Marketing on Social Media: Online Revenue
Social media is growing to be an unmissable platform for marketing. Marketing on social media means using any social media platform to promote a product, service or brand. Almost all Social media platforms have built-in data analytics tools which come in handy when businesses track their progress, reach and success of their ad campaigns.
Social media also enables brands to identify and target their target consumers. In social media marketing, there are many stakeholders such as bloggers, journalists, public and potential customers. When it comes to social media marketing, it can either be through advertisements or user-generated content.
Ad campaigns are simple and ads are becoming more relevant in social media since it is inspiring people to buy the product. Globally, 42% people use social media and ad revenue is rising with the growth in social media. Social media advertising revenue is estimated at $51.3 billion USD for 2018. With the rise in revenue using social media ads, companies are spending more on their social media marketing as well. The ads on social media are customized for the target audience and thus the chance of them being effective is more.
90% of all marketers say social media marketing has increased their business exposure. Businesses are flocking to social media platforms like Instagram, Youtube and Facebook which are great sources for generating brand awareness and building brand loyalty.
Social media marketing has become relevant because people want to see the brands and associate it with real life and real people. This is where another factor of social media marketing comes in which is user-generated content. This includes product reviews, online comments or marketing by social media influencers.
Advertisements and Social media marketing is also paving way for generating online revenues. The advertisements on social media not only pays generates revenue for the business who runs the ad campaign through more buy-back but also gives money to users on whose content the ads are placed. The biggest example of this is partner monetization on Youtube. Similarly, the social media platform also takes its cut of the revenue.
The reason why Social media is essential for generating more revenue is that people are getting more and more dependent upon social media (and other users) to tell them what to buy and they are pressing the purchase button as well. Moreover, a business cannot run without social media marketing today since their competitors are already using social media.
Search engine optimization which means optimizing your content to show up whenever someone searches particular keywords on any search engine also gives one a competitive advantage when it comes to marketing. Social media marketing is evolving as a separate field for employment as well as companies employ social media savvy people for handling their social media accounts.
Future Trends: Social Media and Digital Analytics.
Digital Analytics is already available with every social media platform but the future of Digital Analytics in Social media includes the concept of Big Data. Business awaits to uncover deeper insight into their consumers to increase customer satisfaction through analyzing Big data and understanding how people think and what they desire. Big data refers to the digital footprint of aa user, their likes, dislikes, searches, locations and everything that is available online.
Another factor that will play a huge role in the future trend of social media is tailoring content according to the Audience analytics. There has been a huge growth in the number of social media influencers whether it is on Instagram, YouTube, Facebook, Twitter, Tiktok or Snapchat. These influencers analyze the Digital analytics to find out who is watching their content, who likes it or shares it more, which device they watch it on, which content generates the most revenue and thus they customize content according to the need of the audience.
New Metrics are developing for Digital Analytics such as Twitter’s Tv rating. Digital analytics is changing to accommodate more dimensions and metrics. The new form of storytelling has also emerged in the form of Facebook, Instagram or WhatsApp stories. It is used by users, influencers, and brands alike with ephemeral content that only lasts 24 hours. By 2020 influencer marketing is on target to become a 10 billion dollar industry. Brands are involving users to target more consumers. In future, it is possible for influencers to get free branded products, services and payment in both cash and kind for their marketing skills. Since Influencers are incredibly skilled in content creation and understand the platforms thoroughly it makes it easier for them to generate content to meet the brands' goals and intent.
Sources
Comments
Post a Comment