What is Social Media?
“Social Media is a virtual place on the web where online communities meet and create content about their preference,thoughts,interest in the form of text,images and videos”.
What is Social Media Marketing ?
“An Internet Marketing technique that focuses on creating content for online communities that can be used to start conversation with them thereby leading to brand recognition and consideration”.
Why Care for Social Media :-
- 74% of all internet users are now active on social media.
- More than 70% of users access social media from a mobile device.
- On an average an individual spends 10 hours per week on social media.
- People easily share their personal interests and details with social media sites.
Social media is growing every day!!
The main reason for the growth of social media is unpredictable yet personalised content.
The moment we go and login to our facebook we are not sure why we are there but since the people and content is of something that we can relate to,talk and carry discussion about we get hooked to it.
Also social media is not that tightly controlled hence,people directly talk about things or carry discussions that they may have avoided in real world.It offers people a sense of liberty to carry & say whatever they want to,
Key Growth factors:
Here are some prominent examples of Social Media:-
- Facebook is a popular free social networking website that allows registered users to create profiles, upload photos and video, send messages and keep in touch with friends, family and colleagues.
- Twitter is a free microblogging service that allows registered members to broadcast short posts called tweets. Twitter members can broadcast tweets and follow other users’ tweets by using multiple platforms and devices.
- Google+ is Google’s social networking project, designed to replicate the way people interact offline more closely than is the case in other social networking services. The project’s slogan is “Real-life sharing rethought for the web.”
- LinkedIn is a social networking site designed specifically for the business community. The goal of the site is to allow registered members to establish and document networks of people they know and trust professionally.
- Reddit is a social news website and forum where stories are socially curated and promoted by site members. The site is composed of hundreds of sub-communities, known as “subreddits.” Each subreddit has a specific topic such as technology, politics or music. Reddit site members, also known as, “redditors,” submit content which is then voted upon by other members.
- Pinterest is a social curation website for sharing and categorizing images found online. Pinterest requires brief descriptions but the main focus of the site is visual.
Some Myths about Social Media Marketing :-
With an increasing number of B2B companies adopting social media marketing, a number of myths about it have spread as well.
In this blog we will discuss five myths about B2B social media marketing and show why a robust social media strategy is vital to increasing sales, expanding networks, and growing revenue.
Before discussing further first of all we need to know what is B2B and B2C.
1) Business-to-business (B2B) :-
B2B describes commerce transactions between businesses, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer.
2) Business-to-consumer (B2C) :-
B2C (sometimes also called Business-to-Customer) describes activities of businesses serving end consumers with products and/or services.
Myths about Social Media Marketing :-
Myth #1: Social Media is Only for B2C Companies
In the past, social media marketing tactics have been hyper-focused on B2C companies, citing the personal nature of social media as a way to engage directly and intimately with individual consumers.
But Now It is found that B2B technology buyers use social media nearly twice as much as the average U.S. adult.A full 100% of business decision-makers use social media for work , and more than 65% of B2B buyers research a vendor’s social media content before contacting them for a possible purchase.
In addition, since individual B2B purchases are often higher stakes than B2C purchases, they are more thoroughly researched, meaning that the community opinion of your company is of particular importance. Reviews and recommendations are easily and quickly distributed and are available through a simple Internet search.
It’s clear that B2B buyers are using social media at high rates to make purchase decisions, and the trend towards relying on social media is only getting stronger.
Myth #2: B2C Social Media Strategies Don’t Apply to B2B Companies
Similar marketing strategies, content, and platforms intrigue buyers at B2B companies and individual consumers alike. In fact, a recent study by Eccolo Media reported that B2B technology buyers found vendors through the same channels as B2C companies, with LinkedIn, Google+ and Facebook proving the most important and Twitter, Vimeo, Tumblr, and SlideShare of slightly less interest.
Though B2B buyers may prefer slightly different forms of content, they, like B2C customers, still gravitate towards content that tells a story, reveals the human face of your business and fosters relationships based on shared values and experiences.
Myth #3: Social Media is Only about Lead Generation
While B2B technology buyers are most likely to use social media during the pre-sales and initial sales phase of a purchase, a full 25% say they use social media during the mid-sales phase of identifying solutions and considering vendors. Still others use it during the final sales phase of finalizing the vendor and purchasing the solution
Myth #4: Social Media Doesn’t Have a Clear ROI
The end goal of B2B marketing – whether traditional or online – is to generate sales and grow revenue. Social media marketing is no different. Companies can easily calculate the ROI on social media marketing by comparing the revenue accumulated through social media leads to social media marketing costs. The reason so many B2B companies have difficulty tying their social media efforts to real numbers is because the tools they use to measure their social media effectiveness – which are usually designed for B2C marketers – focus too heavily on engagement metrics like clicks, comments and shares. Instead, utilize a social media analytics tool that ties to your entire lead generation strategy and measures the conversions that your posts and social campaigns generate. If you’re using a marketing automation platform and/or CRM, integrate them with your social tool so you get the most precise data possible
Myth #5: You Will Reveal Your Secrets to Competitors
Marketing is about staying one step ahead of your competitors by knowing what your customers really want – sometimes before they do.
The truth is, if your social media marketing strategy is working or your products are clicking with buyers, your competitors will likely try to imitate you. However, refusing to connect with potential buyers in an authentic way because you fear being impersonated is not productive. More than anything, a strong social media strategy that taps into your buyers’ current mindset with relevant content will be very dynamic, and cause your competitors to have far more to fear.
Improving your social media management will not only generate sales, but will also firmly establish your business’s voice as a leading authority in your field. A strong presence on social media is key to garnering the interest of first-time buyers and maintaining relationships with returning customers while edging out the competition.
Image Credit :- leemanning.co.uk, Cartoozo.com
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