Evaluating Social Media Marketing
To remain competitive and relevant in today’s technological world, a number of businesses have realized that social media marketing is a good way to establish an online and prominent presence. By joining the digital age, both small and large businesses are drawing a considerable amount of attention to their products and/or services. Subsequently, they are improving their marketing performance, building-meaningful relationships, generating-huge profits, and securing-future business. In light of this, this paper will discuss several reasons why social media marketing has become exceedingly popular among businesses of all sizes. It will also examine some benefits and pitfalls regarding business entrepreneurs in the context of social media. Furthermore, it will talk about an innovative strategy utilized by PepsiCo to glean customer insight as well as two other businesses who gained advantage in like manner. Finally, it will speculate the impact social media will have on businesses in the near future, and provide suggestive skills needed to get the most out of the changes surrounding it. Reasons for Social Media Marketing Popularity
Before evaluating some reasons why social media marketing has become so popular in today’s marketplace, what exactly does the buzz phrase social media marketing mean? A working definition for consideration has been provided by (Ward, 2012), “Social media marketing consists of the attempt to use social media to persuade consumers that one’s company, products and/or services are worthwhile.” By recognizing that social media is a powerful marketing tool to persuade or allure consumers, numerous companies like Pepsi, Starbucks, and Hyundai to name a few, have benefited and continue to benefit from it. Further evidence of this will be provided later on. Furthermore, many companies use social media sites or networks such as Facebook, Twitter, YouTube, Google, LinkedIn, and others to generate a lot of traffic or draw prospective customers. In so doing, they generally generate a lot of business by forging-deeper relationships, influencing consumers’ behavior, and eventually winning their confidence to buy their products or subscribe to their services. In addition to forging or building relationships, influencing consumers’ behavior, and winning their confidence, many companies also use social media sites as a strategic marketing tool to increase their business opportunities. As a result, the percentage of their market shares becomes high. Not only does the percentage of their market shares become high, but the prospect of future business becomes promising. Furthermore, vital feedback is also received from the level of business opportunities. Using social media therefore is not only a powerful marketing tool to persuade consumers, build relationships, gain exposure, and increase business opportunities, but it is also a strategic instrument. For instance, it helps businesses to manage new information and stay connected with their customers. In support of this truth, the author of Should Business Embrace Social Networking? As reported by (Reid, 2009), “Social media for marketing was truly necessary to keep company close to the customer.” As a matter of fact, many companies are using social media services as their main digital tool to have direct interactions with their customers, nurture relationships, and maintain a good public image. To add to this, it has been pointed out by (Maldonado, 2010), “Social media has opened a two-way communication for people and has allowed companies to devote an entire department for launching their marketing campaigns through social networks such as LinkedIn, YouTube and FaceBook.” In short, social media marketing has become exceedingly popular, especially in recent years. Simply because many companies have realized that it is an effective marketing tool to engage more customers and win their business. Benefits and Pitfalls of...
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