Role of Social Media in Marketing

Can social media ever be used for rigorous marketing? The answer to this question was a hot topic of debate and argument for marketing researchers about 5 years ago. Many ruled out the fact that people would ever accept it and could it impact their revenue while there were others who believed that it would change their marketing style forever.
“Social media” consists of two words. Media refers to the adverting and communicating about the product and social deals with the interaction of individuals in community. Thus social media is the platform for communicating with multiple people and spreading the awareness about your product.
Today, it’s the most widely accept form of marketing and these virtual media platforms are the area of key interest for marketing analytics. The major benefits of virtual media are that it can be used for informal marketing. It has been seen that the companies using social media in marketing strategy are 2 times more likely to see an increase in revenue.
The various types of social media sites are facebook, twitter, YouTube, Instagram, LinkedIn, google+, Pinterest and many other. Out of which Facebook, twitter and you tube are known as the big three. Everyone is different from the other and requires different approach to target the market segment. Like Instagram, flicker and vine is a potential market for companies like Image bazaar. Many companies release their promos and ads first on YouTube before they debut in televisions.
Event marketing, e-mail marketing, mobile marketing, blogging etc are various dimensions of marketing through social media.
When a company puts an advertisement on internet various activities follows. New people come to know about the product and existing ones comment on the product. These current users have the power to influence others. The old customers share their experience with the product or brand and thus create a perception in the minds of audience. The new customers believe on it far more than the promises, costly celebrity endorsements and cheesy taglines of companies.
Word of mouth is the most powerful form of marketing and social media uses this technique to spread the word about the product. Talking about the current scenario, we have automobile firm, gaming, e-commerce websites, food chains and even our PM Narendra Modi use social media to connect with people.
Social media creates awareness and image of a brand in the minds of people but cannot sell the product, so it needs to be integrated with other tools of marketing like marketing analytics inorder to drive profits.
The marketing conclave on 1st November,2014 talks about the integration of marketing analytics and role of social media in marketing research as these two terms are hot topic of discussion and has for long created a “buzz” in the business world.