What started as a fad, a means of communicating among friends and family, or just a portal to reach out to new people has evolved into one of the most potent marketing tools. Social media has become an integral part of marketing campaigns irrespective of the size and reach of the organization. It’s no more a question of whether or not your venture needs social media, but if you are utilizing it to its fullest potential. An effective marketing campaign needs a comprehensive social media strategy.
A social media strategy encapsulates what an organization is looking to achieve and how they are going to use social media to fulfill its objectives. It is a statement of purpose outlining the process to follow and the goals to achieve for an organization. A strategy incorporates the requirements of the target consumer, financial forecasts, promotion timelines, actionable plans, etc.
Let us take a look at some of the social media marketing benefits:
- Brand Image and Awareness: Social media serves as a platform to put forth the uniqueness and authenticity of your brand, it helps you reach the target audience and highlight the values and ethics your brand stands for. Social media contributes significantly towards the increment of your brand awareness and helps in setting up an identifiable image. The feature that sets social media apart from other marketing tools is the opportunity to document your journey and milestones, which in turn enables the target consumers to connect with your product and values. Careful and strategic cultivation of your brand online can cement your place in the market.
- Influence over Purchasing Decisions: More than 50% of social media users refer to social platforms to decide on their purchase of any product or service, while around 40% of users make purchasing decisions directly based on what they see on social media, how strong the reviews and recommendations etc. Therefore, an effective campaign coupled with authentic feedback, reviews, and recommendations can increase conversions and lead to a boost in sales.
- Social Media has Key Influencers: Social media is rife with influencers, celebrities, and several other well-known personalities from across all fields and domains that have an immense fan following. If the social media marketing companies strategically choose and reach out to these influencers to endorse their brands, it can make all the difference in the world. There are several start-ups and new brands that have gained significant market share and credibility purely by the strategic use of social media as a marketing tool. Different social media platforms cater to marketing requirements of different types of products, for example, Pinterest and Instagram are useful for a product that appeals to the visuals, and likewise, Facebook and Linkedin are suitable for posting blogs and promotional content.
- Insight into Latest Marketing Trends: Social media marketing need not be limited to talking about your brand and putting out promotional content, it actually can serve as a great tool for research and an excellent bank of ideas for innovation. Brands can keep a hand on the pulse of the market through their social media handles by constantly engaging with their existing and potential. Some of the best marketing strategies are surveys, online polls, live chats, and feedback windows for a new product or content. This helps in gauging the inclination, needs, preferences, and overall mood of the consumers with respect to any product or topic. An insight into the latest trends gives you the ability to modify and align your product with the need of the hour. It also gives you an insight into what your competitors’ are getting right or wrong in the same domain.
- Massive Reach of the Internet: The reach of social media is increasing every single day, which in turn is increasing the pool of prospective consumers. The social media marketing strategy needs to take this information into account every time they conceive and implement a new campaign, as the plan needs to pander both to the existing consumers as well as continuously reach out to a new set of audience. A well-balanced introduction and a well-researched plan of diversification and inclusivity can dramatically increase the market share of any brand.
So that was a brief rundown of why you need a well-balanced and effective social media marketing strategy in place. It plays the role of any powerful marketing tool, which is of aligning the commercial outcome with the business goal and endeavouring to grow and increase brand awareness and loyalty.