Social Medias are no longer wants but needs for your businesses
- Social medias have been the most easier platforms for marketers who are willing to build customer relationships without bigger expenses on advertisements and promotions
- Plan of action and social media strategy is very essential to optimize the use of these sites. As per Gartner, only 20% of the compnies have the data to evaluate where their social strategy failed. It shows use of social Medias without proper action plan.
How are businesses gaining Competitive Advantage through Social media?
Social Media continues to surge as a channel for businesses to market them and engage with customers by increasing the followers of their websites. In today’s world everything is online-from marketing to knowing customer reviews or ordering for products or services. Printed media is becoming less relevant because almost all the users have smart-phones on their hands. They hardly use printed or other broadcast Medias such as television and radios. According to Forbes, as of January 2018, there are 4.02 billion internet users around the globe that makes 53% of the world’s total population. Active social media users make up 3.2 billion, or 42% of the population.
Social Medias help businesses through online networking and learning through latest updates. These Medias not only help interaction with employees over chat but also helps in connecting with customer service in a click of a button. Various forms of paid advertising (such as PPC-Pay per click) on Google are extremely expensive where businesses have to pay in every single step.
Likewise, if they are unpaid, it takes quite a long time for businesses to gain popularity among publics. On contrary, over social Medias businesses can actually advertise themselves at free of cost. Social Medias are significant to businesses in terms of building connections with current, potential as well as past customers as they provide platforms for user-friendly interaction. Therefore, we say that social Medias are one of the leading channels for marketing and advertising.
What Businesses are Actually Doing?
According to Gartner, getting a positive return on investment from social media campaign is all about linking with social strategy to measurable businesses objectives. However, many businesses are using social Medias because it has been evolving as a trend. A new study released this week from the technology consultancy says that half of Fortune 1000 companies will not receive a worthwhile ROI ( Return On Investment) on their social media strategies this year.
It has been found that most companies adopt this plan to use social Medias for one of 4 reasons:
- To increase revenue of their businesses
- To decrease operating as well as financing costs
- To increase brand awareness among customers
- To increase the satisfaction among members or maintain the prestige in the market
The use of social media should be accompanied with a plan of action that will measure its success. Social media has traditionally been embarked by marketing teams as a way to build company name, recognition and lead the generation. However, if the company’s targeted objective is not matching during this process, they need to evaluate where they are falling short. A business using social media to drive people to a website should be incorporated with an e-commerce strategy that leads them into a sales deal.
TOP 5 leading social Media Platforms used by B2B and B2C marketers:
|Name of Social Media||Share of respondents (B2B)||Share of respondents (B2C)|