The internet is no doubt the next marketing frontier. But, now more than ever, businesses recognize the immense opportunities that come with having a reliable online presence.
Social media marketing is the fastest growing marketing trend with a reported 9 out of 10 businesses employing some form of a marketing campaign on social media. The benefits of social media for business have gained recognition across the world. A mere mention of digital marketing and social networking causes the internet to explode with suggestions on how they can be used to better marketing initiatives.
This umbrella term includes several individual activities that come together to help brands propel themselves online. Advertising through social media is one aspect of social media management that is being widely explored by brands, online, today. What is social media advertising? Simply put, it is a form of online marketing that mainly focuses on the social networking sites.
The merits of social media advertising include the following:
1. Improved Brand Recognition
Advertising through social media has been shown to increase brand recognition. Regular posting on social media platforms allows companies to interact with the clientele on familiar grounds. This constant interaction creates a picture of credibility and an eagerness to listen to what the clients have to say. Once customers are familiar with your brand, they are more likely to recommend your brand to friends and family, therefore increasing your brand reach.
2. Improved Brand Loyalty
For any company to stay afloat, it needs a loyal clientele base. New customers are a happy addition, but without loyalists, the conversion rates would be somewhere between sad and non-existent. Advertising on social media creates an open service platform where customers can express their views and feelings about services and products offered. By listening to consumer opinions, customer satisfaction levels rise exponentially, and along with them loyalty to your brand is forged.
3. Improved Conversion Rates
The majority of the population is on social media. Social media and advertising are two components used together to target the potential clients on social media platforms, such as Facebook and Instagram. With the increased brand visibility that comes with advertising in social media, more leads will visit your website, and the chance of conversion also increases. With a well-articulated media advertising plan, a company can improve its sales and profits.
4. Reduced Marketing Costs
Compared to conventional marketing, social media marketing does not require a lot of monetary resources. With an internet connection and computers, a company can minimize its marketing costs by a significant margin. But as the business landscape continues to evolve, traditional marketing methods begin to fade out in favour of less resource-intensive methods. Therefore, using social media to market products and services is an efficient way of reducing companies’ operational costs.
5. Better Targeting
Social media has made it a million times easier to reach the right audience by providing a level of granularity to targeting no traditional advertising medium was ever capable of. This is really the age of micro-targeting, where a potential customer base can be narrowed down to the level of an area pin code. Varied interests, right from playing football to listening to jazz music, in-market segments (which are groups of individuals who are actively searching for a product/ service similar to yours across the Google display network) and the ability to target a lookalike audience are just a few cases that illustrate our point.
With better targeting comes the need to spend fewer advertising dollars to make the desired revenue. The more you advertise on social media, the better you understand your audience and the easier it becomes to improve your key performance indicators.
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