Word of mouth has always been a powerful source of marketing throughout the world. Previously companies would only request their customers to refer their product or services to a friend if they were satisfied with it. Nowadays social media has emerged as a modern medium for ‘word of mouth’.
Even though there are various methods for the marketing of a product on social media. Either it can be open and self-explanatory. This means when a person is posting about a product or sharing its marketing campaign. This is an explicit way of marketing but an implicit one is more prevalent. Social media sites especially facebook uses an algorithm that detects preferences of its users and then customizes ads for them based on their interests.
Effects of Social Media on Businesses
The power of referrals has taken over the place of traditional marketing to a large extent. User-generated content is a modern word of mouth. It’s the most cost-effective strategy for marketing where millions are saved from getting spent at advertising in broadcast media.
There are certain drawbacks to this social media advertising as well. Precisely speaking criticism or negative feedback. A high chance is if a customer was dissatisfied with the product, he will review it that way. Which can be both productive or destructive. If such reviews come in heavy numbers and on a consistent basis. That means a company is least bothered about satisfying their consumer base. This indifference can destroy their repute. On the other hand, some companies can take advantage of this opportunity to improve their products. With direct and organic reviews they know exactly where they fall short.
This situation is when users are giving positive feedback about the product. This will boost its position in the market. Since people rely more on the experiences of their friends, they are more likely to buy the stuff they reviewed positively. Social media is an ideal way to monitor the preferences, likes, and dislikes of a consumer base.
Different Outlets For Social Media Marketing
It’s basically a hub for professional networking. People post their resume and connect with users of the same interests and backgrounds. This helps them grow their businesses by introducing their products and services around and get innovative ideas or support from professional circles.
2. Blogs are Becoming a Source of Marketing
Nowadays, blogs are written and share on various sites to generate the traffic which may include potential clients. A well-written blog that is SEO optimized can help towards the ranking of a certain site. It needs original content relevant to the company’s niche that can bring in users looking for similar products.
That is becoming another hub of marketing. By posting comprehensive comments about the quality of services can help in attracting consumers. Many leads are generated through this channel for new startups.
One can set up a channel and gain subscribers by tactfully utilizing this platform and posting videos related to the product. It’s not necessary that only the company’s channel is used for marketing. Influencers can be contacted to discuss or share the product within their video blogs that can be totally irrelevant to the said product. But still, advertising is done well in this way. These videos can get viral across social media and can bring in many benefits.
5. Review sites
These are just other venues of projecting and advertising what a company has to offer. If a product is promoted through positive reviews, it will bring in potential clients looking for products by going through reviews and recommendations.
6. Facebook and Twitter
As discussed initially, there are two forms of marketing content, one is user-generated that takes place at both sites. Whereas the other is, the algorithm based that generates ads based on attitudes and preferences as indicated by social media profiles. Its mainly done on facebook which we see through ads running at the side.
7. Strategies are Important
It’s easy to gain followers but harder to retain them. You constantly need to feed them with something that they keep following you and even make your content viral. Besides transparency is mandatory. If you set up a profile with a fake name and start posting about your product. Eventually, either the page is removed or followers run away. Interaction has to be done in an engaging manner.
Traditional marketing can’t be discarded in favor of social media marketing but that doesn’t negate the increasing influence of advertising through social media. Even traditional ads can refer to the website of a company for further exploration. So eventually ‘’ All roads lead to Rome’’. Even conventional marketing must attach its strings with social media. Youth is more inclined towards these pages and trust in referrals rather than a billboard sign of a model handling a toothpaste with sparkling teeth.