Pros and Cons of Social Media Marketing for Business

Social Media

In the last decade, social media grew exponentially from being a digital channel for interacting with others into a powerful digital marketing tool for businesses.

With over 3.5 billion daily active social media users, there’s really no limit to how far you can go with it. Just imagine how many of them can eventually become your customers!

But, as you jump on the bandwagon of Social Media Marketing (SMM), you have to properly plan and assess the impact and effectiveness of SMM for your brand. This is because, just like with most things, there are two sides to the coin of social media marketing.

If done efficiently, one side promises success, while the other side can be detrimental to your business. While on the one hand, there are businesses who owe a great percentage of their success to social media, there have also been brand disasters, thanks (but, no thanks) to social media. So, in this post, we’ll be discussing some of the Pros and Cons of Social Media Marketing to enable you make informed decisions that will set the pace for profitable digital marketing. Let’s Dive in!

The Pros of Social Media Marketing

Business owners and marketers are going gaga over social media these days. Well, you can’t really blame them. Social Media Marketing comes with a lot of perks, and let’s talk about some of these:

Low-Cost Strategy

Compared to other marketing tactics, social media is significantly low cost, and this makes it very appealing. The most popular social media platforms are available to join for free, and all interaction tools are also free.

However, to get the most out of social media, some businesses are investing full time in SMM strategies such as content generation, digital design, page setups, influencers, and maintenance. On average, all these cost between $4000 to $7000 monthly.

But do you know what? This is relatively more cost-effective than the average of 11.1% of revenues spent on traditional marketing. SMM gives you excellent ROI for less financial investment!

Larger Audiences

Do you want to gain traction in your industry? If Yes, then social media is a powerful tool to use in achieving this. And this is one of the main benefits SMM has over traditional marketing.

While traditional media marketing only caters to fixed audiences (TV viewers, magazine readers, etc.), SMM allows you to reach out to a global audience that is unlimited in reach and scope.

Social Media is an open marketplace. With SMM, you are reaching out to a market space filled with both your existing and potential buyers who need a little push from you to decide whether or not to buy from you.

No Demographic Restriction

What’s more, social media marketing is not restricted by demographics such as sex, social status, and age. Current statistics show that 90.4% of millennials, 77.5% Gen-Z, and 48.2 baby boomers are active social media users.

So, you can have a big market for the age group you are targeting for your products and services. It’s even more impressive that SMM can pass your targeted demographic market and pave new channels for leads generation and sales.

Go International

Before we move on to the next advantage, we should also mention that SMM helps businesses that are struggling to get into the international market.

Thanks to the vast worldwide reach of social media, it becomes effortless for you to reach new potentials outside your suburb, city, or country. Facebook, in particular, has over 89% monthly active users who live outside the US. The audience potential of SMM is huge!

Brand Loyalty

It’s one thing to have customers, and it’s another thing to have a group of returning customers who are fans of your brand. This should be your goal, and social media can help you achieve this.

How?

Well, with social media, you can demonstrate your personality to customers and also tell your brand story. It helps you interact with customers, build relationships, show them that you care, and boost your reputation. This will, in turn, foster long-term loyalty.

Reports from Social Media Today show that;

  • Almost 70% of consumers have used social media for customer service-related issues at least once
  • Customers spend 20% to 40% more with companies that respond through social media

Market place Insights

Another plus of listening and engaging with customers in online conversations is that it will help you find out more about their problems, preferences, needs, likes, and dislikes.

These insights are crucial to the success of any business. They give you information on areas to improve turnouts and get ahead of your competitors.

The Cons of Social Media Marketing

For all the advantages of social media, it is not 100% perfect. There are some cons to Marketing that can lead to undesirable impacts on your brand.

Time Consuming

If you’re already into SMM, then you’d agree how much time it consumes. According to industry reports, 64% of digital marketers spend a minimum of 6 hours on Social Media Marketing.

And that’s not even the worse of it. The other 37% spend an average of 11 hours on SMM. Most business owners who want to get tangible results from their SMM efforts find this time-consuming.

Even more frustrating, if your time spent on SMM isn’t done correctly, it will lead to zero results or traffic that don’t convert into leads or sales.

Hard to Measure ROI

It is hard to define the ROI from social network marketing. A recent study indicates that 89% of digital marketers would want to know the exact ROI of their efforts on social network platforms.

Only 37% have a handle on defining the results of their SMM efforts; 35% say they aren’t sure they are correctly measuring ROI; 28% say they don’t know how to measure at all.

What’s more, it can take a long time – months, or even years before your SMM efforts start yielding sales and customer loyalty.

Loss of Control

The worldwide reach of social network means it attracts all kinds of users, including negative and malicious persons. Anything you post online is subject to comments and criticism. Providing a medium for people to publish damaging comments about your brand is literally the stuff of nightmares.

We should also mention that these negative people include scammers, spammers, trolls, hackers, and all other sorts who want to harm your online credibility.

Bottomline

From all the salient points we have discussed above, we can see that marketing really does deliver favorable results for your business.

In fact, consumers expect all brands to have a social network presence – as much as 63% of them. And 90% of social network users communicate with a brand using Facebook, Twitter, Instagram, LinkedIn, etc.

So, it is crucial for you to up your game and remain conscious of sticking to the best practices. This will allow you to get the most out of Social Media Marketing.

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Power of Mouth in the Modern Age

Mouth

We are living in the age of science and technology. It is also called the age of digitalization or the Digital Era. Social infrastructure and digital promotional strategies have become a reality in our daily life in the digital era and particularly in businesses. However, the influence of hearsay Mouth Power has a much more direct impact on our purchasing comportment. In the Digital Era, the speed of Mouth Power is breakneck. Power of Words or Mouth Power Travel the Social Web’s scope, pace, and real-time nature in digitalization. However, the enhanced opportunities for individuals to share and express themselves in this Digital Era. Thus, the power of mouth in one interested person has unbelievable reach.

Importance of Mouth-Power:

In the Digital Era, the power of mouth is happening almost everywhere. If you see someone, they interact with each other on their Mobile chats, Phone calls, face-to-face interaction, or sharing ideas via mail, blogging, and other social media platforms. The client communicates in various ways and is progressively becoming medium agnostic. The power of the mouth is that people communicate with each other and share their ideas, feelings, sentiments, recent happenings, the weather, their kids, their health, the news, and the newest gossip in the Digital Era, also called your good days. In the last generation, modern industry’s growth, combined with the stratospheric rise of social media use in this Digital Era. They do launch formerly private word-of-mouth interactions into the public realm.

Marketing in Digital Era:

Furthermore, the digital era can transform the way we do business. Moreover, it gives rise to new online power of mouth opportunities for a valuable and effective marketing strategy. Any discussion about brands is vital, especially when it is worthwhile and favorably impacts a firm. So, close personal relationships are the foundation for building a lucrative stream of trusted sources. We can see that can become a natural champion for a product or service.

Social Media and Power of Mouth:

The Digital Era can transform the way consumers receive marketing messages. However, they view commercials due to technological advancements and the emergence of social media. As a result, traditional advertising is beginning to lose its impact. Thus, its relevance as the entire process of purchasing a product has been altered in this Digital Era.

Influencer Company uses the digital era or word-of-mouth engagement and online verification. They both have the importance of components of any communication campaign. For example, today, 49% of shoppers rely on influencer advice to make a buying decision.

There are a few crucial components for The Mouth of Power Marketing. They are as below:

  • The digital era of social infrastructure and digital promotional strategies
  • It has become an actuality in our daily lives, particularly in industry.
  • The strength of the power of mouth has a much more direct effect on our purchasing decisions.
  • It is one of the methods of interaction that has higher significance due to such resources from which it originates.
  • It was only a few generations earlier that this sector of promotion was given the abbreviation WOM, which stands for Word of Mouth and means “from mouth to mouth.”
  • Based on a suggestion, word-of-mouth marketing was extended from one person to another.
  • Modern marketing encompasses either planned or unplanned moments in which customers express their delight with a product or service.

Online and Offline Power of Mouth:

Power mouth marketing entails persuading a person to interact with just a brand, company, or company, either online or in-store. However, when we use it correctly, the strategy achieves a business objective by encouraging customers to know more about your great experiences with each other. Hence, sending the word further in this Digital Era or Digitalization can make it more impressive.

Power-of-mouth advertising can fail whenever the “phrase” about just a product is unfavorable or if buyers detect “manufactured” facts. So, faking power of mouth emails or planting false or misleading information is immoral.

Power of mouth happens all the time and everywhere:

Power-of-mouth occurs in various settings, including the local bar, the house, the sports team, and, nowadays, digitally and on social networking sites. Moreover, people prefer to answer specific questions about products and brands for many purposes. Despite the Digital Era, these experiences, including brand experiences and specific customer perspectives, and general opinions on perceived levels of the guest experience, client service, satisfaction, and other factors, are mutual and are frequently personal and subjective in the Digital Era.

Personal Trust:

Going ahead, digital Era Mouth Power marketing will become the most valuable aspect of digital marketing. But it can also be a brand’s demise if we do not monitor and handle it carefully. Furthermore, we can look at how quickly social media conversations can go awry. This is why digital is so much more potent than conventional, face-to-face power of mouth and often even hazardous and destructive.

While hits and engagements are significant today, Thus¸ they will be much less in the next few years to assess the efficacy of advertising in this Digital Era.

As measuring techniques and methodologies improve, digital advertising managers will emphasize analyzing the strength of the power of mouth influence.

Conclusion:

In this Digital Era, is significant because it is used in almost every niche, like on social media. One of the reasons businesses should be active in social media and social content marketing is because word-of-mouth is crucial online. They must pay attention to what is said about them, their brand, and their rivals. Finally, people like listening to what others have to say about them, their brands, and their enemies; they must learn from what they “hear” and reply appropriately as necessary. They must “join the discourse,” as the idiom goes.

Power of mouth is the organic transmission of knowledge from one place to another. It can transmit its knowledge if it would be sharing a tale, current events, or promoting a product or event. Thus, marketing that actively impacts and promotes talks concerning their company or items speak of as Power-of-mouth marketing in this Digital Era. If you build great experiences, customers tell each other about that, and word of mouth is very powerful.

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5Ps for Marketing your Home Business

Home

Running a home-based business comes with several benefits, among which include being your boss, choosing where to work from, and setting your hours. However, this does not mean it does not come with some challenges. You only experience success with a home business when you offer a quality product or service to a target market.

This might sound easy, but most often, business owners are ineffective and inconsistent in their marketing because they lack in-depth knowledge of the area. Having an understanding of how the five Ps work together and marketing mix will go a long way in helping you find your target market and enticing them to buy. The five Ps of marketing refers to Product, Price, Place, Promotion, and Place. If you want to understand and reach the target market for your home business.

The more you target and understand your consumers, the more effective the time and money you spend to reach them will be. Even more interesting, focusing on these 5Ps will give you an awareness of what is working and what is not when it comes to marketing your home business.

To help you achieve maximum results from your home business, we’ll explain these 5 Ps and how you can apply them to your home business.

Product

First P refers to the products and services you provide. You need to be able to tell your audience about what you’re trying to sell to them. Be clear and specific. What are the details of the service or the physical attributes of the product? Explain how the features and functions of your product or service positively affect your audience in specifics.

Even more, highlight what differentiates and sets what you provide apart from what your competitors offer. Develop the habit of considering your product as though you are an outside marketing consultant brought in to decide if it is the right business for the period. Ask crucial questions such as “Is your current offering or mix of products suitable and appropriate for the customers and market today?” Assessing your products and services honestly is extremely crucial to success as a home-based business owner.

Price

The second in the 5P formula pertains to what you charge for your product or service. Your pricing should be sufficient to cover the expenses you incur and also make a profit. But, it also has to fit in with what the market is willing to pay for.

To find a great pricing range, you should conduct thorough research to know what your competitors are charging. You want to make sure your prices are competitive, and that you are also not undervaluing your product.

Beyond these, you should also assess and keep assessing the prices of the products and services you offer to know if they are in tune with the current realities of the market. Sometimes, you might need to raise your prices. At other times, you might need to lower your prices. What’s more, you might even need to combine your offerings with special promotions and offers. You could even include free extra items that cost you very little and make your prices appear far more reasonable and attractive to your customers. Also, whenever you experience frustration with your pricing, be open to revisiting your prices.

Place

No matter how many consumers hear about your products or services, they won’t be able to buy if they don’t know how to find it. Where are your products and services are sold? How will you get your offerings to your clients and customers? For instance, do you distribute your products through an autoresponder system or are they digital goods sold online? Or do you utilize a third-party such as Amazon?

It is important to consider the buying habits of your consumers to know where your products should be sold. The key is reaching your potential customers where they like to spend time. Review the exact locations where your customer gets your products. Sometimes, what you need for a rapid increase in sales is a change of place. Besides, you can sell your product in various places. Many companies use a combination of direct selling, telemarketing, selling through mail order or catalog, selling in retail establishments or at trade shows, and selling as a joint venture with similar products.

Promotion

How does your target audience get to hear about your products and services? After figuring out the essentials, you have to figure out how you tell potential consumers and clients about your offerings, how you market and then sell to them. Know the best methods to promote your products and services. To do this successfully, you need to understand where your market can be found, such as print, social media, television, or radio. In your marketing messages, you can point out the problem your product or service solves.

However, you should always keep at the back of your mind that whatever marketing and sales method you are using today, they will stop working sooner or later. Sometimes you might be aware of why they stopped working, and at other times, you might not. Whichever way, you have to develop new marketing, advertising, sales offerings, approaches, and strategies.

People

Previously, we only had the four Ps of marketing, until this last factor was added. If you hire employees to help you with your home business, you have to be very selective about whom you choose. While the quality of your products or services will impact your sales, if your salesperson is rude, you will lose clients and customers. There is serious competition in the market today, and consumers have diverse choices. And they always opt for businesses that provide attentive, responsive, and quality customer service.

Bottomline

By employing the five 5Ps in your marketing strategy, you can effectively reach your target market with precise and clear messaging about your products and services. It would also help if you can put yourself in your customers’ shoes and try to picture the steps they would take to locate a product or service like yours and the information they’ll require to finally buy from you. Time and money are precious commodities, and using these 5 Ps in your home business ensures that you don’t waste them on unproductive marketing approaches.

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