Social Media has evolved to become the most powerful marketing tool available to companies. On business marketing site B2B Marketing, Damian Wolf wrote that the Social Media Examiner reported, “92% of all marketers indicate that investing in social media results in more exposure for their businesses.” This is because social media offers businesses access to their customers that traditional media outlets such as print and television advertising can’t achieve.
The biggest advantage that the social media market has over any other method of advertising is that it can be customer specific. Matt Wheeler, founder of Driftrock spoke to Forbes about how his work with Facebook led him to realize that “you can target pretty much any demographic you want, no matter how specific.” He explains this further stating that social media sites can use everything from age group, tastes, hobbies, friendship groups and even the optimum time of day to send an advertising message.
The three main social media outlets are Facebook, Twitter, and Instagram. These three companies have successfully cornered each area of social media and are used by companies in different ways to create brand loyalty. Social Media Examiner created a page of 10 successful Facebook marketing examples demonstrating how large companies and independent brands marketed themselves. The first example was Qatar Airways who through market research knew that a large percentage of their customers were soccer fans. The airline put up more posts and images on soccer to positive responses.
Such is the strength of Facebook that business market researcher FXCM wrote an article on the social media platform reporting that “Facebook advertising revenue topped US$16 billion in 2015, representing nearly 65% of the total ad revenue for the entire social networking sector.” The market research site states that huge multinational companies such as Ford, Wal-mart and McDonalds have invested heavily on both the website and mobile application.
While large corporations have used Facebook as part of their marketing campaign, the Telegraph reports that small to medium businesses have become reliant on social media for marketing. The paper states that companies used social media to create added value for their customers through discounts and invites to events. Another advantage of advising on social media for small businesses is the cost. Facebook advertising charges are a lot lower than more traditional outlets such as print and media.
Social media is not just advantageous for marketing products but also to market a company for recruitment. In their article on recruiting through social media, Entrepreneur.com informs that “every month 288 million people use Twitter, 300 million use Instagram and 890 million a day use Facebook.” Social media gives companies access to a large audience in order to hire new employees.
With many millennials using the internet as a means to find a job, companies are also shifting away from traditional recruitment methods. Entrepreneur.com write that more than 60,000 jobs are tweeted each day on Twitter. Social media used to be the future of advertising, now it is the present, with other forms looking ineffective by comparison.