Traditional advertising used paper, magazine, banner and other similar channels. They are quite commonly used today as well and are classified under BTL Marketing Channels. When you compare it with social media marketing the effectiveness is quite high and the cost is quite low. Half of the world’s population is on Facebook (world’s number one social media network) and your business can reach a substantial amount of audience with only a few dollars.
Social Media has eliminated borders and globalization has given companies access to a global customer base. The competitive market environment demands the use of social media as a marketing channel and everyone is using it. To be honest even I am using it primarily because of so many different options and the ability to target a huge target market. Here are some basic benefits of using Social Media as a marketing channel.
According to Forbes Business it is anticipated that in 2014 it will cost you around $6800 to get the following from social media for your business. This amount will get you a million twitter fans, a million YouTube views, 20000 Facebook likes and tons of comments from other social networks including Pinterest, Vimeo and Instagram. Of course when you buy followers there is a specified percentage that will be fake followers and likes.
The amount mentioned above is quite low but what you need to understand is that this will only get you followers and likes. If you want to implement a proper online marketing strategy then you have to spend substantially more, the amount we are talking about here can exceed $8,000 to $10,000 a month. Of course if it is a small business trying to make a name for itself then it would be quite costly for it whereas if we talk about an A-list business then this is an ordinary amount (top executives spend that much on a simple lunch or dinner at a Michelin starred restaurant).
Considering the audience that you will be able to reach and the percentage of consumer engagements that will take place, this amount is still lower than that for BTL marketing done for the same audience.
Almost all businesses have a Facebook & Twitter page and thus your business can connect with those businesses. It not only about connection on social media but also understanding the competitive strategy of your competitor. You can learn a lot about your competitor simply by analyzing their social media strategy, how they engage with their customers and what kind of social promotions are taking place. Based on a complete analysis your business can design a social media campaign whether you are targeting a broad market or simply a niche market.
All social media networks come with some sort of in built analytics tool that gives you an insight on how customers react to your online campaigns, promotions and you can understand the behavior and preferences of your customers. These analysis tools will help you in proper management of your social media marketing channels and more over you will be able to define your audience more narrowly with a specific and accurate budget.
All in All, there are hundreds of benefits of using social media as a marketing channel for your business. Keep visiting the 4DGraphix blog for more interesting information and up to date information on the latest trends.
Social media marketing is the latest trend in online marketing with many benefits over the traditional marketing types. Some of the major benefits of online marketing include cost benefit which is extremely low and you can reach a higher audience globally. You can also connect with other businesses if your product targets a B2B market. The most important benefit you can get is the data in the form of analytics which can further help you in streamlining your social media marketing campaigns.