Social media is more than just a tool for socially engaging online with friends and family. Platforms such as Facebook, Instagram, YouTube, What’s App, and others, created an opportunity for companies to reach their potential customers on a global basis. The amount of data recorded and analyzed by these platforms’ complex algorithms is sufficient to understand what are the specific interests and needs of each of its users and, therefore, when should these platforms leverage these users to sell spaces on their “screens” to businesses interested in advertising their products. According to the online portal Statista, world online advertising spending in 2018 surpassed the $74 billion mark. Social media is not only a tool for connecting people but also to connect marketers with their desired audience.
The possibility of quickly and affordably reaching potential customers all over the world created a demand for skilled online marketers that understand and know how to leverage the power of social media. The number of online adverting agencies boomed in recent years, and there are even online courses teaching how to create your own social media marketing agency and get your first $1,000/month paying customer. It might seem too good to be true, but if we realize that by creating a simple Facebook Ad to generate leads to your local dentist you could potentially get him a customer who will pay more than that to his service you can see how this could sound reasonable. Social media is disrupting the market as we know it, buy giving us all the means to reach new audiences and get insights to help our online business, agency customers, or the company we work for.
The true power of social media relies on the possibility of influencing your audience. It is not only about advertising to the specific target audience you believe would be interested in your products, for instance. It is more about understanding what is the best possible content you could provide to this audience to influence them to make a purchase, follow your social media business page/account, like your post, etc. We can better understand this when thinking about Instagram influencers. Regardless of being famous celebrities that started their Instagram accounts already getting several followers or unknown people that organically grew up their fan base, these influencers maintain their followers based on the content they regularly post that somehow inspire, motivates or influence them in some way. Similarly, businesses should understand that they need to create a proper strategy for each social media platform and provide content that influences their potential customers. Only after securing a good and desirable content they should show them to their targeted audience.
It is important to understand the power of social media not only as an advertising tool but also as the best platform type to engage with consumers and establish a good and recognizable customer service. Each customer has a “louder voice” on social media, with simple complaints potentially reaching several people both in and out your potential customer base. On the other hand, great customer experiences reported on social media could travel far and fast, generating good publicity for your company. Therefore, great customer relationship is becoming more of an obligation than a differentiation factor in today’s environment.
Concluding, social media gives entrepreneurs, executives, marketers, or any people desiring to sell a product, service or idea, a great opportunity to showcase good content to the right people. To keep up the good work it is also mandatory that these companies provide great customer service and are always trying to retarget their existing user base to extend their customers lifetime value for their business.