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Before understanding the importance of social media. Let's look at Social Media.
Social Media is made with two words "Social" and "Media".Social refers to interacting with people by exchanging information with others. Media refers to an instrument such as the internet, (TV, radio, and newspaper in the olden days). As a whole, we can say social media are web-based communication platforms, applications, and technologies where people interact with each other by creating, and sharing the information, ideas, career interests and expressions they have known.
According to Wikipedia, "Social media are primarily Internet-based tools for sharing and discussing information among human beings.”
Some of the well-known web-based communication platforms are Linkedin, Facebook, myspace, youtube, etc. These social media don't exist in real life but it is just virtual to us.
We may have used many major social network sites like Facebook, Twitter, LinkedIn, etc. And we just say social media are just social networking sites but it's not true. There are lots and lots of other things. Social networks are just a small part of social media. Social media became extremely popular among Internet users which forced businesses to change their marketing strategies and use their social media tools as part of their marketing toolbox. Nowadays not connecting to social media is just an exception. So, before going to the importance of social media, let's give a look at various types of social media we are knowingly and unknowingly using.
1) Social Networks: Connect with people.Facebook, Twitter, LinkedIn
2) Media Sharing networks: Share photos, videos, and other media. Eg Instagram, Snapchat, YouTube, Pinterest
3) Discussion FOrums: Share news and ideas. eg: Stackoverflow, Quora, Reddit, Digg
4) Blogging and Publishing networks: Share interesting content. eg. WordPress, Tumblr, Medium, Ourtechroom
5) Consumer review network: Find and review business. Yelp, Zomato, TripAdvisor
6) Sharing economy networks: Trade goods and services. Eg. tradeworld.com
7)Interest-based networks—Share interests and hobbies. Eg. Goodreads, Houzz, Last.fm
fig: social media network
In this world of technology, every rising business and companies directly or indirectly depend on social media. It is becoming a crucial tool for the marketing strategy for your business. Social media will increase awareness of your business, connect with the target customers, and increase your income and leads in a sharp manner. Now let us look at some of the importance of social media which is necessary to know everyone.
Your brand to be globally recognized by doing numerous advertising campaigns and creating sponsors for your brand's social media page. So, your brand may get global exposure.
Let's take the example of TV or radio. People post their advertisements on TV, radio, etc in an attempt of getting traffic for their products. But actually, only a few targetted customers will be able to see those ads. So, TV and radio are not many customers driven ad marketing mediums. Now, let's look at someone using social media networks for grabbing sharp and targeted customers.
Suppose you have a brand called "FashionWear" then you can create social media account like Facebook, and Instagram and create sponsored campaign and target your visitor according to age group, location and hobby, and interest and get trusted attention from the targetted visitor. So, in this way, you may get genuine customers.
Most brand advertisements on social channels like Facebook, Twitter, Instagram, etc are viral, which makes them popular in a relatively shorter time. Traditional marketing in a newspaper, and radio has a slow conversion, static and less two-way communication (less feedback system ).
But using digital marketing or social marketing via social media can gain high conversion, and also it is dynamic and it is more interactive and has a better feedback system. In social media marketing strategy customers when asked something about the product then they get a quick response from the advertisement agency. So, a better loyal community can be formed.
There is more return on investment(ROI) in social media strategy than in the traditional method of doing marketing. Social Media decreases marketing costs as well.
Social platforms broke down barriers between businesses and their consumers successfully. Now the company instead of calling the customer service line, use Facebook, and Twitter to solve problems or find information.
Suppose you have a brand and if you create its fan page on Facebook, Twitter, and other social media and start writing brand posts on those media then targetted customers may visit your brand sites and finally increases traffic to your brand.
It increases CTR and directs traffic through dark social or brand awareness. It helps to create referral traffic through those same backlinks.
Brand exposure, lead generation, sales, and revenue generation are all possible outcomes of using social media in business.
Social media marketing is becoming a hot job nowadays. Social Media Marketer is getting a high salary for improving the brand of the business using social media platforms. Also if you are active on LinkedIn and you have lots of active connections with the people then they may message you a better job in your field.
Suppose you have posted ads on any social media. For simplicity, let's take Facebook as an example. Then on Facebook, you can track your ads like who are interested in the brand, from where the ads are seen as an analysis of what they have to do with their product for improvement but if you use traditional methods like TV and radio, etc you cannot track the realtime progress of your brand ads.
You can engage in real-time online chats with people who share your interests. There is a place for everyone, from current and prospective students, to alumni and stakeholders, to get answers to their queries and make friends and network.
Social Media provides the latest update on various brands, which helps a lot of customers know trends and topics on the internet and social media.
Social media is an ever-developing landscape. A social media platform can be hot one day and gone hotter the next. So, we can say there are lots of importance to social media and you can take social media as a career if you love social media.
Suppose you as the company doesn't use social media like Facebook, Youtube, Twitter, or Linkedin then it is sure that your company/brand will be far behind as compared to other related companies and may your company vanish within upcoming days.
You'll lose customers when you never have a social networking presence because they didn't know you existed.
You can increase the conversion rates of a visitor coming to your sites using social media. Suppose you have sites and you have a Facebook account or any other social media account and you sponsored your article and targeted the desired user.
When a targeted user clicked on that link then it will redirect to your sites. And when those users buy something from your sites then this will helps to increase conversion rates of sites So, all these things can happen with social media.
Traditional systems may not allow you to receive an immediate response from the user, but if you use social media, you can receive an immediate response from a bot also there is no geographical barrier to communication.
Social Media provides better opportunities for conversion of the user to buy the product, course, joining the forum etc.