Social media marketing is a great tool to market your business and help it become more visible to the public. It has several benefits for startups and established brands, such as increased traffic, improved SEO, brand loyalty, and healthier customer satisfaction. But, with the rise of competition, it’s important to be on top of your social media marketing strategy from the start.
Businesses can benefit from social media marketing in several ways. In fact, it’s now the #1 channel for businesses online. There are over 3.03 billion active social media users, making it the world’s largest marketing platform. The number of users continues to grow every day. According to a Statista study, the number of users increased by 121 million between the second and third quarters of 2017. On average, one new person joins a social networking site every 15 seconds.
Social media is an easy way to reach your customers. With a small budget, you can target specific keywords and demographics to increase your message’s reach and awareness. It’s also the place where customers go when they have questions or concerns, making it an excellent place for businesses to respond to these queries promptly.
The cost of social media marketing for businesses varies depending on the task’s complexity and the needed services. For example, an agency may charge between $3,000 and $16,000 per month to manage your social media accounts. You’d get two to three pieces of content per week for this amount. If you’d prefer to hire a freelancer, the cost can range from $200 to $500 per month. You’ll need to hire someone skilled at strategy, content creation, and project management. In addition, you’ll need to spend significant time on your social media marketing campaigns.
While there is no general rule for how much to spend on digital marketing, there are general guidelines. A B2B company should spend at least two percent of its revenue on marketing, while your business should budget between five and ten percent. In addition, according to research, the overall share of social media in a marketing budget is expected to reach 24.5% over five years. However, each company should set their budgets according to their resources and goals.
As social media becomes more widespread, firms need to focus on developing new types of relationships with consumers and online community participants. These new relationships must be built through active participation, managing online reputation, and incorporating new methods for engaging internet users. Relationship building in social media differs from traditional hard-sell marketing in many ways. Today, most people deal with information overload, and firms need to develop new ways to build relationships and maintain them.
For most businesses, the best approach is to post relevant and high-quality content. Providing value through social posts is more important than being on every network. People don’t like to read sales pitches, so providing great content is important.
Customer loyalty is an important part of marketing for all businesses. While it’s not a new concept, it has taken on a new meaning in the digital age. Social sites are exploding, and consumers are moving their social interactions online. This trend is helping businesses increase brand recognition, inspire loyalty and gain new business.
One of the best ways to create customer loyalty is to offer an exceptional product. Studies show that a poor product is the number one reason consumers abandon a brand. In addition, bad customer service is the number two reason that consumers leave a brand and go to a competitor. Thankfully, social media makes it possible to create an environment where a customer can share a great experience with friends and family.
Monitoring the competition
One of the most important things you can do to stay ahead of the competition is to monitor their social media activity. This will allow you to learn how your competitors are engaging their customers. You can adapt your approach if you see how they respond to a customer’s question or post a comment.
One way to monitor your competition is to look at the companies that are similar to yours. This can include a simple number of online fans, or it could be something more telling, such as pictures of the investors deciding to buy your competitor’s stock. It’s a good idea to look at your competitors’ social media activity to see what they’re doing right and not doing well.