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Marketing: Social Media Takeover “Out with the Old in With the New”
Television has become a dead source of marketing as we're paying for the price of people's attention. Therefore, we must know where the consumer's attention is in order to market to them effectively. As the level of use of technology rises the Internet and social media rises as well. Consumers are entering into a day and time where they do not want to consume commercials so Netflix, Hulu, and other commercial-free sources have capitalized on viewers’ attention. According to Tom Huddleston Jr., an article contributor to Fortune.com, Netflix has more subscribers than cable television (Huddleston, 2017). Today there are over 50 million Netflix subscribers and only 48 million cable subscribers (Huddleston, 2017). These numbers show that consumers are opting out of seeing commercials.
We are able to see that running commercials on television is no longer a staple form of marketing so where should businesses market? The answer is your social networks. Social networks are one of the fastest growing industries in the world. Your top networks at the moment are Facebook, Twitter, and Instagram. Facebook at the moment is the biggest and arguably most powerful social media network in the world with 1.55 billion active monthly users, while Instagram and Twitter are right behind it (“Why You Need to Understand, 2017). The costs to market on these platforms are extremely low as bigger companies have yet to invest in the platforms as they do television commercials. Instagram has taken off due to its various ways of marketing and reaching specific consumers, which are known to be your target market.
Running advertisements on social media like Facebook, and Instagram you are likely to pay as low as $.012 per click unlike using Google AdWords which you can likely pay upwards to $50.00 per click depending on the word (“16 Reasons Why”, 2017). The use of advertisements on these various platforms will give you a bigger bang for your buck. You are likely to receive more impressions and engagements for $2.00 as you will not be able to afford any television advertisements for this cost.
These various networks have created reachable influencers known as social media influencers. Their job is to take their social following and literally influence them to buy products or change lifestyles through their content. These influencers mixed with your marketing tactics have the ability to create brand loyalty among the consumers (“16 Reasons Why, 2017). The way to capitalize off social media is to find influencers that make sense with your brand. Therefore, you will be able to expand your brand and reach others you may not have been able to reach before.
There is a market out there for low cost advertisement and that market is social media. Whether small businesses like it or not, marketing with influencers coupled with paid advertising is taking over the marketplace. It is key to tap into the rise of marketing on social networks before large companies catch on and increase the prices for marketing on these platforms and knock out a lot of small business competition. Lastly, remember as you start building on these platforms, put out great content, do special things for your followers, and pay to expand your brand because the takeover is here.
B. (n.d.). 16 Reasons Why Your Business NEEDS Social Media Marketing. Retrieved November 23, 2017, from https://www.contentfac.com/9-reasons-social-media-marketing-should-top-your-to-do-list/
Why you need to understand the Importance of Social Media. (2017, September 04). Retrieved November 23, 2017, from https://www.growthgurus.com/blog/business-brand-need-understand-importance-social-media/ )
Tom Huddleston Jr.Netflix Has More U.S. Subscribers Than Cable TV. (June 15, 2017). Retrieved November 23, 2017, from http://fortune.com/2017/06/15/netflix-more-subscribers-than-cable/