The average marketing department spend is 7% of annual company revenue according to the 2017 CMO Survey. Marketing propels businesses as it increases brand awareness, customer engagement and sales. With online media rising, there is a higher demand for social marketing.
What is Social Marketing?
Social marketing is a method used to change the behavior of individuals. Social marketing can range from helping charities to addressing global issues to promoting products and allowing people to share thoughts. Whether it’s on social media platforms, television, radio or any other media, social marketing is intended to connect individuals. As a concept, social marketing has been around since the 1950s, but it was more difficult to connect people together in the past. Since 2001, with the advent of the “Golden Era” of social media, social marketing has quickly evolved and continues to innovate.
How does Social Marketing Benefit a Business?
Social marketing gives your business human qualities, such as demonstrating how your customer service department is personable and easy to work with. Social marketing is very efficient with a huge ROI since it involves others sharing your content organically. Customers become advocates who talk highly about your products, influencing others to conduct business with you. Brand awareness also increases as individuals share their insights and thoughts about your products or service offerings.
The 4 Ps of Social Marketing
Just as in the traditional marketing mix, social marketing employs the 4 Ps model. The 4 Ps model is designed to put the right product, at the right price, in the right place at the right time.
- Product—what is the product, whether it’s a tangible good or an intangible service.
- Price—establishes how much the product or service will cost and impacts everything from profit margins to supply, demand and marketing strategy.
- Place—the marketing channel for purchasing, whether direct to customer, retailer, wholesale or distributor.
- Promotion—includes where and how it will be promoted including online, social media platforms, email, search engine marketing, video marketing, advertising, PR and more.
How to be Successful with Social Marketing
Grow Your Audience
In order to grow your social following, you need to grab your audience’s attention and hold their interest with engaging, pertinent and remarkable content geared toward their pain points and interests. You will also want to follow people that are interested in your product, service or company as these individuals are more likely to share your posts and advocate for you with their followers.
Interact with your followers. If they message, comment or reply to a post, respond to them in a timely matter. Incorporate hash tags into your posts to help get the ball rolling on the topic, encouraging your audience to respond.
It is important to be seen on a variety of mediums directed at your marketing personas. A wider array of mediums will reach a larger portion of your target audience. Make sure to have variety of content alternating between videos, images and text to effectively engage audience.
At MZ we enjoy interacting with our clients and followers. We share our marketing expertise, but also we value connecting on a personal level through social marketing. We’ve seen how social marketing positively impacts our customers.