Focus Your Marketing Impact Through The Use Of Social Media
Of all the questions posed to the BusinessCreator marketing team, questions about social media and social media marketing are by far the most frequently asked. Social marketing has been described as word of mouth taken to a global level. This definition is a reasonably accurate one but social media marketing that is lot more than just word of mouth. Social marketing allows you – the business owner, manager, marketer, or promoter – to personally take place in the generation of buzz. So how does this impact your marketing spending and your overall business success?
The Impact of Social Marketing on Business
Social media is characterized by its reciprocal, real time activity and the ability of a marketer to share an on-going stream of new content. Here are three important particular financial impacts social marketing will have:
- Reduce your advertising costs. Social media accounts are free to create and though promoting the content you share may cost a little, you are able to share content and respond to other users for free.
- Focus marketing spending where it counts. The money you spend on promoting the content you share on your social media account will be well worth it. Social media companies want to connect people to paying content – like yours – and use algorithms to target your promoted content to site users who have already expressed an interest in things related to your business. For instance, site users who have expressed interest in outdoor recreation, skiing, and snowboarding are going to show more interest in businesses that sell cold weather gear and camping equipment. All you need to do is create an ad; the network will do the rest without you spending any extra money.
- Your ads reach an audience that’s already present. It’s possible to waste considerable time and money pursuing new audiences – yet at the same time, this is necessary to grow your business. Social media marketing takes advantage of an audience that’s already on the network. Further, this audience is growing every day. The attrition rate of users from social media sites is famously low; in fact most people have accounts in more than one network (the average number varies by country). Instead of chasing new markets, your task as a business owner is now to raise your visibility on existing social networks.
Non-Financial Benefits of Your Marketing Efforts
The impacts mentioned above can be broadly classed as financial in nature: Your money goes further, is more effective, and social media marketing reduces your need to make expensive marketing outreach efforts to new, untried, markets.
There are several beneficial, yet non-financial impacts that this new marketing can have on your business. You gain a reputation as a forward-thinking, technologically sophisticated business. Businesses of all kinds struggle to appear relevant and “with it” when it comes to new Internet technologies and being present on social networks will help create this image.
You can also track trends, changing user data, and stay up to date with relevant statistics. There are several sources that aggregate data regarding social media usage but this information is only helpful if you’re actively participating in the world of social media. And finally, you can keep an eye on what your competitors are up to. You can be certain that your competitors have social media accounts so make sure you do, too.
Edward Kundahl, Ph.D., M.B.A.