Social Media Marketing
Social networking websites allow individuals to interact with one another and build relationships. When companies join these social channels, consumers can interact with them directly. That interaction can be more personal to users than traditional methods of outbound marketing & advertising.
Social networking sites act as word of mouth. Social networking sites and blogs allow followers to “retweet” or “repost” comments made by others about a product being promoted. By repeating the message, the user's connections are able to see the message, therefore reaching more people. Because the information about the product is being put out there and is getting repeated, more traffic is brought to the product/company.
Through social networking sites, companies can interact with individual followers. This personal interaction can instill a feeling of loyalty into followers and potential customers. Also, by choosing whom to follow on these sites, products can reach a very narrow target audience.[5]
Social networking sites also include a vast amount of information about what products and services prospective clients might be interested in. Through the use of new Semantic Analysis technologies, marketers can detect buying signals, such as content shared by people and questions posted online. Understanding of buying signals can help sales people target relevant prospects and marketers run micro-targeted campaigns.
In order to integrate Social Networks within their marketing strategies, companies have to develop a marketing model. In a marketing model based on Social Networks is provided. The model includes the following steps:
- selection of potential Social Networks to use;
- definition of a financial plan;
- definition of organisational structures to manage the Social Network in the market;
- selection of target;
- promotion of products and services;
- performance measures
Social Networking is used by 76% of businesses today. Business retailers have seen 133% increases in their revenues from social media marketing