Social media marketing is something that has just started to explode in the last couple years. Social media is promoting your product or business through social media outlets. According to the Social Media Marketing Industry Report Facebook, Twitter, LinkedIn, and blogs are the top four social media outlets. It is no surprise that Facebook ranks among the top social media outlets. Facebook boasts over 400 million users; 50% of which log on each day. Facebook also boasts over 3 million active pages; with 1.5 million of those belonging active businesses. In addition to having over 3 million active pages, 20 million people become fans of these pages each day.
My fiancé works at Grow Marketing in Joplin, Missouri which is currently the only marketing firm in this area that offers social media marketing. Offering this service to their clients gives them a huge leg up on the competition. Social media marketing is beneficial to companies in a number of ways. One of these ways is marketing. The main way that social media helps to market a product or service is through brand awareness. Letting people know what and who you are is a big benefit of all the different social media outlets. Someone may have seen your TV advertisements or billboards a thousand times but once they start to interact with your brand through social media, they really begin to understand your business.
Another way that social media is beneficial to companies is public relations. There may be a lot of negative feedback about your brand or business on the web. There's not really a whole lot business owners can do about that, unless that negative feedback is taking place through social media. Social media personalizes a business and gives each brand a voice. When a customer has a bad experience and publishes that information on Facebook or a blog, it gives the company a chance to ask why, or what they can do to fix the problem. Social media creates dialogue between a customer and a brand.
A third way that Social media is beneficial to a company is market research. Domino's just recently held taste tests to determine what people thought they were doing wrong with their pizza. This marketing research could have been done on Facebook, or another social media outlet, just as effectively. They could have just as easily advertised free pizza to customers who mentioned their Facebook page as long as they posted what they liked and didn't like about their pizza. This is an unprecedented way to do business. There has always been internet, at least in my life time but, it has never been so interactive. Social media, such as Facebook, offers demographic information and "insights" as to what each page's fans are doing on their pages, how many unique visits they get, and they recently began the beta test of a program that will track what people do and where they go once they click on an ads of yours. This is all market research that can be presented to business owners as a tangible return on their investment.
The fourth and final benefit of social media that I would like to discuss is the low cost. Other than consulting fees for things such as front end graphic work on your logo and setting up the basic format of your page, (which are at your disgression) Facebook is free. Ads are free to create and you only pay once they are clicked. If you have a real stinker of an ad and it bombs, it didn't cost you anything. I recently looked at McDonald's Facebook page and they had over 2 million fans. That's 2 million opportunities to market their products for free, to people that have already displayed interest by becoming a fan.
I don't think that anyone can deny the rising popularity of social media in the business world. Traditionalists will always argue that print advertising is better or radio commercial offer a higher ROI, but in reality more and more people are utilizing the internet through computers and smart phones. Take a few moments to compare the amount of time spent on Facebook or YouTube each week as compared to the time spent reading the newspaper or watching TV each week. People are on the internet more and more each day. Traditional media is not dying, but it has to be used creatively along with the newer and more creative social media outlets.