Marketing is an essential product component in industries where competition is fierce. The high stakes competition means businesses can’t afford to loosely market their product. Large budgets are designed on marketing alone. Many companies even spend more on marketing than the actual product they are selling too.
The general mindset is that it doesn’t matter how great of a product you have if no one knows about it. Industries such as the movie industry depend on theater sales for profit. The opening weekend can only be profitable if more people know about the movie.
The introduction of social media in the world of marketing has been nothing short of game-changing. Entire industries run their marketing campaign on social media platforms alone. Small businesses even prefer to make a social media page in comparison to spending on a website.
There are many profound benefits when using social media for business purposes. More and more companies are jumping ship and integrating social media into their business plan. Given below are several ways companies utilize these platforms for their benefit. The types of businesses that employ this method are also summarised upon.
How Businesses Utilize Social Media
Not long ago, social media was only used for personal benefit and as a way to communicate with your friends. This evolved slowly into people making pages on Facebook and Instagram about random topics. Pages about home improvement tips or quotes were plenty in the early days of social media.
Most businesses benefited from well-thought-out websites such as Logos Pack Bag In Box Packaging. Yet, soon after several businesses were utilizing social media for various purposes. Some of those purposes are summarised below.
Many businesses run their entire marketing campaign on social media. Professional accounts can choose to run adverts on the website for a low price. This is preferable for small businesses as they no longer have to spend on marketing. The benefit of this is that these websites already have a strong and growing userbase. Adding adverts now and then guarantees a large audience.
In comparison to this, a comprehensive marketing campaign requires significant money and effort. Contracts have to be created permitting adverts on television or billboards. Market research has to be conducted to decide where to place these adverts too. There are too many variables which is why marketing on social media is best suited to small businesses. Many large businesses run a hybrid marketing campaign to save on costs.
Instead of utilizing social media as a way to market their product. Some businesses opt to make their social media page a storefront. They provide pictures and prices of their products on their page.
Their goal is to maximize the number of followers they have to increase sales. This is highly beneficial for sole business owners with little to no experience. Businesses that benefit most from this are those that offer budget-friendly products. Users are more likely to purchase machinery such as Can Packaging machines from websites.
Many new business owners are hesitant to spend on entire websites. They would rather test out the sale of their products via a social media page. This promotes benefits for smaller businesses and less competition too.
One of the big ways social media is being used by business giants is for sponsorship. The idea of marketing is to promote products to as many possible consumers as possible. Some businesses achieve this by paying users with a considerable amount of followers. These users then post or have a story up on their page promoting this product. This ensures the product reaches a wide variety of users.
Now that we know of some of the ways that social media is being utilized. It is only fair to be presented with examples of businesses.
Small Juice Stand
A local small juice stand can only gain more consumers through the word of mouth. Social media can prove to be a great way to advertise this business. Simply offering up their page name with every juice they sell can earn them a follow. Their page can consist of the menu and examples of their juices in attractive glass bottles. More and more people will be likely to check it out. Social media may help put that juice stand in the eyes of many consumers.
Most film production studios have their accounts on social media platforms. These can prove to be highly advantageous to them when promoting a new movie. Posting a small teaser for their new movie can do wonders. A few seconds of action and exciting content will make consumers want to see the whole trailer. This effectively promotes the movie and generates hype.
There are various thrift shops and clothing businesses on social media. These can be highly successful as they offer consumers the leisure of ordering at home. Consumers may not even have to visit a website. Seeing a fashion design they like on their feed can push them to order it. Small clothing businesses like this can generate many followers and grow over time too.
Social media has proven to be more than a rising star for businesses. What started as a platform for small businesses can now generate the hype of millions. Some say social media marketing is on its way to trumping traditional marketing too. Only time will tell how things will turn out but social media is becoming a necessity for businesses.