Social Media Science
Out of the 3 billion users of the internet, over 2 billion of them have at least one active social media account. If we consider usage frequency, time spent, the messaging system, and the email notifications within each account, we can get glimpse of the colossal power of social media today.
The data collected and updated about each user’s age, education, locality, income status and much more like preferences hobbies, travelling and specific spending patterns are massive and extremely valuable for business. Social platforms have developed analytics to isolate user groups that have expressed interest in buying a specific product or service even adding the exact criteria that would actually lead them to buy in the next few days. With that level of detail, businesses can identify the exact group of potential clients on each platform, customize content to their preference and reach out to them with a sale proposal that is very hard to resist.
The cost of marketing activities can vary from free to thousands per day depending on the level of detail used to define the audience. The significant advantage of paid plans is not just accurate targeting but more importantly the insights gained from real time behavioristic data collected on your customers. Targeted ads based on behaviors, location, and other interests with real time results can be much more effective and significantly cheaper than traditional advertising. Besides data analysis that can provide very interesting behavior patterns, basic social listening that is free can also identify conversations about products or services across social media platforms.
Digital connections build with customers and especially online customer service can increase sales, enhance brand loyalty and retain customers for longer. As customer expectations are increasingly demanding, companies delivering what customers want can generate almost 10% more profit than their competitors that do not. Corporate social media activity is also a criterion on search engine algorithms affecting search ranking that can significantly increase traffic on the company page.
A well designed social media plan can also monitor what is competition doing, compare and benchmark with the performance of their activities. For all those reasons social media is not an option anymore. It is a necessity for all businesses.