We hear a lot about the importance of marketing when it comes to business. Another important factor in the conversation is the use of social media. Some may ask if it is even necessary for a strong online marketing campaign.
Small business owners are more likely not to see the correlation. Whereas, large corporations build entire strategies around social media.
What is the difference in thought? It usually comes down to time, money, and talent. Small business owners often feel social media is a waste of time. They also see it as one more thing they need to invest in.
Larger companies have the money to invest in the talent to run their social platforms.
Still, it is important for small businesses and brands to understand how no social media presence is doing more harm. If they could understand why social media is so important to their overall success, they would be willing to make the investment.
Are you on the fence about investing in social media? Keep reading to better understand why the right social campaigns can pay for themselves.
What is the Importance of Marketing?
The importance of marketing is quite simple. People need to know your business exists in order for you to be successful.
It doesn't matter if you stand on a street corner passing at flyers or if you invest in a television commercial. Marketing is pivotal to your business if you want to have any form of longevity.
There are different types of marketing, and none are one-size-fits-all remedies. What works for one company can be a total failure for another.
Tried and true marketing methods include:
- Digital Marketing
- Print Marketing
- Radio Marketing
- Television Marketing
With the emergence of social media, new and more advanced means or reaching audiences via digital marketing have come about.
How Does Social Media Play Into Your Marketing Strategy
It is estimated to be 4.29 billion people with access to the internet, globally. With the growth of social media, a large number of them utilize one or more social platforms.
Business owners have the potential to tap into their target audience by doing research and determining which platforms they are one. Marketers can leverage social media channels for their clients with multi-level strategies to get them connected to your brand.
Social media is often where most online users will interact with content from your website. You can view your social media business pages as an extension of your website.
If you have a blog or eCommerce site the content can be shared and with a call to action. Users are directed back to the website. This is key because social media does have many distractions, whereas, your website is solely about your business.
Social Platforms to Lookout for in 2020
There are many moving components of social media and platforms that have proven their worth. Before we get to that, let's look at what new platforms are trending and have great potential.
Tik Tok is a social networking video streaming service. It has been out for a few years but recently began to pick up steam. It is already surpassing popular video platforms in terms of app downloads.
Users can create short videos from mobile devices. For quick engaging videos for social media, businesses can attract younger users.
You can get a lot more behavioral data from the social video app. Also, the videos are great for Facebook and Instagram Stories integration.
The time to introduce TikTok is now because marketing firms already sees its potential. You can expect social media giants to start introducing ways to use the platform as part of their advertising options.
If you are looking for new ways to advertise your business on social media to make sales, House Party is probably not the route to take. For businesses and brands big on engagement (see more below) it is a perfect tool for interacting with consumers.
House Party is the video version of the old chatroom. Instead of a group of people exchanging text, they are communicating via video.
Currently, this is an app geared towards teens, college students and young adults.
Vero has been around for almost five years but only recently has it began to peak. What is unique about it is the platform does not rely on algorithms or advertising. As it grows expect this to change.
Businesses can benefit from the current fluidity of the sight because it introduces your brand to an audience in a less intrusive way. It also removes the work of zeroing in on a target audience.
Now let's get into how businesses can use social media to improve their bottom line.
Understanding Paid Advertising
Annually, advertisers spend almost 7 billion dollars on digital advertising. Costs can add up easily if you do not understand how paid advertising works.
The most popular social media platforms like Facebook, Instagram, Twitter, and YouTube, all have a paid advertising model.
There are different cost models you can engage in.
- CPC or PPC - Cost Per Click
- CPI - Cost Per Install
- CPL - Cost Per Lead
- CPM - Click Per Impression
- CPV - Cost Per View
The most popular of these options is CPC. Cost Per Click or Pay Per View is based on the number of times someone clicks on your ad. If the ad is seen 1,000 times and only 10 people click on it, you pay for the 10 clicks.
Where some people get confused is in not understanding the amount they should be paying per click. There is a bidding process involved that could impact the number of impressions your ad will receive.
If you bid too low, your content could end up getting buried.
Growing engagement is one importance of advertising on social media. Engagement means people are interacting with your content. If they don't know the content is there, they can't engage.
This is why marketing is required for businesses to grow their online presence.
When you have a personal social media page, you are interacting with family, friends, and people you have bonded with overshared interests.
In the case of a business page, once you've invited those same people to subscribe to your page, you hit a brick wall. Mainly because the people on your friend's list are not your target audience. They may like, share, or comment on your post, but that is not true engagement.
You'll need to have a strategy to get people to your page, so they can learn about your product or service. True engagement is measured by the number of people that subscribe, comment, leave reviews, and share your content, that is not known to you.
The ultimate test that you are growing engagement is by the number of people that go to your website or visit your business and make a purchase.
Facebook wants to be the go-to social media platform and they show it by coming up with tools businesses need to succeed. A Facebook marketing strategy can be multi-tiered.
One day you can utilize video, the next images, and the following day, create an invitation for an upcoming event.
Facebook isn't just about promoting content. They allow users to upload various applications to assist their customers. There are apps that allow eCommerce sites to sell directly from the platform.
The service industry can upload a booking app to make it easier for people to schedule your services. Messaging features allow messages to go to your phone or email.
There are also integration tools that allow you to connect your Facebook to other social media platforms. This way you do not have to post content on every account.
The Power of the Story
Facebook reports 3 million advertisers utilized the Story feature in their digital marketing strategy in 2019. Stories have proven to be a successful feature for Instagram and Facebook with 100s of millions of subscribers using it.
YouTube is currently testing its own version.
The social media giants have determined that giving users a prominent space on the website to showcase content improves the chances people will view the content.
FOMO or the fear of missing out is what fuels Stories. The content is only available for 24 hours so followers click on them first.
Businesses benefit in two ways. One, they utilize the story feature as part of their strategy. Two, they purchase advertising and place their ads between Stories.
Live Streaming to Grow Your Audience
Video is everything these days. Social media platforms realize it and they are allowing businesses to capitalize on it. Live streaming is an application embedded in most social media platforms.
The app allows users to stream live video to their audience. One industry that has made this tool work to their advantage is the religious community.
Churches realize there is an untapped market. More people do not attend church than those that do. By live-streaming their services they invite people around the world to hear their message.
In addition, financial industries have taken note. New apps have been developed that can be incorporated into the live stream to give people the ability to interact with the online service. Now they can watch and contribute.
Building Brand Advocacy
Brand advocacy is when people care so much about your business, they tell everyone about it.
The brand advocate can be a family member, customer or employee. On social media, they share your content, comment on posts, and leave reviews. In person, they do not hesitate to give a word-of-mouth endorsement.
To show appreciation, companies incorporate a brand advocacy rewards program. This is a way to reward your advocates without letting them know that's what they are.
Rewards can be branded paraphernalia such as t-shirts, coffee mugs, or baseball caps. Employee rewards can be more personalized.
Generating Leads and Completing the Sales Funnel
At the end of the day, the importance of advertising is to generate sales leads. We can't forget this is why you are in business. If at the end of a marketing campaign you can't see improved results in earnings, you're wasting your time.
Why is social media so popular among marketing specialists? They know how to get the results companies are looking for.
At the heart of every marketing campaign is lead generation. These are the methods used to garner interest in what the business is offering. Once interest is piqued the person goes into a sales funnel.
The sales funnel is the steps required to turn a lead into a sale.
Different industries will have different steps in the funnel. The basics are awareness, interest, decision, and action. Your set-up may allow for sales calls.
Understand Analytical Data
Social media analytics is what marketing specialists use to measure social media campaigns. The top platforms offer some form of reporting. In response to advertiser's needs, social platforms have raised the bar in the type of data they now offer to their clients.
With the data available, companies can zero in on who is responding to their content. They also see where they are losing people in the sales funnel. The demographics information now available gives deeper insight into whom their customers are.
This is beneficial in future campaigns because now you can tailor ads to a specific group of people fitting certain criteria.
Analytical data also show societal trends that may be impacting your business. The red sweater may not be selling because yellow is now the hot new color. The rule of engagement is to always stay ahead of the game and anticipate what your clients need.
It's Time To Get Social
A new decade has arrived, and it's time to start thinking bigger when it comes to the importance of marketing. Businesses have a lot of untapped potentials. Moving into areas that are unfamiliar can be difficult but it also could be where you find the greatest successes.
There are many ways marketers can leverage social media channels for your business. We'd love to show you how. Click here to learn more about our portfolio of digital marketing services.
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