How Social Media has Affected Marketing
How has social media changed the marketing strategy used by companies? Marketing can be classified as a strategy that lets consumers know about products and can tell companies what consumers need. Social Media is an important communication tool to easily connect to other people or organizations. Studies have shown that people use information on social media as the guideline for their future purchase or planning their future trip. The marketing strategy focuses on a target market. Companies can easily reach their targets individually through the use of social media. Consumers tend to post, share, and favorite advertising through social media, which ...view middle of the document...
This includes behavioral and diagnostic. Behavioral includes everything from shares to sales, while diagnostic metrics are more tool-specific, such as impressions of a Facebook Page or likes-per-post.
Social media also allows for a marketing conversation to occur. Traditional marketing styles have very spaced out timing and no flow to conversation. Social media allows for a back and forth conversation to occur between a target market and a marketer. Liz Hawks, SVP and global co-chair of FH Moms Practice, explained it like this: “[Social media] has helped us to better understand our audiences — 'listening' to their dialogue either validates insights we have or teaches us new insights. It leads with the consumer’s needs, rather than the brand’s desires, which completely flips traditional models.” This information directly from the consumer helps to minimize risk and allows for transparency in the situation. This overall makes marketing more effective for both parties involved.
Traditional marketing also almost always included a Gatekeeper. This affected marketers because ultimately the Gatekeeper would usually decide what was published. Newspaper, TV, magazines, and other mediums are still used for marketing, but social media allows for direct communication. Rob Clark, Edelman’s director of insights and management, says: “Social media lets us identify the people we need to talk to, and the people we want to talk to. It gives us the chance to build, track and maintain the relations we have with our stakeholders with the added benefit of taking conversational communication and preserving it for an audience to witness and add to.”
Gatekeepers can also cause an uneven playing field for traditional marketers with charging prices for their services. Social media is a free way to market that everyone with the mediums can access. Gatekeepers can also cause a bias presentation of items. This is specifically hurtful to homogenous items that rely on being fairly compared in marketing. Michael Baye and John Morgan wrote in their Information Gatekeepers on the Internet and the Competitiveness of Homogeneous Product Markets research that: “The market for information has the feature that information ﬂows are costless inside the market, but a proﬁt-maximizing gatekeeper sets fees for both consumers and ﬁrms to obtain entrance.” Social media can provide a fair playing ground for all marketed products as opposed to traditional marketing styles. Dan Stasiewski of Social media today states “marketers began to decrease their print ad spending, it wasn’t because print advertising was a bad idea; it was just less intelligent compared to most digital platform.” The Internet opened marketers to a newer, easier, and cheaper way to go about business.
What really changed with marketing in the introduction of social media is the idea of real-time feedback. Heather Whaling who wrote the article Five Ways Social Media has Changed Marketing suggests, “Communicators...