Social media marketing refers to the process of gaining traffic or attention through social media sites for a product or service.
Social media is a useful source of market information and a way to hear customer perspectives. Blogs, content communities, and forums are platforms where individuals share their reviews and recommendations of brands, products, and services. Businesses are able to tap and analyze the customer voices and feedback generated in social media for marketing purposes;in this sense the social media is a relatively inexpensive source of market intelligence which can be used by marketers and managers to track and respond to consumer-identified problems and detect market opportunities.
WHAT IS SOCIAL MEDIA MARKETING
Just under half the world’s population is currently on the Internet. Roughly 75% of those people are on social media and ¾ of those folks have social media accounts on their mobile phones. Mobile phone usage is beneficial for social media marketing because mobile phones have social networking capabilities, allowing individuals immediate web browsing and access to social networking sites. Mobile phones have grown at a rapid rate, fundamentally altering the path-to-purchase process by allowing consumers to easily obtain pricing and product information in real time and allowing companies to constantly remind and update their followers. Many companies are now putting QR (Quick Response) codes along with products for individuals to access the company website or online services with their smart phones. Retailers use QR codes to facilitate consumer interaction with brands by linking the code to brand websites, promotions, product information, or any other mobile-enabled content. In addition, Real-time bidding use in the mobile advertising industry is high and rising because of its
value for on-the-go web browsing. In 2012, Nexage, a provider of real time bidding in mobile advertising, reported a 37% increase in revenue each month. Adfonic, another mobile advertisement publishing platform, reported an increase of 22 billion ad requests that same year.
media consumption such as mobile audio streaming or mobile video are on the rise – in the United States, more than 100 million users are projected to access online video content via mobile device. Mobile video revenue consists of pay per-view downloads, advertising, and subscriptions. As of 2013, worldwide mobile phone Internet user penetration was 73.4%. In 2017, figures suggest that more than 90% of Internet users will access online content through their phones.
Social networking websites are based on building virtual communities that allow consumers to express their needs, wants and values, online. Social media marketing then connects these consumers and audiences to businesses that share the same needs, wants, and values. Through social networking sites, companies can keep in touch with individual followers. This personal interaction can instill a feeling of loyalty
into followers and potential customers. Also, by choosing whom to follow on these sites, products can reach a very narrow target audience. Social networking sites also include much information about what products and services prospective clients might be interested in. Through the use of new
semantic analysis technologies, marketers can detect buying signals,
such as content shared by people and questions posted online. An understanding of buying signals can help sales people target relevant prospects and marketers run micro-targeted campaigns. Social media marketing is really a deep field.