August 23, 2021
Social media is a crucial source for finding information by many in society today. In the past, consumer purchases were based on knowledge collected from sources like traditional media ads and word-of-mouth. However, with the rise of platforms like Twitter (Tii:TWTR) and others, there is now a quicker, more efficient way for companies to gather data and influence consumers’ judgments.
An estimated 4.48 billion individuals are active on social media worldwide as of July 2021, which is more than half the world's population. As a result, social media has fast become one of the defining technologies of our time. Facebook (Tii:FB), for example, reported 1.91 billion daily active users on average for June 2021, a 7% year-over-year increase. In July, Snapchat (Tii:SNAP) reported its highest user growth in years, a 23% rise in daily active users to reach 293 million.
As consumers, we learn new information every day – though the challenge too often is successfully sifting through disinformation. With that being said, users are allowed to make independent decisions based on what they read.
Almost everyone in developed countries has a cell phone or access to a computer nowadays. With the touch of a button, social media allows for immediate interaction and customer feedback. Businesses can respond to customers right away via apps and websites. The majority of American consumers use social media to ask companies questions about products and/or services. Having a social media customer service strategy is extremely important. It is valuable for these companies to build an authentic brand and customer base. Customer relationships are necessary to obtain trust in a company’s product/business.
To reach their desired demographic, one could look at data analytics through social media to see who engages the most. They have many options to use, such as “tweet” at them, place Facebook ads, or leverage LinkedIn and other platforms. This ability to target a specific demographic within a vast pool of consumers is a reason why Microsoft (Tii:MSFT) acquired LinkedIn for a massive $26.2 billion. Many companies today use these platforms to build real relationships by engaging in conversations with their target audience. This can be seen as a powerful tool because it allows companies to reach a diverse range of potential consumers. Through social media, they are also able to differentiate themselves from their peers. Management teams are learning to embrace the power of social platforms to get their news and messaging in front of a wider audience than has ever been possible before.
Companies have targeted certain cultures for their brands. A company that holds a strong brand face will succeed. For a brand to be successful, it will need to break through in culture. Old traditions such as conventional segmentation and trend reports are no longer helping identify critical opportunities. A company’s social platform must stay updated. Consumers can find information from more than one source. Most customers are already interacting with other brands through social media. If a product or service provider is not speaking directly to its audience through social platforms, then the company will be missing out on great opportunities.
Good marketing on social media can bring remarkable success to one’s business, potentially creating devoted brand advocates. It takes a lot of work to maintain a good image on social media. That’s why companies have started to form teams within their corporations to grow and build their social media presence. These social platforms help connect to customers, leading to increased awareness about the brand, which is the overall goal.
By looking at social media in today’s society and the impacts that it carries, we can see that it’s a great deal of importance on one’s company and brand as a whole, especially when it comes to finding your audience and what information you feed them.
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