Social media have successfully influenced many aspects and have done the same in the field of marketing. As an investor, it is vital to make an informed decision. In an attempt to really understand what social media marketing can do for your business, one question that might make you wonder is if social media advertising really worth it.
The major things that might influence your decision regarding investment on social media advertising are customer reachability, customer response and marketing costs.
I am talking about increasing the audience base for your advertisement. Marketing can be successful if you succeed in defining your target audience. Social media are known for their diverse audience. This creates a platform for your advertisement to reach a large amount of people. Another thing that needs to be considered here is the time spent by the users in social media. Facebook, Twitter, Instagram etc. are the first set of apps that people download as soon as they buy their new phone! Therefore, the diversity of audience and the time spent by people on social media contribute a lot towards the success of your social media advertising campaign.
“Google it!” is a phrase that is widely used these days. It is even said that the best place to hide a dead body is in the second page of google. That is exactly why search engine rankings play an important role. In this context, apart from the efforts you put into blog updates, SEO etc. yet another thing that you need to attend to is your presence on social media. Well-established brands make it a point to be active on social media as it increases credibility and trust. Social media presence could boost up your rankings, thereby increasing traffic.
Brand monitoring could be done using social media. Monitoring your brand and knowing what customers think about you could be encouraging and at the same time provide a platform for improvement, if necessary. Pat your shoulders if a customer posts that he is satisfied with your brand, else make necessary changes to be the best! You can be in close contact with your customers and provide unmatchable customer service. This will increase trust and reliability. You will be rewarded with customer retention and win brownie points by way of referrals.
Spending money to make money is a well-known theory. But is does not hurt to spend a little less. Social media marketing is cost effective when compared to the traditional modes of advertising like television advertising and print- media advertising. Another thing that you should consider here is that the number of people who watch television and the number of people who actually read newspapers. These numbers have drastically decreased as there are streaming websites like Netflix, Hotstar etc. where people can watch their favorite shows without advertisements. Newspapers are replaced with mobile applications. Technology has its impact in every nook and corner. This is when social media advertising comes to the rescue. Less marketing costs and customer reachability thus make social media advertising worth the hype.
If you feel that you need numbers to get convinced that social media marketing is the need of the hour, here are a few stats that will seal the deal!
The above are a few important stats that prove why social media marketing is worth it!
For a more detailed analysis, you can refer our Exclusive info-graphic
Interesting use cases that can help you understand the importance of social media ad spending are enunciated below:
Domino’s pizza used a strategy in 2015 where the customers got their favourite pizzas delivered by tweeting a pizza emoji to the twitter account of Domino’s pizza or they were asked to use #EasyOrder. This worked wonders for them. They use innovative methods to reach social media savvies and it works well as 50% of Dominos’ customers are generated through digital channels.
How effective is social media advertising when it comes to B2B? Snap story on Snapchat sealed the deal for PWC, a leading auditing firm. In an attempt to create a modern campaign, they created a snap story which had around 700 views in the first two weeks and was also awarded a shorty award.
In case of Dr.Bond, 60℅ of the cost per acquisition was reduced by using Facebook as a medium. This was possible by using narrow targeting for classification of audience. The approach was in such a way that a number of creative techniques were used to drive customers and there was a lot of money saved by avoidance of audience who were not potential clients. All this followed by regular monitoring and analysis performs the magic.
Better late than never! Start taking social media advertising seriously and reap the benefits