Role Of Social Media In Marketing

798 Words2 Pages
bulb-icon

Recommended: Impacts of social media on business

The landscape of marketing has changed drastically over the years, and the biggest change in the last decade has been the emergence of social media and how it’s usage has led firms to completely revamp their marketing strategies, and how they make their marketing decisions. In this paper, I am going to highlight the importance of finance in marketing decisions, how important it is to implement a marketing budget, and analyze the role of social media in marketing and how it also impacts marketing decisions.
The use of financial planning is a very important aspect of marketing. From determing the number of personal that will work in the marketing department, to allocatimg funds for the marketing budget, marketing promotions, and the product launch, without good financuals, …show more content…

Since 2000, the emergence of websites such as: Facebook, Twitter, Instagram, and Snapchat just to name a few, have completely changed how marketing is directly, especially towards the younger generation, and gave wave to a new trend in marketing called, social media marketing. More and more firms are allocating a larger percentage of their budgets to spend on social media, in some cases even 20%, but more and more research is showing that that spending on social media is not worth it. Social media does not gurantee a return on investment, and in many cases customer social information is not integreaded with other customer information. “Companies are not integrating customer information from purchasing, social media, and other communication channels, this means companies do not yet have the critical 360 that could help them increase customer acquisition and retention” (Christine Moorman, 2016, Forbes, pg 1). All of these factors have led to firm’s failure to drive the much needed financial performace connection between their social media contributions and a failure to acquire consumers and retain

Show More
Related

  • Rock Island Chocolate Company's Social Media Marketing Strategy

    649 Words  | 2 Pages

    Social Media Marketing is an important tool for business growth and communication to Rock Island Chocolate Company’s (RICC) current customers and future customer captures. A 2012 survey, done by Newtek Business Services, stated that out of over 2,800 respondents, 47% used Facebook for their business (Entertainment Close-Up, 2012). In addition, a study done by Social Media Marketer in 2014, concluded that the time commitment a week is relatively low for employees. Approximately 64% of marketers work on social media for 6 hours a week, on average (Stelzner, 2014). With the intention of successful implementation of social media, RICC will establish measurable and attainable goals.

    Read More

  • Social Marketing: The Positive Impact Of Social Media

    754 Words  | 2 Pages

    With the advancement in technology, everyone and everywhere is using social media or social networking sites to interact with other people. In this technological world, communication has grown very fast due to this social media. Nowadays, there is no issue of long distance; they can communicate with people across the world. There are so many social networking sites which can be used like Twitter, Facebook, WhatsApp, Instagram, Skype etc., not only to keep in touch with family members or relatives, but for business purposes. I disagree with this statement that ‘Social Media is just an excitement or publicity’ Edosomwan (2011, p.85). I know ‘Social Media’ does have negative impacts, but in spite of the negatives, it has direct and positive impacts

    Read More

  • The Importance Of Social Media In Business?

    1016 Words  | 3 Pages

    Through the popularity and variety of social media platforms there is a transparency among individuals and businesses that did not exist before. The transparency within businesses allows brands to engage with their consumers, which makes it easier to establish a connection and makes it difficult for businesses to cover up unethical dilemmas. As a result of increased transparency among business practices, consumers want to shop from companies who build ethics into their brand. This trend can be explained by social influence and social media’s ability to communicate norms, how emotions dominate decisions and the motivation to see oneself as good.

    Read More

  • Social Media And Marketing Analysis Of The Walt Disney Company

    842 Words  | 2 Pages

    Embracing social media to attract consumers, The Walt Disney Company should pay attention to the magnifying change of consumer behavior and social media. To begin with, outreaching information by sharing is reshaping the sphere of consumption. Consumers tend to make decisions based on others’ recommendation. Additionally, the impact of engagement between consumers and firms is magnifying. What is more, as myriad social media platforms continue to incorporate, they still preserve their own characteristics. Shifting patterns of consumption and intergration on social media ecosystem represent opportunity to Disney. Therefore, Disney can craft marketing strategy to make judicious use of social media by realizing and understanding revolution in

    Read More

  • Stages in a Marketing Plan

    2341 Words  | 5 Pages

    Marketing planning can be defined as a sensible way to manage the sales and marketing function is to find the systematic way of identifying a range of options, to choose one of them, then to schedule and cost out what has to be done to achieve the objectives. Marketing planning is the planned application of marketing resources to achieve marketing objectives; it is simply a logical sequence of a series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them. Companies go through some kind of management process in developing marketing plans. Marketing planning is essential when considering the increasingly hostile and complex environment in which companies operate. Many external and internal factors interact in a complex way, which affect the ability to achieve profitable sales.

    Read More

  • Marketing Through Social Media ( Exploratory Essay )

    1058 Words  | 3 Pages

    Marketing through Social Media (Exploratory Essay) Throughout the ages there have been many intriguing ways that businesses have portrayed their product or services for accessibility. Recently, businesses have been researching how to market the businesses product through the World Wide Web. With websites such as Facebook, Twitter, Instagram, it started becoming popular within the past 20 Years. People have started to rely heavily on the internet over the past decade, whether it be for searching for information on products or people.

    Read More

  • Marketing Usage of Social Media for Customer Engagement: A Wells Fargo Case Study

    1855 Words  | 4 Pages

    Social media is at the core of many marketing plans for corporations in the United States and world-wide. One of these companies at the forefront of social media use is Wells Fargo Bank, N.A. (Wells Fargo). The ability to directly contact customers and potential customers in a real time online environment is crucial to the bank / customer conversation and reinforcing the company’s place in a customer’s mind as the entity that they want to do business with (Wells Fargo Bank, 2014). This case study will discuss the current status of Wells Fargo’s use of social media as a means to building their customer base. Additionally, historical information on the process of the marketing move to social media will be presented and the development of the roles that are involved in this marketing strategy will be discussed. The impacts to the public sphere and society at large will play into the discourse of the social media topic and finally, the underlying theories will be discussed as they pertain to Wells Fargo and social media.

    Read More

  • Marijuana Advertising Ethics

    1075 Words  | 3 Pages

    Among the billions of social media users, there is a percentage dedicated to businesses who use social media as part of their marketing strategy. The sheer number of people who use services like Facebook and Instagram on a daily

    Read More

  • Social Media as an Advertising Tool

    989 Words  | 2 Pages

    There was once a time when companies used to spend heavily on publishing, compelling, ads on newspapers and magazines just to put the word out there, but times have changed and so have the medium used to broadcast these ads. Nowadays, companies use the internet to spread the news, to be more specific, companies use the social media as an advertising tool. Over the years, social media has vastly changed the way we communicate and interact with one another, some examples of such social media might be Facebook, Twitter, and YouTube etc. This kind of interacting tools are now been used by businesses to sell or advertise their products, one might say that the social media is the modern day substitute for newspapers and magazines. One company that has been doing this heavily is Android (owned by Google), Android ads can be seen in every corner of the internet whether be famous sites like Facebook or now extinct ones such as Myspace, although one such social media that they haven’t been using is XDA developers. The site predominantly focuses on software development and discussion for Android, Windows, Ubuntu Touch, and Bada phones etc. The following paper will discuss and analyze their audience and argue why XDA developers is the best social media platform to advertise smartphone operating system companies such as Android to the general public and developers.

    Read More

  • The Impact Of Social Media On Business

    725 Words  | 2 Pages

    Sometimes the best way to see if your business needs help with social media is to get your hands dirt with a social media evaluation. Although you might not be a social media expert...yet, you can still use these questions to see how to improve your presence.

    Read More

  • Social Media for Business Communication

    1104 Words  | 3 Pages

    The writer finds social media is important in her current organization, Modern Business Concepts, Incorporated (MBC). With small business organizations such as hers, social media is important in spreading information on who the company is and what they do. Also as a business-to-business sales and marketing company, spreading the word is important in gaining customers and potential employees. Ucok (2014) uses research and experiments to prove how social media is essential to marketing. These platforms were essential in Ucok’s research, resulting in higher response with marketing campaigns proving “the importance of social media in marketing strategy and communication” (Ucock, 2014, p. 95).

    Read More

  • Effects Of Social Media Marketing

    1157 Words  | 3 Pages

    Social media in marketing is used as an apparatus that builds an identity for a brand and gives awareness that they thought they could have. It does not only respect buyers, but also customer allegiance. Social media is widely-ranged so it can be used in whatever way that best conforms to the strategy and wants of the business. In accordance to the social media marketing report of 2014, a considerable (64%) of marketers use social media for at least 6 hours or more and 41% for 11 hours or more weekly, more importantly nearly (19%) of marketers use up to 20 hours each week on Facebook, Twitter, LinkedIn, Instagram and many more. The report also showed 7 social media platforms that led in 2014 which are Facebook, Twitter, LinkedIn, Google+, Youtube, Pinterest and Instagram.

    Read More

  • Specsavers Case Study

    1494 Words  | 3 Pages

    In 2016, the value of Internet retailing improved to 84% (Euromonitor International, 2016). Thus, online marketing became vital to businesses to promote their products. In respond to that, market players continuously promote their products through social media such as Facebook and Instagram. Businesses improve their customer relationship management as these platforms provide a swift and convenient 2-way interaction (Euromonitor International,

    Read More

  • Essay About Social Media Marketing

    1027 Words  | 3 Pages

    Since social media users grow larger and larger, many companies take the opportunities of using social media marketing to reach more customers. Companies use social media marketing in order to achieve marketing communication and branding goals. Social media allows companies to see what prospects are saying about their brands and competitors. It also allows companies to build deeper relationships with existing customers that drives them to purchase again and again. Not only it can help them generate new leads, but it allows them to build deeper relationships with existing clients that drives them to purchase again and again. It has become common for businesses to branch out and experiment with multiple networks with the aim of reaching the maximum amount of costumers.

    Read More

  • The Importance Of Social Media On Business

    1240 Words  | 3 Pages

    We can now connect with each other instantly over the internet. It is quicker and easier to communicate and share with each other now than it has ever been. Massive amounts of people access the internet every day, and a good number of them are using social media. This means that the ability to use social media and use it well is crucial for modern businesses. Whether for public relations or advertising social media is now one of the best ways to access consumers. Especially when it comes to younger generations, if you aren’t online you don’t exist. Social media is an excellent way to establish a presence in the minds of consumers. They can interact and establish a connection with an organization instantly. Social media is cheap and its everywhere. If a business hopes to compete in the modern world having a social media presence is absolutely

    Read More

More about Role Of Social Media In Marketing

Open Document