Social Media – Why it works
Why it is actually important and why it is effective?
Still not on the socials? Here’s why you should dip your toe.
Nowadays, in our modern world – social media is the place where people spend most of their time. According to Google, 57% of the world’s total population are social media users. That means there are 4.48 billion potential customers and end-users out there ready to show interest in what the digitally connected social ecosystem has to offer.
That being said, there are still many companies and marketers figuring out how to join the party. But if you think about it, this level of opportunity to target people with relevant advertising is genuinely unprecedented.
With super targeted campaigns, you can reach your target audience where they spend their time online the most. It is a strategically smart opportunity to introduce your product, or service to potential customers in a context and moment of content consumption that is most relevant to your advertising message and goals.
To mention two big social media platforms, LinkedIn and Facebook have a huge amount of data points on their users enabling marketers to target campaigns and advertising extremely precisely. Of course it can sound intimidating that someone is watching your digital steps (and that is how it feels sometimes…), but from a marketer’s point of view it is also an opportunity to deliver more relevant and therefore ultimately more valuable advertising.
Both Facebook and LinkedIn have clear knowledge about what you like, what you follow, your interests and can maybe even predict when you are home. All this knowledge for a marketer means potentially reaching the right person at the right time with the right message.
But, it does require a level of marketing discipline to figure out what is relevant to your potential customers and perhaps even more importantly what is relevant to your marketing plan. You must ask yourself, “what data will I decide to pay attention to?”
As marketers we are now all swimming in data, but it takes some clear thinking time to figure out which data will drive your success. In a very simple sense you must figure out a way to draw a data line to a meaningful ‘conversion event’ that ideally you have attributed a monetary value to. A simple A/B test can help you figure this out.
WeThink Social can assist you to test your target audience and get immediate insight.
With clear sighted strategy and some decisions about your chosen targets, we can help you figure out who your current audience is and potentially interesting new audiences. This is especially useful if you are in doubt about your target audience, or are looking for ways to grow. There is amazing data out there just waiting to be collected and analysed!
One thing to know is that both Facebook and LinkedIn were built to create new networks and build personal networks. As they evolved their business model they needed to create revenue streams and of course they turned to advertising. These advertising placements on the platforms have in turn enabled the analysis of user behaviour data.
For example, you can optimize your budget towards the customers that are most relevant for your business goals. You can measure ROI (return on investment) in real time and scale successful campaigns/initiatives to win new market share as well as discover new markets in other countries etc.
Facebook and LinkedIn are great tools for brand building, as both platforms invite interaction and involvement from your potential target groups. People spend a lot of time on social media, so by being visible, you as a company can stay top of mind in the specific target group you want to reach.
The importance of social media is not only about existing virtually as a brand, but also as a communication center creating meaningful communication between customers and companies. Social media platforms are used by many people to get in contact with companies/brands, and by seeing that a company is present on social media companies come across as more reachable and real. This in turn creates ‘social proof’, which builds reputation and is a great way to build brand equity over time.