Pros and Cons of Social Media Marketing
Within the last few years, there’s been a drastic change in the approach to marketing and promotion. In the past, it was more common to use offline forms of advertisement and website promotion. With the recent on-pour of social media activity, smart companies are jumping on the wagon and not looking back.
Social media marketing is such a monster of a tool to the marketing industry because it allows for direct engagement with customers, increased branding, and advanced tracking & analytics. These aspects alone have companies salivating over social platforms.
If you are not taking advantage of social media in your market today, this article will explain exactly why you must do so right now.
When did social media take over?
The very first recognizable platform was called "Six Degrees" and was created by Andrew Weinreich in 1997. Several platforms followed suit after Six Degrees' roundup of 1 million total members. Originally, social media was just a space for people to communicate and connect with their friends, old colleagues, co-workers, and family members. However, many businesses began using social media to locate their audience and study demographics. In recent years, many platforms have integrated advertising which completely changed the marketing world as we knew it. With more than half of the world’s population engaging on social media, developing systems to profit from advertising was inevitable.
The impact of social media advertising
Social Media Marketing and Paid Advertising have become juggernauts in the realms of promotion and brand development. Traditional techniques and approaches had to adapt to the new age market. These platforms are very powerful and useful because they provide resources. A customer doesn't have to watch the news, listen to the radio, or search for specific items or issues online anymore. They simply can open an app like Instagram, Facebook, or YouTube, and discover anything that they are curious about.
This trend has influenced many brands to center their own campaigns around social media markets and apps simply because most of the world’s population dwells there.
According to mdgadvertising.com, Americans spend an average of 23.6 hours online every week; primarily on social media. Percentages of time adults spent on apps:
Pros and Cons of Social Media Marketing
The Law of Averages: If you can reach just 100,000 warm targets per month, and just 1/100 of those targets move forward in the sales cycle, that is 1000 leads! If you only close 10% of those, that's 100 new clients a month!
Provides essential tools that improve visibility and exposure
Helps brands establish connections with consumers
Allows the study of insights & analytics of each account
Allows identification of algorithms and trends to improve your approach
Most of society spends their time on social platforms
May seem like a big investment, but you get that ROI lucratively if you choose the correct team to work with.
Can be a ton of competition depending on your market
Some ads may be more expensive than others depending on type & placement
If your ads are not successful and engaging, they will cost more
Can be overwhelming to learn for non-users
Sales cycles take little longer depending on your market
Each platform has different functions, purposes, and algorithms
The digital marketing jungle can be very intimidating. You may not see the need for it, and some seasoned businesses can survive without it. However, to thrive and beat out competitors, you should definitely include this into your business plan. You may currently be doing some yourself, but for long-term sustainability, you will need an in-house marketing team or an outsourced marketing agency. Focus on your business strategy, success, and closing deals then watch your business grow and flourish.
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Thanks for reading!
Gigante, M. D. (2018, October 02). How Social Media Has Changed the Ad Game [Infographic]. Retrieved April 14, 2019, from https://www.mdgadvertising.com/marketing-insights/infographics/how-social-media-changed-the-ad-game-infographic/