Social media marketing has become a significant part of modern marketing strategy. However, the question is whether social media marketing is effective enough to generate leads and sales.
Social media marketing (SMM) refers to using social platforms such as Facebook, X (Twitter), LinkedIn, Instagram, etc., to promote brands and businesses. SMM helps companies build brand awareness, increase visibility, and reach potential customers.
According to Statista, in Nigeria, Ad spending in the Social Media Advertising segment is projected to reach US$105.60m in 2023. Ad spending is expected to show an annual growth rate (CAGR 2023-2027) of 9.78%, resulting in a projected market volume of US$153.40m by 2027. In global comparison, most ad spending will be generated in China (US$96,030.00m in 2023). In the Social Media Advertising segment, US$153.40m of total ad spending will be generated through mobile in 2027. In the Social Media Advertising segment, the number of users is expected to amount to 91.55m by 2027.
Social media marketing has become a powerful tool for businesses looking to reach their target audience. The key to success lies in understanding how social media platforms work and how they can be leveraged to promote your brand or business.
Facebook alone has over 2 billion users. X (Twitter) boasts over 500 million users. LinkedIn has nearly 400 million members. These are only some of the largest social networks out there. Hundreds of smaller ones exist, such as Instagram, Pinterest, Snapchat, Tumblr, and Reddit.
Social media marketing combines various strategies that allow brands to connect with customers through different channels. This includes posting social media content, advertising, building communities, and much more.
With the dramatic growth of social media as an essential marketing tool for businesses this past couple of years, business owners like you need to show a keen interest in understanding social media marketing.
Now is the time to consider having a social media strategy because you need to know how to empower your business with social media marketing.
Table of Contents
What is Social Media Marketing?
In this article, I define social media marketing as creating and posting texts, photos, Instagram stories, audio and videos that drive engagement with your target audience. It also involves reaching an active user base on a social platform through paid advertisement.
According to this, some people will use various applications to spot opportunities, network career opportunities, find people across the globe with similar interests, and share their thoughts, feelings, insight, and emotions on social media.
Social media presents vast opportunities for businesses to promote their goods, services or compelling content. Social media is a powerful marketing channel for creating two-way conversations with potential customers.
While a social media campaign may work well for some countries and organisations, it will not work for everyone. How you approach your social media marketing efforts will depend on your business. Therefore, you need a social media marketing strategy before considering setting up a social account for your business on any social media platform.
A great example of how social media differs from one country to another is, according to McKinsey, China’s social media users are not only more active than those of any other country but also, in over 80% of all cases, have many social media accounts, with local players (compared with only 39% in Japan).
This appetite for all things social has spawned a dizzying array of companies, many with tools more advanced than those in the West: for example, Chinese users could embed multimedia content in other social media activity over 18 months before X (Twitter) users could do so in the United States.
Each social media and e-commerce platform has at least two major local players: in microblogging (or weibo), for example, Sina Weibo and Tencent Weibo; in social networking, several companies, including Renren and Kaixin001.
Below, I summarise what social media platform you should use.
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- Social Networks: Facebook, Instagram, X (Twitter), Google+, LinkedIn, Sina Weibo, Snapchat, Pinterest, Reddit, YouTube, Xing, Flickr, Quora, Tumblr.
- Social Streaming: YouTube, Spotify, iTunes, Netflix, LiveStream, UStream, DaCast, StreamShark, Facebook live, Periscope, Funny or Die, Crackle
- Social Search: SocialMention, Social Searcher, Pipl, Technorati, Keyhole. Co, Hashtracking, Tagboard. Facebook Search, X (Twitter) Advanced Search, Twazzup, Bing Social.
- Social Knowledge: Wikipedia, Britannica, Reddit, Quora, Khan Academy, TED-Ed, Crash Course, Mental Floss, Science Daily, How Stuff Works, Space.com, History.com. Biography.com, LiveScience, DuckDuckGo, Wolfram|Alpha, Google Scholar, CodeAcademy
- Social Blogging: Blogger, Tumblr, Medium, WordPress.com, Ghost, Wix, Silverback, Pistachio, Svbtle, Yola, Edublogs, LiveJournal, Weebly, Pen.io, your personal/company blog
- Social Customer Service: Amazon Customer Reviews, Angie’s List, Trustpilot, ConsumerReports, TripAdvisor, Yelp, TrustRadius, Foursquare, Get Satisfaction, X (Twitter), Social Commerce Reviews.
- Social Publishing: Buzzfeed, Huffington Post, Google Display/Network Publishers, Blog Posts, General/Media Sites, Niche Sites.
- Social Bookmarking: Scoop it, Slashdot, Digg, StumbleUpon/Mixx, Pocket, Pinterest, Reddit.
When highlighting the brands mentioned above, one impressive social media platform stands out from other social media sites. i.e., Facebook.
Over one billion people are using Facebook! This shows why Facebook offers excellent potential for social media marketers and brands to reach their target customers as a social media channel.
Another impressive thing to note about Facebook is that it is a vast and active platform and one of the best marketing channels.
People log in to their social media profiles daily to check messages. They like and share social posts and use this social media website as a communication tool to communicate with friends and brands.
Its high technology capabilities set Facebook apart from other social platforms. One area that’s worth looking into is Facebook advertisements.
Facebook advertising is a vibrant and robust tool to enhance your social media presence. You can use it for brand awareness to get your branded or user-generated content in front of those who are more than likely to engage and convert.
The declining organic reach of social media posts on Facebook has resulted in the thriving of paid ads, especially for brands serious about understanding social media and using it as a social channel to promote their services and products and drive sales.
But, as with any pay-per-click (PPC) campaign, you need a marketing strategy. Many businesses and social media managers give up on social media advertisements too soon because of the reduced engagement rates/conversion or because they do not see the clear picture through their social strategy.
Tips for Social Media Advertising
Are you interested in launching a successful social media marketing campaign? Follow these tips.
Facebook ads come with a neat feature called audience insights. It allows you to fine-tune your target audience.
You select your prospect’s interest. After that, it collects data and utilises it to enhance your campaign.
The targeting criteria are extensive. It allows you to choose demographics such as gender, age and location.
Do not group different criteria. You have a better chance of converting prospects by targeting a specific interest.
These days, mass marketing rarely works. Consumers want to feel connected with any brands they buy.
Separating your campaigns will also give invaluable insights into who’s converting.
Don’t make too many changes to your campaign. If you change too many things too fast, you can’t determine what caused your ad drive to improve or decline.
It also takes time for Facebook’s algorithm to adjust, so patience is critical.
Pay close attention to your analytics, especially for competitive analysis. Track what needs updating. Pay attention to data such as age, gender, devices and regions of your conversions.
Also, there’s an ad relevance score. On a scale of 1 to 10, this score tells you how relevant your ad is to your selected target audience.
Social Media Marketing and the Role of Digital Agencies
On the positive side, digital agencies that offer social media management services can help you see the whole picture. They can help you develop a plan and manage your social media marketing. They can also help you create a social media content calendar to guide a great content mix and ensure consistent branding on posted content.
As a business owner, you may not be familiar with some intricate aspects of social media marketing, such as influencer marketing, email marketing, creating engaging content types such as visual and high-quality video content or the impact of social media marketing on your search engine optimisation. Hiring a digital agency can help to improve your marketing efforts, especially in a post-COVID-19 business environment.
Digital agencies can also help you with your lead generation, calculating performance and other social media metrics, posting quality content, creating a social profile and other activities that will help you meet your marketing objectives.
Do You Need Further Help in Understanding Social Media Marketing?
From all the above information, do you see the importance of understanding social media marketing?
Social media marketing is the modern-day version of word-of-mouth advertising. One of the biggest mistakes you can make in your business is to ignore the potential of growing your business online on leading platforms and reaching current customers or your next ideal customer.
If your target market is young people, your social media team must use relevant content strategy in your social media marketing campaigns to reach them at the right time and through the proper social media channels. This is critical during trending events when you need to get them in real time.
Social media marketing is not only about using social media management tools to create promotional posts and schedule them on your social media calendar. It is about using various digital channels and social media networks to connect and engage with your target market.
- Do you need more clarification?
- Do you need help with your social media marketing strategy?
- Or do you need help with your social media marketing plan and creating social content?
- Do you know how to calculate your return on investment in social media marketing?
- Which social network is essential to your business?
- Are you using data from your social media analytics to improve your social engagement, social presence and brand image?
- Do you need help with your marketing efforts in general?
Your marketing strategy can be influenced by the information you have about your audience. An effective marketing strategy comes from data. Let us help you discover this data for your marketing strategy.
In conclusion, social media marketing is a great way to connect with your customer base, build relationships with loyal customers and improve customer experience. Social media has become a powerful tool for businesses to communicate with their audience. Many organisations are reaping the benefits of using it to provide a personalised experience to their target audience. You can reap similar benefits also by using it to provide a positive experience with your target audience.
There are many other ways to use social media for marketing your brand and reaching your business and social media goals. But it doesn’t stop there. Knowing the various types of content formats that will resonate with your wider audience and improve your conversion rate takes work. You will also need to work to create a solid promotional message and a successful campaign.
Contact us today. We can help improve your social selling strategy and reach potential customers and other related business goals.
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