Social media, everywhere!
Marketers have lately been diving deeply in the extensive realm of social media to leverage the potential of the platforms and promote their products. The power of internet has grown to an extent that brands could potentially be destroyed overnight because of it, or be the talk of the world overnight. Isn't this amazing?
You ask why? Well, almost half of the world's population is on social media today. The usage of TV is reducing for consuming content, and it is shifting to the internet now. An average young person spends about 2 hours 51 minutes of his/her day on smartphones consuming content. That is a very large opportunity to capture.
You want to promote your brand extensively and cost-effectively. You could not have been born at a better point in time. The undivided attention span of time people have on social media is enough for brands to register the advertisement in their mind.
59% of adults between 18-29 years of age are regularly using Instagram. Almost 2.2 billion people on Earth are active Facebook users. 6 out of 10 people say they prefer to watch videos online than on live TV. (Source: Omnicoreagency)
The numbers above are clearly pointing towards the shift of consumer behaviour towards online consumption of information, increasing year-on-year. I'm talking about, not the internet as a whole, because you obviously are aware of the shift. I'm talking about social media in specific. This industry has grown exponentially over the years.
(Image Source: Hootsuite Blog)
If you were still unsure of your marketing efforts on social media, the above numbers might just change your mind for the good. People are spending on social media. The numbers are a proof to that.
According to one of the surveys by CMO, the budget spends for social media are up by 32% this year (2018) from the previous year and are projected to increase to double of current expenditure by 2023.
Why do people use social media today? The top 4 reasons found out are:
- Staying in touch with friends (41%)
- Staying updated on current events (40%)
- Filling up spare time (39%)
- To find entertaining content (37%)
- ... 6. ... 7. ... 8. To research and learn about new products to buy. This is the number eighth reason why people land on social media.
One of the best things about social media is that you can specifically target ads towards your intended audiences and achieve a higher conversion rate than traditional outbound marketing methods. You can filter your audiences those who will see your ad posts and those who will not.
Young people do feel that the ads they see on social media are becoming more and more relevant for them. This is because the more they are spending time on social media, the more information they produce information valuable to marketers. Behavioural targeting of advertisements is increasing day by day. It targets specific activities and interest of users apart from their demographic and geographical marking. This is where you can stand out. Implicit targeting of ads, carefully revised, can bring you very high marketing returns.
Young people do feel that the ads they see on social media are becoming more and more relevant for them. This is because the more they are spending time on social media, the more information they produce information valuable to marketers. Behavioural targeting of advertisements is increasing day by day. It targets specific activities and interest of users apart from their demographic and geographical marking. This is where you can stand out. Implicit targeting of ads, carefully revised, can bring you very high marketing returns.
Social media is not only a platform but also a great tool to enhance your business. People have created entire businesses just on these platforms (Facebook, Instagram, Snapchat, LinkedIn, etc). I hope you or your organisation does not miss out on golden opportunities like this.