Owners are taking advantage of this broad avenue to connect with customers like never before.
How has social media shaped the way we do business, and what’s the best way to drive these encounters?
Let’s delve into it with answers to those riveting questions and more.
People Like Social Media
More than simply helping us connect, these platforms, from Twitter and Facebook to LinkedIn, have become an intrinsic part of our lives. According to MarketWatch, most adults in America spend the majority of their day on one media site or another.
On average, we invest a whopping 11 hours a day swiping, clicking, and sharing content. The trend doesn’t seem to be slowing down either. This study reports an increase of 90 minutes a day online compared to just four years ago. All this focused attention created a wonderfully accessible audience.
The Perfect Pair
The relationship between social media platforms and advertising started early, and pioneers like Facebook made ads a part of its revenue model from the get-go. Businesses proved willing to pay to reach the right people, and it worked.
Reports from 2008 indicated $1.4 billion was spent on social network ads that year, an actual downturn from the projection of $1.6 billion. Despite this dismal performance, experts anticipated an upswing. By 2012, online advertising in America came to age with the top three moguls alone: Amazon, Facebook, and Google pumping a combined $6 billion into the economy.
It All Went up From There
Forecasted ad spending for 2019 is expected to hit significant milestones where digital sales outpace traditional media, particularly TV, plus a new contender — Amazon. Its media sales challenge longtime champion advertising sellers Google and Facebook for a piece of this projected $129.34 billion pie. YouTube, Roku, and Twitter also expect a massive boost in sales thanks to the increasing popularity of video streaming.
The Power of Data
Why did social media surpass the reigning marketing ritual of TV commercials and radio spots? Data. Social media has something these other platforms don’t — the ability to track behavior. Armed with this intimate knowledge of your customers, you now have direct access to their wants and needs.
How do you manage the return on your company’s social media investment? When you run a digital ad, you have complete control over it. You pick when, where, how often, and how much you’re willing to spend.
Using this vast resource of your target customer’s daily routines, you have the power to drill down your investment efforts to the minute. Craft your message to speak directly to Jane about her love of leather pumps or appeal to John’s appreciation for gardening tools.
With the comparatively low cost of digital ads, it’s hard not to see how social media has changed business marketing. No longer is a one-size-fits-all kind of campaign the best route to grow your business. Social media offers companies the option of a more authentic approach.