Social media itself is a catch-all term for sites that may provide radically different social actions. For instance, Twitter is a social site designed to let people share short messages or “updates” with others. Facebook, in contrast is a full-blown social networking site that allows for sharing updates, photos, joining events and a variety of other activities.
To this end, companies make use of platforms such as Facebook, Twitter, YouTube, and Instagram to reach audiences much wider than through the use of traditional print/TV/radio advertisements alone at a fraction of the cost, as most social networking sites can be used at little or no cost (however, some websites charge companies for premium services). This has changed the ways that companies approach to interact with customers, as a substantial percentage of consumer interactions are now being carried out over online platforms with much higher visibility. Customers can now post reviews of products and services, rate customer service, and ask questions or voice concerns directly to companies through social media platforms. According to Measuring Success, over 80% of consumers use the web to research products and services. Thus social media marketing is also used by businesses in order to build relationships of trust with consumers. To this aim, companies may also hire personnel to specifically handle these social media interactions, who usually report under the title of Online community managers. Handling these interactions in a satisfactory manner can result in an increase of consumer trust. To both this aim and to fix the public's perception of a company, 3 steps are taken in order to address consumer concerns, identifying the extent of the social chatter, engaging the influencers to help, and developing a proportional response.
Since social media marketing first came to be, strategists and markets have been getting smarter and more careful with the way they go about collecting information and distributing advertisements. With the presence of data collecting companies, there is no longer a need to target specific audiences. This can be seen as a large ethical gray area. For many users, this is a breach of privacy, but there are no laws that prevent these companies from using the information provided on their websites. Companies like Equifax, Inc., TransUnion Corp, and LexisNexis Group thrive on collecting and sharing personal information of social media users. In 2012, Facebook purchased information from 70 million households from a third party company called Datalogix. Facebook later revealed that they purchased the information in order to create a more efficient advertising service.
Social networking websites allow individuals, businesses and other organizations to interact with one another and build relationships and communities online. When companies join these social channels, consumers can interact with them directly. That interaction can be more personal to users than traditional methods of outbound marketing and advertising. Social networking sites act as word of mouth or more precisely, e-word of mouth. The Internet's ability to reach billions across the globe has given online word of mouth a powerful voice and far reach. The ability to rapidly change buying patterns and product or service acquisition and activity to a growing number of consumers is defined as an influence network. Social networking sites and blogs allow followers to "retweet" or "repost" comments made by others about a product being promoted, which occurs quite frequently on some social media sites. By repeating the message, the user's connections are able to see the message, therefore reaching more people. Because the information about the product is being put out there and is getting repeated, more traffic is brought to the product/company.
Your customers, prospects, and partners are the lifeblood of of your business. You need to build your marketing strategy around them. Step 1 of marketing is understanding what your customers want, which can be challenging when you’re dealing with such a diverse audience. This guide will walk you through (1) the process of building personal connections at scale and (2) crafting customer value propositions that funnel back to ROI for your company. Get Started
As mentioned earlier, technology and the internet allows for 24 hours a day, 7 days a week service for customers as well as enabling them to shop online at any hour of that day or night, not just when the shops are over and across the whole world. This is a huge advantage for retailers to use it and direct customers from the store to its online store. It has also opened up an opportunity for companies to only be online based rather than having an outlet or store due to the popularity and capabilities of digital marketing.
Google's core algorithms and its propensity to shroud its data in layers of obscurity is not something new. However, it is critical to any understanding of marketing on the internet simply because this visibility is at the heart of everything else that you do. Forget about social media and other forms of marketing for the time being. Search engine optimization (SEO) offers up the proverbial key to near-limitless amounts of traffic on the web.