For anyone who has been involved in business management, marketing or entrepreneurial activity in the last few years will no doubt have noticed a far more increased prominence in the amount of people who are using social media to promote their products.
Go back to 2011, and you will find that the amount of companies using Twitter to actively promote their products was miniscule in comparison to today; every single year, the interest and importance of social media advertising has grown. Go back a little further, to the beginning of social media in 2005, and in the last decade the typical social media advertising revenue worldwide has reached a scarcely believable $8.4bn!
Well, the good news for those who enjoy the massively open and transparent side of social media will be happy to know that all the signs point towards the next three years signaling the beginning of the Age of Social Media. With the power for businesses to track down new leads and loyal customers with an incredible level of ease and accuracy, what looks to be the most powerful aspect of the future for social media advertising?
- At the moment, social media allows for businesses to drill down into the personal information and interests of the demographics and people that they want to target – this goes far beyond rather blanket targets such as geography and age rates, but really delves into the key aspects of a person’s personality. This is only going to get more powerful and will lead to far more specialization in offers and advertising across the board
- Even things like how we use our devices or the behavior we show when using them will be used as marketing analytics; people who have specific connections to your business or industry will be able to be targeted and promoted to with greater efficiency than ever before
- Customized and tailored audiences are going to become even more powerful – social media will now allow for a far more dynamic way to getting people interested in what you have to say and offer in the first place
- Analytics have become far more powerful, too. Tracking the performance of advertising campaigns on social media yields priceless data for businesses that allows them to really scale their marketing approaches and perfect the way forward for their business. Conversion tracking is deep and detailed here, and will give you a limitless source of information for years to come
- Social media ads are becoming far more effective too – actionable things like joining mailing lists, liking or following the page, or signing up for competitions is much easier to promote through the friendly and safe medium of social media. Add in the powerful tracking and conversion rating and the potential for leap capture and marketing has never been more apparent for any business
Mobile devices and social media go hand-in-hand, too. Now that more than half of time spend on US devices is done through mobile or tablet, it’s no surprise to see that social media is going to grow in prominence in terms of marketing. As we spend our days tweeting and liking, it’s no surprise that advertising during these peak hours has become more powerful than ever before.
The next development in social media might be less radical than it has been so far, but it’s only going to keep growing and expanding; make sure that you are getting the most out of your own social media approaches to get maximum gains for your business in the long-term.