Ever wondered why Facebook invested $19 billion in the acquisition of WhatsApp with a risk of paying $42 per user of WhatsApp despite much criticism for investing the highest sum of money for any IT company ever into an already five-year-old start-up.
Social media is not only used for personal uses but is now playing a growing role in business and organisations; with entrepreneurs increasingly looking towards social media platforms to market their businesses. It is evidently becoming the case that investment in social media “is a necessity, not a luxury”, it is a fundamental instrument which you should prioritize in any marketing plan.
The entire point of any marketing strategy is to persuade and influence your audience. This is no different when it comes to social networking for business, and the very best social media campaigns are geared towards persuading the audience towards a certain, pre-ordained outcome.
Social media can directly lead to an increase in sales and brand awareness. A notable example was the success of the Jimmy Choo (2010) ‘CatchAChoo’ campaign; with which the internationally acclaimed luxury shoe and accessories brand set out to generate substantial online exposure to promote their new trainer collection, This campaign lasted just under 3 weeks, the results? Trainer sales in Jimmy Choo stores rose by over 33% furthermore the reputation of the brand; measured by positive mentions of the brand, went up by almost 40% as a result in less than a month.
Investing in a company’s engagement on social media undoubtedly has its benefits. Activity on social networking platforms such as Facebook as an example can lead to the increased traffic that the company’s website receives via these referrals. Activity on social media almost acts as a signal to search engines of a company’s popularity and credibility, with all of this ultimately leads to more sales and increased brand awareness.
According to a survey conducted by Pew Research in 2018, Facebook and YouTube dominate the social media landscape. Some 78% of 18 – 24-year-old youngsters use Snapchat, and a sizeable majority of these users (71%) visit the platform multiple times per day. Similarly, 71% of this age group now use Instagram and close to half (45%) are Twitter users. However, Facebook remains the primary platform for most people.
Consumer psychology plays an integral role in any successful campaign of social networking for business. When you as a business owner and a brand understand how to capture the attention of the consumer, influence their decisions, and motivate purchasing through clever communication, you are poised for success.