Social media
Marketing on most social media platforms comes at little to no cost, making it accessible to virtually any size business.Accommodates personalized and direct marketing that targets specific demographics and markets.Companies can engage with customers directly, allowing them to obtain feedback and resolve issues almost immediately.
Allows companies to promote themselves to large, diverse audiences that could not be reached through traditional marketing such as phone and email based advertising.
Ideal environment for a company to conduct market research.Can be used as a means of obtaining information about competitors and boost competitive advantage.Social platforms can be used to promote brand events, deals, and news.Platforms can also be used to offer incentives in the form of loyalty points and discounts.
Social media advertising is an offshoot of digital marketing where paid ad campaigns are run on social media platforms to reach target audiences. Marketers and advertisers can promote their brands and inspire sales through the social channels that users frequently use.
Consider the following social media advertising statistics:
- 26% of users who click on Facebook ads end up buying the advertised product
- 7 million+ businesses use Facebook for advertising
- According to the CMO survey, brands will almost double their budget allocated to social platforms advertising by 2023.
These stats provide a clear picture of how integral social platforms advertising has become for organizations to grow their business.