This is a Guest Post
The lure of social media advertising has been adopted by a number of operating businesses to increase their customer base. The scale that’s presented by the social media ecosphere is large, diverse and contains desirable demographics for all. $4.7 billion was spent last year on it alone and results were impressive.
Another driving factor behind social media advertising is the increased use of smartphones. Facebook reported that 11% of its revenue came from mobile ads last year. This figure is expected to rise in 2013 since both Facebook and Twitter have crossed the 50% mobile usage mark. Smartphone users who use LinkedIn, Google+ and Pinterest are also on the rise.
From the financial services point of view, social media allows them to stay one step ahead in the game by knowing the need of their clients. It’s also possible for different solution providers to improve on existing services by utilizing bank management system software or market research improved by using social media indicators.
Similarly, institutions like banks can also initiate contact with their prospective clients through social media. The idea is to build relationships that are lucrative and long-term.
The new model of marketing that’s emerging implies that the social media presence of each employee of the company is important. Employees are able to interact with a number of prospective customers through the platform. The marketing campaign of companies and even start ups is also focusing on what kind of message they want their employees to present.
Analysts further suggest that marketing campaigns can ask the employees of the company to be part of such a strategy as an incentive. In this way, not all employees would be forced to use their social media accounts for business reasons.
By incentivizing the social media opt-in, the company would allow more quality based social media content in marketing campaigns. It would also help to generate a long term commitment from the employees of leveraging social media for business.
Tracking process also has a role to play. The organization can easily check which employee has used his/her social media presence to lure in new clients and/or strengthened old ones. There would be tangible record to support this, and the employee can be rewarded accordingly.
The simplicity and the efficiency of the system is remarkable. This is also easier for the marketing team to follow. For instance, tracking sales leads or prospective clients is easy to follow through social media rather than let’s say to decide how many numbers of customers were made through a billboard advertisement.
Banks are one of the key benefiters of such a system since they need a long term relationship with their customers. By leveraging social media, they’re in a better position to interact with their clients and also notice the shifts in demands and other trends. Traditional marketing strategies are becoming static as compared to social media marketing that provides a large data to work with.
The interaction sphere provided by the social media landscape is an ideal opportunity for professional businesses to understand their clients. Customer interaction with the organization or directly with the business owner can be used to provide feedback, increase confidence, listen to suggestions and increase engagement. All this is now possible at a low cost due to the advancement of social media marketing.