Social Media: The Goldmine We’ve All Been Sitting On.

Social Media: The Goldmine We’ve All Been Sitting On.

  -Adebayo Anthony

Hello! Here’s our follow-up article on digital marketing, sorry it took more time than we initially planned for. I’ll be sharing some insights on the global phenomenon- SOCIAL MEDIA. On the title it’s referred to as a goldmine and we’ll find out why as we go on.

As usual, in this article I’ll make my best attempt at answering three of some of the most asked questions relating to social media.

But first a little introduction to highlight a few details.

Social media is a means of interaction among people in which they CREATE, SHARE and EXCHANGE information and ideas in virtual communities and networks.

As at April 17, 2020 more than 4.5 billion people use the internet. Active social media users have passed the 3.8 billion mark.

3.8 BILLION!!! More than half the world’s population. That’s not all, as at 2019 Facebook’s ad revenue stood at to $69.7 billion. Now imagine how much revenue the businesses that ran these ads would have generated over that time, we’re talking only Facebook though.

Let’s dig deep and answer some questions.

●  Is Social Media the new market?

Read this question and look at the figures representing active social media users. There’s your answer.

Social media has come a long way from being a luxury, it has evolved to become a necessity these days. Company’s and basically all brands must keep an eye on the latest trend in order to tap the potential of the wide social media spectrum.

Our daily activities and social interactions are becoming dependent on social media. This is not limited to people who are living in the most advanced countries but in the less technologically advanced as well.

For individual users, social media may be entertaining and simply used for interacting with friends or listening to music or get the trending topics worldwide. But for businesses it goes beyond just connecting. We can simply call it the “Virtual Marketplace”.

To succeed in any business, you have to take the business to people, social media has a become a religion for most and is an integral part of our lives, so businesses have to rework their marketing strategies with social media at the forefront.

 

●  How has Social Media affected businesses?

Social media affects the way customers perceive a business brand. Before social media became a phenomenon, most customers considered businesses to be impersonal entities. But in recent times, social media has opened up a new dialogue between businesses and their customers. With these developments businesses have to leverage proper social media channels in the best possible way in order to attract and retain customers.

Let’s take a look at these statistics:

》 90% of all marketers say social media has increased their business exposure.

》91% of retail brands are using at least two social media platforms.

》84% of CEOs and VPs say they use social media to help make purchasing decisions.

》  Customers report spending 20%-40% more money on brands that have interacted with them on social media.

》 77% of millennials report making a purchase either online or in-store after seeing a product on Facebook.

 

These statistics show just how powerful a tool social media can be in helping businesses reach prospects and customers. Your customers are already interacting with brands through social media platforms like Facebook, Twitter, Instagram and Pinterest. If you’re not there as a business owner, you’re totally missing out on all the treasures in plain sight.

Its rather simple, businesses have been put in a position where they have to innovate and integrate social media into their marketing activities or face losing their customers.

 

●  Which social media platform is best for business?

There’s no doubt social media is a necessary tool for businesses, but starting can be difficult. Simple acts like choosing the right platform can be more complicated than you think. There are a ton of social media networks to choose from but you can start by narrowing it down to the most popular and widely used platforms, from there you can determine which platform will give the right exposure you’re looking for with the right audience.

 

Start by defining your goals, it’s important to have specific goals before moving forward. Your goals will help determine the platform you choose, the content you create and the audience you target.

 

Determine the channels your audience are already using. The whole point of social media marketing is to put in direct contact with most appropriate audience, so it’s advisable to analyze which platforms your audience prefers and seek them out on those platforms. You can use surveys and other internet research tools to get the information you need.

 

Finally, examine the content you create. Different types of contents work better with certain social media platforms, so it’s important to consider the type of content you like to create that works best with your brand. Instagram for instance is majorly focuses on pictures and YouTube on videos.

The type of content you create will depend on your industry, your brand and your target audience.

After that, pair your goals, audience and content with the right platform.

Once you’ve settled on the goals you want to achieve with social media, determined where your audience is hanging out and concluded on the type of content that works best for you. You can then go through and compare the different social media platforms to determine which one will meet your needs.

 

In order to harness the opportunities in this goldmine, you must take three simple steps.

CREATE, SHARE AND EXCHANGE.

Create valuable and relevant content, leverage on the organic and highly populated virtual marketplace, and finally monetize by exchanging your goods and services or ideas for an appropriate price.

 

Social media statistics from top platforms;

Facebook     -            2.5 billion monthly active users.

Instagram    -            1 billion monthly active users.

Twitter         -            330 million monthly active users.

Pinterest      -           300 million monthly active users.

LinkedIn       -           303 million monthly active users.

 YouTube      -           2 billion monthly active users.

Snapchat      -           350 million monthly active users.

TikTok           -            500 million monthly active users.