BusinessSocial Media

Is Social Media Marketing the Right Option for Your Business?

The significance of social media in business is increasing day by day. To be honest, every time a new marketing channel emerges, business owners just jump on the bandwagon without actually considering if this channel is right for them or not. It’ll work for many, but sometimes businesses may fail to capitalize on the opportunity. – And it’s completely normal to have both winners and losers!

“Yes? No? Maybe? Well, you’re about to find out!”

However, if you are one in the latter category, you may hate the idea of using social media as a promotional platform. Social media marketing has become extremely popular over the years. However, popularity can’t be considered the best metric to judge your business decisions on.

So if you are wondering, “is social media marketing the right option for my business?” we’ve got the pointers you’re looking for to plan your next marketing campaign.

Here are a few aspects that you need to consider before putting your money on social platforms like Facebook, Pinterest, Twitter, Reddit, Instagram, Snapchat, etc.

Questions to Ask Yourself before Jumping on this Bandwagon

Before finalizing your social media marketing plan, ask yourself the following questions.

  • Who is my target audience?

You need to be honest with this one. If your target audience is men who are 60+, maybe you’ll want to consider going back to traditional methods that are still appreciated.

  • What are my goals?

What are you exactly trying to achieve with this marketing plan? More traffic? Higher sales? Brand awareness? Be clear about your goals, or you’ll be surprised with the results.

  • Is my target audience active online?

Probably the most critical answer that’ll give you the final verdict about whether you should go with social media or not.

  • How do I connect with them?

Do you think there is a need for your sales team to make cold calls to convince someone to buy your product? Or, will a Facebook profile with entertaining and informative content encourage customers to follow you and your business?

These questions are essential to deciding whether a social media marketing plan is ideal for you or not. If you can’t find answers to these question, it’s better to take more time in planning your next step.

Benefits of Social Media Marketing

  • Brand Awareness

Social media can help your brand become more prominent with an increase in its social presence. Every time your followers like, comment or share one of your posts their friends see it on their Newsfeed. This’ll encourage others also either to follow your updates or simply read about what your business actually is.  In addition, those people who have heard about your brand but never actually got the opportunity to find out more about your business, get a chance to find you on a platform they spend most of their time on.

  • Generate Traffic

It’s pretty apparent that we all use digital marketing techniques to generate traffic on our website. Your social media posts can play a vital role in this effort. According to Statista, global social media users are expected to rise to 2.77 billion people. That means you can target over 35% of the world’s population with this crazy marketing strategy! – That’s huge!

  • Lower Marketing Cost Compared to Traditional Techniques

Do you know how much it costs to run a TV commercial during the Super Bowl? Drum roll, please!! According to CNBC, Disney paid a whopping $5.2 million to grab a 30-second slot for ‘Avengers: Infinity War’!

On the other hand, social media platforms allow you to post updates, reviews, videos for free. You are allowed to run paid ads as well, but I don’t think you’ll ever feel the need to spend that much on something that users can only see for 30 seconds.

  • Boost in Sales

Consumers prefer buying products from businesses they trust. Social media is a great way to build this relationship. With all the high-quality content you post, it will increase your business’s value and credibility in the digital world. This will definitely help your sales go up. According to a survey conducted by ViSenze, 75% of consumers are inspired to buy by video and image content have seen online.

Why Doesn’t Social Media Marketing Work for Some?

There are chances that social media marketing is something your business can’t do. Here are a few reasons why.

  • Your Target Audience Doesn’t Rely on Social Media for Information of Your Business

Many successful businesses haven’t yet felt the need to touch the social market. The primary reason behind this is that their target audience isn’t on social media. Usually, businesses that produce highly technical products will have a tough time finding potential leads on social platforms.

Ever wondered why you’ve never seen a Lamborghini or Ferrari ad on TV? Probably, because people who can afford to buy these supercars are too busy to watch TV. Though TV ads is a traditional method, this example is too provide you with a clearer picture of how your target audience plays a vital role in choosing the right marketing channel

  • Privacy Laws and Restrictions

If you are running a business that falls in the healthcare or financial service industry, you need to be careful before posting anything on social media. Regardless of all the benefits, you can get, if your posts conflict with the restrictions and laws of HIPPA, I’m afraid it can cost you up to $250,000 and ten years behind bars. – Pretty risky!

  • Unable to Create High-quality Unique Content

Content is king! Ever heard of that? Well, it’s true. If you fail to provide high-quality content on social networks, don’t expect much engagement. On the other hand, even if you get your content created from a digital marketing agency, you need to make sure that you pre-plan how you’ll deal with the comments and customer queries after posting. To stay on the safe side, we advise you to hire a digital marketing or content expert to manage all your content. If you lack the resources, it’s better to stick with other marketing channels.

The Greatest Interception Ever

“I was saving this for the last!”

Remember when I mentioned how expensive a 30-second slot is during the Super Bowl game? Back in Jan 2015, the Swedish brand Volvo played the stroke of genius which had all other automobile company owners scratching their heads.

Every year many top car brands spend millions of dollars on a TV commercial during the most viewed sports event in the USA. However, in 2015 Volvo decided not to spend any money on it. Instead, they launched a competition in which you could win a brand new Volvo car for a loved one. All you had to do was tweet the name of the person you’d like the car to go to and hashtag #VolvoContest every time you see a car commercial during the game.

The basic idea behind this trick was to divert viewers’ attention from the TV commercials of other cars to tweeting about Volvo. Wondering how it performed? Well, it broke the charts! In total 55,000 tweets were posted. While all other car brands got a 30-second slot, Volvo stole the show by getting attention for as long as the game was played. And that’s the power of social media – The perfect touchdown!

Still Confused?

It’s completely normal! Social media has shown signs of beating traditional marketing tactics several times over the year. However, as we mentioned above, it apparently depends on your niche and resource. If you have the right resources and products, you’re good to go. However, if it doesn’t fit your industry, you can still utilize other techniques to make your desired sales.