Social media comprises of social networking sites like, Facebook, Twitter, Myspace, Netlog, Ibibo, Jaiku, and social book marking sites. It cannot be denied that as more and more consumers are joining the social networking platform, the advertisement through social networking sites is becoming lucrative for business folk.
The cheapest and the easiest mean to reach out to millions of people across boundaries is through social media sites. Social media advertising is nothing but online promotion of services and products focused at social networking sites.
The business interests are pursuing this by building awareness and growing fan bases on the social networking sites.
Through Facebook alone, it is possible to target 750 million potential customers. Advertisers have option to choose their target audience by location, age, and interest. Simple images and text based advertisements have worked better.
The most tried and tested way to do this is by promoting the Facebook page or even the websites through social networking sites. The ‘like’ button is used to increase the influence of advertisements. This has made it possible to build a community around their businesses.
These are some of the social media advertising strategies being used by marketers.
1. Building an effective fan page:
Creating your fan page of your brand is another way. This is done by putting an attractive image, thorough information on the product, videos, as well as custom tabs. This fan page can be promoted through standard market place ads pointing towards it.
2. Direct advertising with network of friends:
This is an effective way of advertising within a close group of friends. Product is directly advertised to the group members. Since buyers get easily influenced by a product that is already bought and used by a group member, this is more like a word of mouth strategy.
3. Page and page post ‘Like’ method:
Page ‘Like’ option for potential consumers allows the growth of fan base. This way one can leverage fan base for market research and contests, as well as promoting sales. This in turn will drive them to business’s e-commerce site.
4. Creating a group:
Many marketers create a group for a brand. Users of the brand products take pride in joining such groups. This popular mindset is being effectively used by advertisers. For example, ‘Toyota owners’ group is a group of people owning Toyota cars. This brand image and awareness building advertisement strategy is being effectively used.
According to estimates, social media advertisement spending is likely to reach $8 billion from the present value of over $3 billion. Social media market is here to stay, and constantly growing, as the market is yet to reach maturity.
About Author: Amit is a writer/blogger. She contributes to financial modelling training