In the last couple of years, many businesses have found their way onto social networking sites, and they have made social media a part of their strategy. But the adoption of social media for marketing purposes hasn’t always been successful. Businesses mistakenly put too much focus on gathering a large number of followers, only to bombard their newly gained prospects with one-sided marketing messages. This old-school marketing tactic stems from belief that social media is just a cheaper and more effective way of getting your message across to a large audience. However, these businesses aren’t harnessing the true marketing potential of social media.
Social Brand Equity
In 2013 more businesses will begin to recognise the important role that social media plays in the production of brand equity. Brand equity is a valuable asset to a business; one that increases the financial value of the business. Social brand equity, also called social brand value, is an expression of the unique relationship between a business and it’s audience. Social media can hence be used to nurture that relationship. This approach, as opposed to focusing on a quick sale, leads to better results in the long term.
An Empowered Audience Is an Engaged Audience
Social media has given consumers a voice and online audience have become more outspoken. But instead of talking about the latest discounts and offers from their favourite businesses, people are now sounding off about what they like or don’t like about a business. They are sharing passive talking in a marketing message. If you encourage your audience to be empowered and to have their say, you will secure their engagement for the future.
The sheer number of existing social media websites where online audiences can have their say is overwhelming, and the pool just keeps getting bigger. In 2012 Pinterest had a never-before-seen growth from being a small, niche site, mainly used by women, to becoming one of the five biggest social networks. Before social media, businesses were still in control of when and where their marketing messages would appear. Now however, businesses can no longer choose the social media channel that they appear on. Consumers share information between the different social media networks. This is why an all-encompassing approach is recommended.
2013 brings new and improved ways of using the information gleaned from social media to build up your social brand equity. So, in order to have access to this valuable information, you will need to follow your target audience on the social media platforms of their choice.
Need help with your Social Media? Talk to our specialists today and see how we can take your online presence to a new level.