For good business an organization needs to undertake the process to engage its target audience build strong relationship with them and capture value in return. So, to catch audience any company needs to involve marketing procedure for its products. Marketing is one of the primary components of business management and commerce and trade. Marketing is the platform that will bring any company’s product virtually to clients and promoting them by focusing on all its good qualities and usefulness.
Marketing is the activity that communicates, delivers, and offers products that are value for money for customers, clients, partners and society at large. Marketing makes your product and service interesting and hence attracts a bulk towards you. It sustains all business aspects.
Marketing educates people about best deals, new deals, in terms of both price and value. If it is done properly then you’re successful in capturing the attention of your prospects build trust and make an informed buying decision. Company will give public what they want and it will get what it wants.
Social Media Marketing
Any business flourishes on how much production, consumption and exchange are carried out by its unit. A unit is an element that the company can create and sell and that adds value to both customers and the business. It depends on company’s revenues costs related to its unit of production and is referred as unit economics. Know in detail about unit economics definition, costs, profits, and lifetime value for Ecommerce.
Unit economics calculates profit and loss of particular business model. It calculates the value a customer brings to your business and stays loyal with your, in relation to how much you invest to acquire that customer.
Six most effective Types of Social Media Advertising
1) Facebook advertising
2) Instagram Advertising
3) Twitter Advertising
4) Pinterest Advertising
5) LinkedIn Advertising
6) Snapchat Advertising
Customer Acquisition Cost (CAC) which estimates the cost of attracting any client
There are various ways of marketing like content marketing, direct marketing, internet marketing, account-based marketing, paid advertising (direct marketing), and internal marketing.
Various innovations are observed in marketing strategies nowadays. The older marketing theories which were widely accepted a few decades ago are no longer relevant in today’s scenario. Newer concepts have emerged as a result, of technological innovations and marketing research. New concepts are accepted, analyzed and updated to suit current and economic and social trends.
Nowadays, the most prominent method of marketing is social media marketing. It is done by the use of social media platforms and websites to promote product and services. It is getting more popular for both – practitioners and researchers.
In this age of internet as Ecommerce is carried for business, e-mail is done to convey messages, e-conference for meetings and e-marketing for advertising is carried out. In social media marketing products are advertised to users on social media platforms.
Social media is a framework made of seven building blocks:
1) Identity: This block portrays users by knowing its name, age, gender, profession, location etc. By knowing this information, sellers would come to know the choice and demand of buyer and hence can make variations and in its strategies.
2) Communication: Sometimes it is necessary for a buyer to contact seller. Social Media facilitate these conversations among individuals and groups by providing links and sites.
3) Distribution: There is always an exchange term between people. But now through social media process of distribute and receive has speeden up in less time.
4) Attendance: This block is like a bridge between virtual and physical. This block makes you accessible to others through status updates or check-ins.
5) Relationship: This block makes direct connections between more than one user thorough conversation, sharing information, meeting up or just listing each other as a follower or friend. It is like tricking the customer. But everything has a black side.
6) Image: Image is seen as reputation of company in market. It shows the trust developed by seller in market. And this trust is sign of identification of status of others and yourself in a social network.
7) Groups: By making groups you extend your network. This extension could be achieved and with friends, followers and contacts. And for such vast network you need to sort and classify yourself in different groups. You can do it by exemplifying in Twitter’s list and Facebook’s public, private and secret groups.
In this way your product can be marketed and so you can increase the sale and become popular through social media marketing. There are various sites and groups that can do marketing for your company that too in a very impressive and thoughtful manner. So overall company is benefitted even there arises customer satisfaction and it becomes possible for you to stay in competitive market.