Social media is one of the new ways that marketers have explored for marketing of products and services. Social media such as You Tube, Twitter, Facebook, LinkedIn etc are extremely popular among people, and this popularity is being exploited by the marketers for their benefit. In fact marketing on these social media websites has a number of benefits, some of which are explained as under:
Social Media as Brand Building method
The prime benefit of using social media is that you get a chance to establish your brand name. This is because, millions of people from around the world, log on to these websites everyday. So any brand that comes their way, in a unique way will definitely catch their attention. These social websites also give numerous ways of keeping users interested in a number of interactive ways. Through these methods, awareness and interest can be generated for the brand.
Research Market through Social Media
A very important benefit of social media websites is that you can carry out market research, through these websites. If you want to launch a new product, or modify a product or conduct a campaign, you can test it through these websites. It is also a great feedback mechanism on different products, services and marketing campaigns.
It is the best way to know what your competitors are doing. Since social media has open access to everyone, so you can log on to your competitors websites and find out everything from new product launches,new marketing tactics, distribution etc.
Generate new leads
Lead generation is another key benefit of social media marketing. By examining the updates of different users, you can reach out to users who really want your product, and then you can position your product in a creative and attractive way. Social media gives businesses an opportunity to interact with their customers, emotionally binding them, keeping them updated, getting their feedback and improving the product according to their needs or requirements. In this way a business can create goodwill for itself. This goodwill is extremely important when it comes to doing business online or offline.
Cost effectiveness of Social Media
The key differentiating factor of social media marketing for businesses is that it is very cheap; in fact most of it is completely free. You can advertise on Facebook, Twitter etc for a nominal fee, and reach out to those that you would get in touch with for millions of pounds, by using mass media such as television or print.