With all the marketing channels available, should your company focus on social media marketing? If you sell anything online, then the answer is yes. Every company from mom and pop to multi-channel industrial behemoths benefit when they are active on social media.
Each social platform has a unique audience. Companies can target those audiences, segmenting them by multiple specific demographics and interests. It’s the most cost-effective method of advertising businesses can use. However, social media is more than a business tool. It is a vital communication link between consumers and the company.
If you’re on the fence about investing time and money into social media marketing (SMM), here are ten great reasons to hop over and get started.
1. Improved Brand Awareness
Did you know that 90% of people with social accounts have used them to communicate directly with businesses? Adding a social media strategy into your marketing mix increases brand visibility and recognition. It’s the perfect opportunity to share the latest news and product updates directly with your target audience. Unlike email, your message doesn’t get filtered out. Your content has a broader reach, and the brand becomes more familiar to new leads and current customers.
When you target the right channels for your prospects and customers, they begin to see your brand in more places. This increased visibility helps to gain their trust and can increase their interest in a repeat purchase.
2. It's Where Your Customers Are
59% of people visit a social site every day, and a third of those people check their accounts over five times per day! A business that posts regularly becomes more engaging to their prospects.
There are over 800 social channels, making it easier for marketers to target the right demographics. For example, Pinterest’s users are 68% female and 32%, male. LinkedIn users are 35 or older, and the most followed brand on Instagram is Nike. When you know your audience, you can concentrate on the social arenas they frequent.
The Top 8 media channels are still the best place for any business to start their social media marketing:
Monthly Active Users (MAUs) for these sites are in the billions and growing. Marketers can target specific demographics based on their gender, age, location, interests, the brands they like, hobbies, or other specific interests.
3. Improved Brand Loyalty & Retargeting
As consumers, we all want to shop at a store where the staff pays attention to us. It’s human nature. It’s the same with online shoppers. By interacting with them, answering questions, or acknowledging concerns, customers are more likely to be loyal to the brand.
By working with a retargeting partner, you can retarget shoppers who abandoned their cart, by serving ads to them on their social platform.
Facebook and Instagram are two prime examples. Through machine learning, your retargeting partner will continuously improve at displaying targeted ads to the right person, reducing abandoned carts. It’s another way of showing that you are attentive to your customer’s needs.
SMM is one of the most cost-effective methods of advertising. It’s three times less expensive than traditional media. As an example, shown below is a brief cross-channel analysis of the CPM (cost per thousand impressions) of advertising.
Cost Per Thousand Impressions
Direct Mail - $57
Broadcast TV - $28
Magazine - $16
Newspaper - $16