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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Nail These 3 Strategies Before You Launch Your Social-Media Campaign

Social Media Campaign

In today’s digital era, every business dreams to execute the perfect social media campaign to stay competitive. It doesn’t matter if you’re an entrepreneur or run a small business, the need to launch your social media campaign is becoming inevitable over time.

Some of the biggest businesses of our times are known to create strong social media campaigns. Not only these promotions lead to increased profits, these campaigns allow a business to connect with their consumers, on a human level.

Already, a large part of today’s online content has now moved on to social media. It is natural for businesses to work on creating the best social media campaign that is crafted to bridge the gap between businesses and their consumers.

Why do you need a social-media campaign?

  • Boost awareness
  • Increase loyalty
  • Earn more profits

When you spread awareness and offer solutions to your target audience’s problems, you automatically get a decent number of loyal customers.

Three Strategies you must nail before launching your Social Media Campaign

But before you implement your social-media strategy, here are 3 strategies you must work on to get the most out of your campaign.

1. Set a Goal

If you don’t have a goal, you don’t know what you want to achieve through your campaign. Your goal defines the content and sets the mood for your social media plan. When you put your audience first, you are eventually able to plan and execute a successful campaign on all channels.

Do your homework to know the needs, wants and challenges your audience faces every day. Companies can collect relevant information through surveys or study their consumer behavior to identify the most common problems.

Talk it out with your marketing team. Explain how your products or services aim to change the current scenario. When you clearly define the goals of your campaign, you are able to work on the heart and soul of your brand. This is the ‘one thing’ that sets you apart from your rivals.

Some common goals that today’s aspiring and established companies wish to achieve through a social media campaign include getting more followers, creating interest in a new product and building your mailing list. There is no one-size-fits-all approach to creating a successful social media campaign. Hence, you need to define goals and objectives every time you are launching a new campaign.

There are many other factors that you need to focus on to guarantee true success.

  • Which platforms will work best?
  • What kind of content should I create?
  • Do I need to include a video in my campaign?
  • How do I assess and track results?

Once a business finds clear and precise answers to these questions, it is easier to design and deploy a campaign.

2. Setting a Calendar

Now that you’ve done all the strategic part of launching the promotion, you need to create a schedule or a yearly plan. Your marketing team sets a fixed schedule that also includes important events, product launches and your business accomplishments. A calendar makes it convenient for a company to initiate, assess and implement your campaigns.

There are many benefits of sticking to a fixed schedule. A calendar allows businesses to work on each individual channel. For instance, having separate posting schedules for your Twitter, Instagram, Facebook and LinkedIn accounts will let you create personalized content, ahead of time.

While Facebook continues to dominate all other social networks with roughly two billion monthly users, don’t forget to include other mediums such as Pinterest and YouTube. Since video content is going to capture more than 80% of all internet traffic by 2021, it is important that you also include a video strategy to attract more users.

If you are an entrepreneur or a small business owner, it is a great idea to start working on a couple of social media channels before embracing them all. Once you have a respectable fan following on one channel, you can direct your traffic to another medium.

3. Monitor Outcomes

What’s the point of creating or deploying a social media campaign when you fail to track down its progress? The truth is that it is crucial that you utilize analytic tools and metrics to judge the overall performance of your strategy.

If you do not know what tools or methods will give you the best tracking results, make sure you work with the best marketing team to help you gain valuable insights.

One thing to note is that the metrics of a campaign may change with its goal. For instance, if your promotional strategy is aimed at awareness, measure growth and engagement. The metrics also include shares, likes and dislikes.

If your business wants to boost its sales, track click rates, conversion rates and shares.

When you have designed a campaign to increase loyalty, look for sentiments, engagement and influence.

What else should you do?

The secret lies to know your audience for creating the content that clicks with them. For instance, Facebook dominates all mediums as 68% of American users are active on this network. But, Facebook works better when a company is targeting older users.

If you are launching a promotion for a younger audiences choose Instagram. If you are uploading videos or tutorials, YouTube continues to beat other streaming networks. Since Google now owns YouTube, uploading your content on your official YouTube channel may also improve your rankings.

Moreover, there are many social media celebrities who can endorse your products or services. Can you imagine the effect it will make on your audience? Identify key influencers in your particular niche. Partner with the most influential personalities in your industry to spread your brand message.

This tip works because the influencer you’re connecting to already has a massive network. This strategy is a hybrid of new and old marketing tactics.

Bottom Line

The implementation part revolves around narrowing in on the daily tasks. Once your marketing team has nailed the 3 strategies, the rest of the work becomes less-complicated.

Moreover, it’s not always about the size of your budget, but how you spend your marketing dollars. Sometimes, smaller brands deploy more popular social media campaigns than big brands that spend millions on promotion.

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