Platforms like Facebook and Instagram have made it even easier by providing spaces for people to communicate. By harnessing the data that is collected by these platforms, businesses are able to utilize the behavioural patterns, wants and needs of the mass. Through social media, businesses can properly target audiences that would benefit from their respective products and/or services. With all the opportunities that social media has for business, there are also negatives that should be explored and looked upon when utilizing this powerful tool in a marketing plan.
Social Media In Marketing
In every business, marketing should be an essential factor to be considered in a competitive market share. Using social media as a tool for marketing can be an effective way to create brand awareness, education and updates on brands/companies as stated in an article by Simplilearn. The idea that a person utilizes social media as a way to stay informed of world economics is further touched upon by Pew Research Center, stating that "18% of U.S. adults say they turn most to social media for political and election news".
Social media being an effective way to receive information is a great way to convey marketing messages to inform potential clients of whom the brand is by utilizing captivating content that speaks to the target demographic groups. Google Analytics, employs a collection of data associated with businesses that can then be used to give a greater insight into how successful a marketing campaign was by measuring it to industry benchmarks and overall sales conversion. Having measurable data provided by social media platforms, business owners can also optimize their platforms to give them insight into how their marketing is being received.
Other Social Media Benefits:
UGC - can demonstrate brand authority and expertise specific to an industry
PR - an effective way to communicate with the audience that helps in humanizing businesses
Promotions - they can be targeted to specific segmented groups that can also lead to UGC
Content Marketing - using SM in a holistic marketing strategy can be an effective way to support Content Marketing
On the contrary, with the ability to share anything on the internet and social media, there are concerns about accurate information.
"Even as Americans who primarily turn to social media for political news are less aware and knowledgeable about a wide range of events and issues in the news, they are more likely than other Americans to have heard about a number of false or unproven claims." -Pew Research Center
Social Media and Business Goals
As a business, KPIs and metrics are important in measuring the success of marketing activity. In social media, we can look into engagements on posted content such as likes, comments, and shares as a form of metrics. With comments, we can see how the content is being received by the audience. Utilizing content marketing strategies associated with the content posted can be effective for lead generation and bring them to the company landing page. Having a positive content engagement that can also be seen by the audience through comments and UGC can position the company as a brand authority.
Katherine Chittenden wrote an article on OSMarketing, that highlighted the powerful potential of using social media as a tool for marketing. In 2013 Mercedes Benz did a social media campaign that hired 5 high-quality photographers to do an Instagram post with their new CLA model. The objective was to try to get the highest amount of likes thus winning the car. With the competition set in place, all 5 content creators produced a high level of engagement.
87,000,000 organic Instagram impressions
2,000,000 Instagram likes
150 new marketing assets
Katherine then further explain the benefits of utilizing influencers to review and "test drive" products. By doing so they are exposing the brand to the content creator's audience to further extend their reach. Furthermore, incorporating a contest with a prize that the target audience will find valuable, will also be beneficial in UGC and the reach of messaging.
Though the metrics in SM are helpful in knowing how well content is received, they only fill in a small part of the overall sales goal. Though a person may like a post, it may not convert into a sale. Further nurturing into the customer journey will be needed. The quality of the engagement from the audience is also important. By analyzing the comments and picking through the conversation, businesses can benefit by seeing what the customers like and dislike.
Social Media and Business-Consumer Relationship
Progression in marketing has also evolved over time. With the Internet, customers are better educated and have more options available to them when making a purchase. Thus, relationships between sellers and buyers have also changed. With SM, rather than selling just a product brands are offering a lifestyle. Community-based marketing through SM has now become an important tactic in marketing efforts. Micheal Stelzner wrote a blog about the importance of community-based marketing and how emotions play a role in buying.
"The emotional continuum is a way of thinking about how your marketing activities connect with people on a spectrum from weak emotional connection to strong emotional connection. " - Micheal Stelzner
Stelzner further argues that due to the obsessions of algorithms and automation (AI) in SM, content from brands has become more corporate and less about the community.
Cancel Culture has also become a threat in today's businesses. Brands have to be prepared to deal with harmful, inaccurate or misinforming accusations towards them. Having good PR in conjunction with community-based marketing brands can utilize social media to position the business as an authority and create brand loyalty at an early stage by utilizing SMP to convey the brand's core values at an emotional level.
At the end of the day, social media is a powerful tool. It allows businesses to connect with their customers at a deeper level. Days of hard sale tactics are now elevated to creating curated community-based strategies, not selling a product but providing a community lifestyle.
Reference:
Top 7 Impacts of Social Media: Advantages and Disadvantages
By Simplilearn, Oct 18, 2022
5 outstanding Social Media Marketing Case Studies
By Katherine Chittenden, June 27, 2016
5 outstanding Social Media Marketing Case Studies
By Katherine Chittenden, June 27, 2016
Americans Who Mainly Get Their News on Social Media Are Less Engaged, Less Knowledgeable
By Amy Mitchell, Mark Jurkowitz, J. Baxter Oliphant and Elisa Shearer, July 30, 2020
Community-Based Marketing: The Future of Business
By Micheal Stelzner, January 26, 2023
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