Statista estimates that the year 2020 will see 2.77 million social media users around the globe, and that number is expected to reach 3.2 billion by the year 2021. These figures paint a very clear picture of the popularity and usage of social media. But, what can your corporation or business learn from these figures? Let us help you understand the impact of social media marketing so you can make the most out of social media management.
What is social media marketing?
First things first, before we move on let us give you a quick insight about social media marketing. Social media marketing is the use of any or all social media platform(s) to market your product or service. Most social media platforms have analytical tools which provide data and insights to strategically improve the marketing campaign. On the whole, social media marketing is a part of digital marketing which works parallel to maximize the number of potential customers a business can get.
Impact of social media marketing
The inception of social media has changed the way businesses and consumers interact now. Gone are the days when marketing campaigns relied solely on traditional mediums like radio, print ads, and infomercials. In this age of technology, consumers have a short attention span. They want instant results. For this purpose, businesses are now focusing on utilizing the mediums which fare well within masses. Social media marketing allows a business to get dynamic results while subsequently building a brand image. To understand the impact of social media marketing consider the following benefits it provides.
Better Customer Insights
Social media marketing allows you to get instant insights from your customers. It gives you the opportunity to see what your customers and potential customers are talking about so you can tailor your offerings according to their needs. it helps you to establish a definite marketing strategy based on the opinions and feedback provided by customers.
Improved Customer Service
Thanks to social media, you can now effectively resolve the queries, concerns, and grievances of your customers. You can respond and get in touch with them instantly, providing assistance and support. This will prove beneficial for your business as customers who get better support will spend 21% more.
Digital marketing can be expensive. Especially when you are frequently posting and publishing content. Social media marketing is far more cost-efficient as many platforms allow you to share your content for free. Most of these platforms even allow you to set a flexible marketing budget. This makes social media marketing a cost-effective solution.
Most social media platforms have geo-targetting tools. These tools enable you to circulate your content within specific demographic groups. This not only saves you time and resources but also helps to market your products/services to people who are more likely to avail them.
Increased Brand Awareness
When you have an online presence, it is important that you have a strong brand image. Social media lets you establish a strong reputation by increasing your brand awareness amongst masses.
Improved sales for Greater Revenues
Social media marketing helps bring more traffic to your business. This influx in traffic results in improved sales and conversion which in turn helps you generate greater revenues.
Better Content Control
Social media marketing allows you to have better control over the kind of content you produce and distribute amongst your followers. The simplicity and convenience of social media management allow you to create better content and have complete control. However, you should know that visual content is more than 40 times more likely to be shared as compared to any other type of content.
Major Social Media Marketing Platforms in 2020
Here is a list of the major social media marketing platforms which will help you decide the perfect medium for your business growth.
Facebook: Facebook is the most popular social media platform. It has empowered businesses to market their products/services with its simple marketing tools. Creating a Facebook page can prove to be beneficial as the average Facebook user spends 35 minutes on the site. Additionally, Facebook users access the site 8 times in a day. These statistics show how the importance of social media marketing on Facebook.
Instagram: Instagram is the second most popular site after Facebook, but that number is slowly increasing. Instagram is great for sharing visual content and creating a strong brand image. Stories are posted on Instagram by 200 million users each month. This shows that Instagram is the safest bet when it comes to sharing visual content.
Twitter: The popular microblogging site has 326 Million users worldwide. Unlike other platforms, Twitter users are the most educated with 29% of all users having a college degree. This means you can influence and target educated millennials conveniently through Twitter. In the year 2018, Twitter was considered as one of the topmost digital publishing companies. This shows that the site has a large market share of potential customers.
Although there are many other social media platforms for marketing, the ones highlighted above are the most popular. If you still haven’t utilized social media marketing, then start right away.
If you are still unsure about the right social media platforms for your business, then we suggest you get in touch with a professional social media marketing agency. The rise of social media marketing has given birth to numerous social media marketing companies which offer their services at affordable rates. Don’t waste time because social media marketing is the future.