The rising range of advertisement options and tailored placements have made Social Media a huge part of online marketing. The analytics that are available make it easy to see the effectiveness of these adverts and that is perhaps what sets Social Media Marketing apart from other traditional marketing methods.
If you wanted to meet a niche audience in the past, you would have to attempt to advertise in the right magazine, radio station etc. – one that your research found was your target audience, but you could never be as sure as Social Media Marketing enables you to be.
Now, across all of the major social media channels you can tailor adverts to meet a very specific niche, targeting your audience by factors such as geographical location, demographic, hobbies, habits etc. This makes the marketing process more efficient and enables less ‘waste’ of the budget. This can be as beneficial for large businesses as it is SME’s and start-ups. Facebook is a great example of how companies, no matter their size, are benefitting from this.
Unless heavily funded, start-ups and small businesses are unlikely to be able to invest in large, targetted marketing campaigns or television ads. Social Media Marketing allows for anything from £1 Marketing campaigns and this allows smaller businesses to effectively market their product or service and easily measure the success or failure of each campaign, they can then choose whether or not to re-invest more funds.
Start-ups and SME’s must continue to harness the power and flexibility of Social Media Marketing. Part of that includes benefitting from the easy access to accurate analytics and make measured decisions from them.
Using Social Media for External Analytics
Outside of your own company, there are many other benefits of using Social Media analytics. Take the US Election for example. Nobody saw Trump’s victory as a realistic outcome this time 12 months ago, even right up to the result, most people seemed to doubt that Trump had a chance, with Hilary the strong bookies favourite. The silent majority turned up when it was time to vote though, but were they really ‘silent’.
The traditional pollsters were far from accurate – why? Because they didn’t gauge the real opinion of many. Some Trump voters either wanted to deceive or did not want to admit face-to-face they would vote for him. On social media, we saw the real opinions of many, with Trump gaining a huge momentum across his social channels and his supporters equally as passionate on those platforms. Of course it is risky to rely on Social Media for accurate analytics, but in the case of Trump it was more accurate than any traditional method. Is this the way forward?
Are you are marketer? At Bodhi we recruit for Data-driven Marketing jobs and have a range of these roles currently available on our job board, take a look.