The numbers are stunning. It is estimated that over four billion people use the internet worldwide. That's around 53% of the world's population. Some 3.2 billion are active social media users. If businesses are not taking advantage of social media, they're missing out.
"The reach and influence of social media is a treasure in the business and trade industries, where the need to engage and persuade the market is a top priority," Forbes says. "With the slow death of print and radio, social media has taken over as one of the leading channels for marketing and business."
As companies increasingly turn to social media to build brand awareness and conduct marketing campaigns, they need professionals with the well-rounded business background and marketing skills offered by programs like the St. Thomas University online Master of Business Administration program with a concentration in Marketing.
Effects of Social Media on Marketing
According to an article posted on the Forbes Communication Council at Forbes.com, over 60 million Facebook pages, brands reach out to social media users on an ongoing basis. The numbers show that posts on a brand's Facebook page reach nearly 11% more people than its current number of followers and that 4.2% of viewers of a Facebook post engage with it. Businesses see similar effects when they use Twitter. Surveys show the top reason people use Twitter is to find something new and interesting.
- Roughly 69% of marketers are developing loyal fans for their brands via social media marketing. Some 66% of these people are 18-24 and more loyal to brands they follow on social media. And 60% of those ages 25-34 favor the businesses they follow on social media.
- One survey showed 60% of respondents said they followed businesses they regularly buy from on Facebook, and 54% said they believed that businesses that engaged with followers on Facebook were focused on providing better service.
- In a survey of senior marketers, 39% said they saw a medium return on investment on social media posts, and 39% said they had the highest return on investment from social media. Also, 36% said paid social media ads brought a medium return on investment, while 17% said it provided a high return on investment.
How Social Media Increases Revenue
The facts and figures make it apparent that social media should play a role in any marketing strategy. Not only does it allow a business to connect with a customer, it builds brand loyalty and can boost sales. If your business is on the fence about social media, maybe you should take another look.
- Targeted social media posts can bring more potential customers at lower costs per click than targeted Google ads.
- You can refine your target audience by age, location, education, industry and even user behavior via social media pages a user has liked.
- Social media can be used to engage customers and potential customers not only through discount codes and new product offerings but also by answering customer questions, forming bonds over shared interests and informing with relevant content.
- Social media marketing strengthens sales. It builds brand loyalty and influences buying decisions along multiple points, from amplifying the reach of blogs to answering customer questions to adding incentives via coupon codes.
- Social media allows you to show your leadership and expertise by answering questions and giving advice. And you don't have to ask a customer to buy anything.
Social media skills are not the only prerequisite in brand building and marketing. It's important to acquire a solid foundation of a broad range of financial and business skills that are all part of the offering of advanced degree programs such as the St. Thomas University MBA with a concentration in Marketing online program. The all-online program allows professionals looking for career advancement to develop a tool kit for successful brand building and the skills to become an effective marketer.
Learn more about the St. Thomas University online MBA program with a concentration in Marketing.
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