The traditional marketing model was to get as many eyeballs on your product or service's message as possible and hope that a percentage of customer’s purchase. Yellow pages, radio advertising, direct mail, television commercials, magazine ads, etc. are examples of these traditional advertising methods. Now the conventional types of marketing do not have the effect it uses to have because the consumer doesn't pay too much attention to one way messaging anymore. The message has been overdone, and people no longer trust advertisers. A recent survey found that only 14% of people trust ads while 76% of people trust consumer recommendations. In that regards, marketers considered other available alternative means that can be used to get in touch with potential consumers and the best means to do that is through the Social media.
Social media marketing was originally made popular by utilizing Websites and optimizing those sites through Search Engine Optimization (SEO) techniques. While still a worthwhile strategy, SEO has been updated by Web 2.0 strategies, such as social media marketing. Social media marketing is when companies utilize Web 2.0 platforms, such as blogs, social networking sites (like Facebook, Google+, Foursquare, Twitter, & YouTube) and other emerging online marketing tools. The benefit of web 2.0 platforms versus traditional means of advertising and even traditional website marketing is that it involves 'two-way communication,' where users are empowered to generate content and businesses are incentivized to communicate with their customers.
The days of broadcasting your product or services message out to the masses and hoping for a response are gone. People don't want to purchase from nameless, faceless companies. Not only are consumers paying attention to the 'man behind the curtain,' but they also want to know what others are saying about your product or service. A recent study concluded that 80% of US Internet using moms were influenced by word-of-mouth from friends and family when making a purchase decision. No other media platform allows for small businesses to benefit from consumer word of mouth advertising like social media marketing.
Benefits Of Social Media Marketing
- Increased New Customer Acquisitions - The main advantage of social media marketing is that you will have the opportunity to connect with networks of potential customers that you would otherwise be unable to come across utilizing other traditional marketing techniques and even SEO.
- Word of Mouth Marketing- Word of mouth marketing has always been the most influential way to generate sales. With social media marketing, you can create raving fans who will voluntarily promote your product and services to their networks of friends. Of course, if your product or service is poor, you may suffer the reverse benefits of this.
- Brand Awareness - Branding your business using social media marketing is much simpler, faster, and less expensive to achieve than the traditional advertising medium or even website marketing.
- Customer Retention - Web 2.0 platforms are the perfect places to communicate with your customers about new products, special promotions, or merely to educate them on your business. Through consistent, FREE communication, you can keep your company in front of your customer's eyeballs which will, in turn, lead to repeat business and referrals. Remember, the key to this type of communication is to be content rich; don't use these avenues to pitch your product or service.
- Rapid Results - The effective and successful implementation of a social media marketing plan will create almost immediate results for your business. This increase can be quantified through increased site traffic, increased lead acquisition, and ultimately increased sales. Unlike radio or TV ads, where your customers disappear once the ads go off the air, these web 2.0 platform benefits will continue long-term as long as the communication and updating of your social media presence are maintained.
Why Aren't More Businesses Utilizing Social Media Marketing?
Quite frankly, most businesses don't know how to create or implement this type of strategy. What options to small business owners have when seeking to create & implement a social media marketing plan:
Hire an employee- while leveraging the time, experience, and services of others is a smart way to do business, many times this strategy fails. Why? Ultimately, it is up to the small business owner to create the plan and manage the employee. However, most business owners don't understand web 2.0 enough to create a plan and haven't a clue how to manage the employee. Plus, paying an employee increases your labor costs, your payroll taxes, your benefit, etc.
Outsource- outsourcing is a better alternative to hiring an employee as you won't have to hire, train, manage, and pay an employee to perform these functions. However, there is a price for these benefits. Outsourcing these services can be very expensive. I've known social media companies to charge over $1,000 to create a Facebook Fan Page. This task takes, at most, 20 minutes to set up. Again, the problem revolves around education. Unless you understand how social media marketing works, then you shouldn't hire or outsource the tasks unless you're willing to overpay.
Do it yourself- The fact is learning the basics of social media, creating a plan, and implementing the plan is a task that every business owner is capable of performing. Finding the right training programs that will show you step-by-step how to create and manage web 2.0 platforms is paramount as is utilizing software that will allow you to manage all of your accounts from one simple location. With a little bit of an investment in education, you can create your very own web 2.0 marketing plan. With a little bit of research, you can find an all-in-one do it yourself social media dashboard that will allow you to perform your web 2.0 marketing in less than 10 minutes a day.