How to increase business with Social Media Marketing Did you know more than 92% of small business owners strongly agree to the importance of social media marketing for business? Or that social media marketing has a 100% higher lead-to-close rate than outbound marketing? According to Marketing Guru Neil Patel- “Social media is the fastest growing trend in the history of the world.” What is social media marketing? As per Wikipedia “Social media marketing is the process of gaining website traffic or attention through social media sites.” However, Neil Patel again defines it appropriately Regardless of the industry, you serve, investing in social media marketing will help your organization grow. Not only in terms of dollar-dollar bills
1. Introduction In recent years we can see that social networking sites are gaining popularity as particularly in business environment. For the growth of social networking sites; sky is the limit. The very first social networking website came in the market just a decade ago, since then the way we communicate with other people has also changed. Social Networking sites like Facebook, Linkedin, Twitter and many more are so well-established in this contemporary digital globe that they are blended in our daily routine very easily.
This information shows the impact of social media on small businesses. According to Penenberg, “ Social networking sites, a component of social media, was responsible for more than 13.8 billion display advertisements in August 2009, which accounted for at least 25 percent of all display advertisements viewed via the internet” (Penenberg 125). This shows that, social media has changed global marketing, where marketers are not only depending on just communicating to a target audience, but also discovering new methods to impress people through Social
The growing importance of applications like Facebook, YouTube and others in consumers’ lives has an increasing influence on their communication habits. With consumers spending more and more time in the social media realm, an increasing share of communication occurs within these new social network environments. (Kozinets et al., 2008, Merz et al., 2009) A random survey of 399 European and U.S firms showed that 88.2% of firms had started the initiative of social media, and almost 44.2% of these firms have fully integrated social media in their business policies (Barwise, 2010). Related research demonstrates that consumers are spending 25% of their Internet time on social networking sites, up from15% in 2009 (Nielsen 2010). According to Experian Marketing Services in 2013, 27 percent of time spent online was on social networking.
Social media marketing is a new trend of marketing where different Businesses have taken to social media sites to market and promote old and existing products and brands or create more awareness of their new products. Facebook and Twitter are the two most well known sites where firms market and promote themselves. Over one billion users worldwide use both sites everyday; from averages Joe’s to famous celebrities. Such is the power of each social media site that one post can make or break you. Forbes estimated that in 2011, Facebook and its founder Mark Zuckerberg were worth an estimated 50 billion dollars as a result of its growing popularity.
People like to connect, communicate and share. It can be seen through the development of languages, the exchange of letters, the invention of the phone and today’s social media platforms such as Google +, Twitter and Facebook. Facebook being an important social media platform with 1.19 billion users worldwide (Facebook Key Facts 2013), since 2004 it has been attracting more and more users. It is of interest how Facebook is keeping it’s free service for its users, and despite its significant size still is growing its user base and revenue. Two questions are open: First, what is the marketing processes involved in Facebook's success story?
The first way, businesses express their ways of marketing in the 20th century is through social media and expressing interest in people 's hobbies. It has been recorded by the "Forrester research" all ads trading trafficking on exchanges, which increased about "17.5% to about 629 billion impressions in 2012, from 535 billion in 2011" (Vega, Tanznia). This fact shows how much the Internet has blossomed and started a revolution of different ways marketing can be portrayed to people outside of the area of where your business is located. As a business you can have your ad posted on a website for a lower charge than you would if you wanted to pay for a billboard for a lease. The cost of advertising o... ... middle of paper ... ...inesses succeed on online marketing.
Facebook is one of many social networking services, launched in 2004 and founded by Mark Zuckerberg with his college roommates and fellow Harvard University students (https://www.facebook.com). Instagram is yet another popular social media network with currently over 100 million active users. Created in 2010 by Kevin Systrom and Mike Krieger initially for the Apple devices, its availability now ranges across the board of smart phone devices (http://instagram.com/about/us/#). Another estimate is,” 4.2 billion people use mobile devices to access social media sites” (http://visual.ly/social-media-facts-2013). The availability of these types of social networks through mobile devices has magnified the popularity.
First, advertising accounted for the majority of the revenue. It took up 99 percent of Facebook’s revenues in 2009, 95 percent in 2010 and 85 percent in 2011. The social connections and demographic information of users allowed the advertisers to have opportunities to segment and target these users. The requirement for users to reveal their authentic identities gave companies good opportunities to grasp their information and make money. Facebook created database according to the interests and hobbies of users by mapping the connections between users and their friends and recording the services and products they liked.
Appears that anywhere you look today you will find someone using social media. With advertisements and commercials even billboards Social Media appears to be anywhere you look. Social Media is such a big thing today, according to study provided by the website Socialnomics, individuals devote 700 billion minutes every month on Facebook (statisticbrain.com). Social Media has now become so much better for advertising that it is changing how business is done. Look past the posters in social media sites as LinkedIn and Facebook, there is a craze developing and corporations are finding themselves more so operating with social links for routine business.