Did you know that 96 percent of marketers are using social media to market their business? As one of the modern-day front-runners for marketing budgets and strategies, social media has the capability to reach an expansive target audience with minimal effort and cost. A significant increase in traffic and exposure is leading marketers to realize the importance of social media, prompting many to spend both time and money on refining their social media reach.
In a recent report issued by Social Media Examiner, 84% of participating marketers identified Facebook as the platform in which they regularly pay for social media ads, followed by Google and LinkedIn. Though time and money are being spent on developing these ads and increasing advantageous reach, a significant 66 percent of marketers aren’t sure their social media marketing is working.
Perhaps it is this insecurity and wariness in the effectiveness of social media that is causing a shocking 4 percent of marketers to turn away from these platforms. However, by properly measuring the potency and success of social media, all marketers will realize the endless advantages of marketing on worldwide stages.
Why is Social Media Important for Marketing Success?
The 2014 survey done by Social Media Examiner reported that 96 percent of participants use social media to market their business. This trending marketing tactic appeals to agencies and business because they are able to connect with hundreds of thousands of people all across the globe. In fact, without social media, marketers risk decreasing their reach by more than 350 percent.
Take, for example, National Australia Bank: in 2012 they opened a “social media command center” after realizing the need to embrace social media. NAB marketers were managing over 5,000 social media interaction per month, causing their community to grow by more than 350 percent in the first year. Their platforms reached more than 12 million users and allowed the company to not only rise above it’s competitors, but also to gain beneficial insight into behavior patters and the wants and needs of both them and their audience.
The prodigious growth of a company through the management and measurement of social platforms is a leading reason why adapting to social media is important for marketing success.
Why is Understanding Social Media Success Important?
As a professional in the marketing world, you understand the importance behind successfully meeting your goals. You likely have regular meetings to discuss how to reach those goals, what is and what isn’t working, and if redirection is needed. The same goes for social media. By understanding how much success you’re garnering from social media, you can better optimize your social channels to cater to the wants and needs of your target audience.
Setting Social Media Goals
Before you even begin to measure or redirect your social media platforms, consider the strategic goals of your marketing efforts. Remember that, above all, social media marketing should increase profit on a smaller budget. In 2013, the world of digital marketing took a huge turn: for the first time marketers were spending more on internet advertising than broadcast TV. Since then, online marketing has garnered trust and reliability from audiences across the board.
When setting your goals, keep in mind the target audience and traffic you’re directing media efforts toward. Social Media Examiner recommends developing a social media plan based around strategy, metrics, organization, and technology. These overarching categories will help you define business objectives, define success and recommended actions, identify required resources, necessary training, barriers, and tools.