Social Media Management
Social media marketing is the use of social media platforms and websites to promote a product or service. Although the terms e-marketing and digital marketing are still dominant in academia, social media marketing is becoming more popular for both practitioners and researchers. Most social media platforms have built-in data analytics tools, which enable companies to track the progress, success, and
engagement of ad campaigns. Companies address a range of stakeholders through social media marketing, including current and potential customers, current and potential employees, journalists, bloggers, and the general public. On a strategic level, social media marketing includes the management of a marketing campaign, governance, setting the scope (e.g. more active or passive use) and the establishment of a firm's desired social media "culture" and "tone."
To use social media effectively, firms should learn to allow customers and Internet users to post user-generated content (e.g., online comments, product reviews, etc.), also known as "earned media," rather than use marketer-prepared advertising copy. While often associated with companies, as of 2016, a range of not-for-profit organizations and government organizations are engaging in social media marketing.
Social media can be used not only as public relations and direct marketing tools but also as communication channels targeting very specific audiences with social media influencers and social media personalities and as effective customer engagement tools. Technologies predating social media, such as broadcast TV and newspapers can also provide advertisers with a fairly targeted audience, given that an ad placed during a sports game broadcast or in the sports section of a newspaper is likely to be read by sports fans. However, social media websites can target niche markets even more precisely. Using digital tools such as Google Adsense, advertisers can target their ads to very specific demographics, such as people who are interested in social entrepreneurship, political activism associated with a particular political party, or video gaming. Google Adsense does this by looking for keywords in social media user's online posts and comments. It would be hard for a TV station or paper-based newspaper to provide ads that are this targeted (though not impossible, as can be seen with "special issue" sections on niche issues, which newspapers can use to sell targeted ads).
Social networks are, in many cases, a good tool for avoiding costly market research. They are the shortest, fastest and most direct way to reach an audience through a person who, in that specific community, has more credibility than anyone. For example, an athlete ‘delivers’ to their sponsor a consumer base of millions of people who every day are interested in what they do, what they feel, what they consume. No need to go to a Nikeshop window to see Cristiano Ronaldo’s latest boots. He sells them for you directly via a Tweet.
Facebook and LinkedIn are leading social media platforms where users can hyper-target their ads. Hyper-targeting not only uses public profile information but also information users submit but hide from others. There are several examples of firms initiating some form of online dialog with the public to foster relations with customers. According to Constantinides, Lorenzo and Gómez Borja (2008) "Business executives like Jonathan Swartz, President and CEO of Sun Microsystems, Steve Jobs CEO of Apple Computers, and McDonalds Vice President Bob Langert post regularly in their CEO blogs, encouraging customers to interact and freely express their feelings, ideas, suggestions, or remarks about their postings, the company or its products". Using customer influencers (for example popular bloggers) can be a very efficient and cost-effective method to launch new products or services Narendra Modi current prime minister of India ranks only second after President Barack Obama in a number of fans on his official Facebook page at 21.8 million and counting. Modi employed social media platforms to circumvent traditional media channels to reach out to the young and urban population of India which is estimated to be 200 million.
Small businesses also use social networking sites as a promotional technique. Businesses can follow individuals social networking site uses in the local area and advertise specials and deals. These can be exclusive and in the form of "get a free drink with a copy of this tweet". This type of message encourages other locals to follow the business on the sites in order to obtain the promotional deal. In the process, the business is getting seen and promoting itself (brand visibility).
Use social networking sites to develop their own market research on new products and services. By encouraging their customers to give feedback on new product ideas, businesses can gain valuable insights on whether a product may be accepted by their target market enough to merit full production, or not. In addition, customers will feel the company has engaged them in the process of co-creation—the process in which the business uses customer feedback to create or modify a product or service the filling a need of the target market. Such feedback can present in various forms, such as surveys, contests, polls, etc.
Social networking sites such as LinkedIn, also provide an opportunity for small businesses to find candidates to fill staff positions. Of course, review sites, such as Yelp, also help small businesses to build their reputation beyond just brand visibility. Positive customer peer reviews help to influence new prospects to purchase goods and services more than company advertising. As the social media world continues to grow, so does the need to reach customers on social networks. 70% of the U.S. Population has some form of social media profile, and by 2018 that number is projected to be 2.8 Billion. Small businesses can benefit from social media marketing, due to its little to no start up costs which can decrease marketing costs, giving a personality to their brand, increased brand recognition, and higher conversion rates. Engaging customers in the 21st century is now only a click away.