The Benefits Of Social Media Marketing: Explained

The Benefits Of Social Media Marketing: Explained

Table of Content

Nearly the entire world has shifted from using traditional feature phones and desktop computers to using smartphones, tablets, and other smart devices. These modern devices are smaller and more powerful than the devices we used in the past. Together with the change in technology we have also seen substantial growth in internet adoption in all parts of the world. Today, the internet is faster, cheaper, and better than it was just a few years ago. Combined with the massive volume of traffic from a global audience, the internet has become the dominant force for businesses across all industries.

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Digital marketing was something that only a minority were interested in and invested in, just a few years ago. Today, however, digital marketing is the first step that businesses take to establish themselves. There is no doubt that digital marketing is important because we have a lot of internet users. But, to get the most out of social media marketing, one needs to know how to use it effectively. Through proper social media marketing, you can harness a lot of benefits for your businesses. Here are some of the main reasons why social media marketing should be a priority for any kind of organization.

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Identify Trends

Due to how interconnected the world has become and how rapid the transfer of information is, we are living in an era where consumer trends and consumer behaviors are rapidly changing. Something that happens in one part of the world easily influences the lives of individuals in other parts of the world and vice versa. In fact, social media itself is a huge influence on consumer behavior. For instance, if you market your product through an influencer who has 10 million or even 5 million subscribers, that influencer has the ability to influence the purchase decision of a few million people. That is more people than the total population of many countries in the world.

In the same way, you can reverse-engineer different social media metrics to see what people are most interested in. When you market through social media you get a detailed report on how your ads are performing and even specifications about the audience that they are performing best with. You can use social media to run all kinds of surveys and tests to see what people want. In this way, there is a lot that social media offers if you want to learn about consumer behavior.

Competitor Research

The online world is filled with businesses of all kinds and chances are that the major players in your industry are also online. The internet is home to nearly 5 billion daily users, and businesses from all over the globe have a digital presence. Whether you are looking to find out about competitors in your local area or you are looking to learn about international competition, you can easily do it through the web.

In addition, it’s not just the number of competitors that you will have access to, but also the quality of information that you get. Just on social media platforms alone, you can learn a great deal about a business. You can even learn about the individual members of that company, their products, their customers, what they do, and how they do it. If competitor research and analysis are your goals, then there is no better place to start than social media.

Stay Updated

Some of the biggest companies in the world spend billions of dollars every year just on research and development. Some of this is research into their own products and services, but a lot of it is research into what other people are doing so they can stay one step ahead of their competition. Through social media, you can easily stay updated on what your competitors are doing, what shifts are happening in your consumer base, how your product is performing, what changes are taking place in the industry, and many other things.

Since there is so much information on social media that you can explore, it serves as a consistent flow of information about anything that you want to stay updated with.

Thought Leadership

Whenever a person wants a solution to a problem or they want an opinion or some advice, they will prefer to listen to someone who is a leader, an expert in that particular field, rather than someone who just knows a little bit about it.

Online visitors generally start off with a query; they want an answer to something like what the best material for their kitchen renovation will be or what kind of property they should invest in to get good returns in a few years. You can use free real estate social media posts to develop yourself as an authority in that space. When you have plenty of content regarding that particular topic or answering a particular query, search engines and people will both start seeing you as a thought leader in that subject. The opinions that you voice will have an increased weightage because people will give that opinion significance. This is one of the most effective things that you can use social media for which will help grow your business and your reputation in your industry.

Reuse Content

Similarly, the content you create once can also be used in different ways. For instance, if you Tweet about your business, you can use the same content in that Tweet and also share it on your Facebook, or you could take a snippet and share it on Instagram, or make a small reel and play it on TikTok. The possibilities are endless.

One piece of content can be reused multiple times and each time it will generate some kind of viewership and engagement. This will drastically reduce your content creation costs and will also allow you to hit multiple social media platforms without being overwhelmed with creating unique content for every platform.

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Publish Company Information

Another great benefit to social media is that it connects your audience to you. You can have people that are subscribed to your YouTube channel, people that follow you on Twitter, or people that are part of your Facebook Group. All these mediums, and others as well, create a direct connection between you, the publisher, and your audience. Everything that you share on this platform will get great engagement because it is being sent to people who are already interested in what you want to say and they have connected with you specifically because they want to stay updated on whatever you post.

This gives you a very strong platform through which you can share any and all kinds of information related to your business or even about yourself if you are building yourself as a brand. Rather than sharing it on random pages or running paid ads to an audience of strangers, you can share it with people that are already interested and get much better results. Rather than sharing it with 100 people and hoping some will buy it, you can share it with a group of 20 people of which all 20 people are willing to buy.

Social Proof

When you are shopping in the physical world or even just considering a place to go, you will most likely choose a place that you have been recommended a lot, or a place that you see is drawing a visible crowd. People like to do things that other people are doing because the fact that it has a good audience means that the thing must be worth all the attention that is getting. Similarly, no one wants to have something that has been rejected by everyone else because there must be something wrong with that product or service.

Similarly, when you get great content on your social media you will get shares, engagement, traffic, and all the things that come with social media. All these different metrics give your current audience and future audience proof that you are worth all that traffic. When you already have a million subscribers, new subscribers will be far more willing to join because one million people have already ‘proven’ that your service is worth subscribing to.

Easy Distribution

In the past, sharing content meant buying costly newspaper ads or buying extremely expensive TV ads, hiring a team of marketers or getting people to cold call clients, or any of the many other manual processes for getting the word out. Moreover, you were limited in the kind of content that you could create. If you were relying on print media, you relied heavily on text, or at most, some pictures. Moreover, publishing the content was a hassle.

Social media gives you the option to share any kind of content you want whether that is audio, video, text, images, or anything else. More importantly, you get access to individuals directly through their smart devices. It’s far more affordable than traditional media and you can even reach out to a global audience with a click of a button. Distribution of your content is a breeze through social media and digital platforms in general.

Re-targeting And Re-engaging

Today everyone knows about cookies that are stored on their browser, but few people know how useful these little things are for marketers. When you visit a webpage the website requests that you allow cookies. Once the cookies are allowed, they are stored on your browser and they keep an eye on your browsing habits. Once you have left the website and logged on to your social media the stored cookies are used by the website to find you among the billions of users on that social media platform and show you the ads that are relevant to the products that you saw on their website.

The cookie is essentially a tracking device that helps advertisers show you the right ads, again and again. This is known as retargeting, and it is extremely effective in getting people to eventually buy a product or service. When you have been seeing the same ad for days and weeks on end, you eventually end up buying, and you often end up buying the very product that you have been seeing rather than some other random product in that category.

Cost-Effective

One of the big advantages of social media for small and medium-sized businesses is the low barrier to entry. You can create an account and start posting for absolutely free. In fact, you can grow your business to quite a good size just by sharing free content and developing a customer base through organic reach.

If you want to get the most out of the platform then you should consider paid advertising. This will help each post reach more people because you are paying the social media platform to show that post to as many people as possible. You could spend a couple of dollars a day to a few thousand dollars a day, or even more. It all depends on how much you want to spend but in any case, it is far more cost-effective than traditional mediums of advertising like TV and print media.

Collaborate

There are countless people on social media that you can connect with to grow your business. For instance, if you want to learn about your industry, you can follow thought leaders in the space on Twitter and stay updated with what they have to say. If you want to meet other business owners with who you can talk about your business, you can use Facebook Groups.

If you need employees or want to outsource a department, you can use LinkedIn. If you want to engage with customers you can use any kind of social media. If you want help with marketing, you can reach out to influencers and have them endorse your product or service. There are so many options through social media because there is just such a huge audience that is available.

The main aim for a physical business is to get as much footfall as possible so that they can convert people into sales. With social media, there are countless ways to not only get more traffic but also to improve your conversion rate. If you are just starting out then there is no harm in doing all these things yourself. However, as you start to scale up, these processes will become increasingly complicated and you will most likely need to focus on other areas of your business. At that stage, it would be a good idea to get a social media manager or even a social media marketing team to take over these processes and optimize them even further.

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Written by

Alexander Sterling

Alexander Sterling

Alexander Sterling is a renowned financial writer with over 10 years in the finance sector. With a strong economics background, he simplifies complex financial topics for a wide audience. Alexander contributes to top financial platforms and is working on his first book to promote financial independence.

Reviewed By

Judith

Judith

Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.