By: Rashmi Chainani
Renegade, renegade, renegade *attempts to do the steps* and fails miserably might I add. This dance became a worldwide phenomenon in October 2019, with people all around the globe posting their own dances to this iconic song. We also can’t forget about Dalgona Coffee, the iconic coffee recipe which replaced our boredom during the pandemic. Not to mention workouts and even challenges such as the ice bucket challenge that went viral, oh, the good old days. Alright, getting sidetracked from the actual topic here…
These dances and recipes weren't just trending topics because it became the way for people and businesses to reach a wider audience. Social media became an avenue for businesses to market their products on a much greater scale with less capital involvement. With social media, small businesses have been able to advertise their products for free on several platforms, such as Instagram, TikTok, Pinterest, and more. Due to the rise in the use of social media platforms, businesses were able to transform and expand their marketing strategies to another level.
But how did social media first start? It first started with a platform, called Six Degrees, in which people were able to sign up with their email addresses, create their own profiles, and add their friends. After a few years, another platform, called Friendster, was created in 2002 and people were able to share pictures and videos within their personal circle. As the years went by, many more platforms were introduced, which includes LinkedIn, MySpace, Facebook, Twitter and Instagram. These platforms are still actively being used by people on a global scale. Nowadays, social media is a tool that is used to build and create various lifestyles and communities.
However, a new type of business, known as social media marketing businesses, emerged over the years. Social media marketing businesses specialize in teaching other businesses about social media and other digital tools used to effectively market a company’s products or services. Social media runs on analyzing the data collected so businesses are able to brainstorm various strategies that are essential to providing for a company’s clients and consumers.
What are the other services offered to us? Some of the other services offered by social media marketing businesses include boosting followers on numerous platforms, properly managing social media accounts, spreading awareness about different brands, and more. The key point is to create and price their content based on other companies, which are the two main components of this type of business. Additionally, some of these businesses create set packages that are charged according to the number of content and advertisements available.
In this day and age, there has been a rapid increase in the demand for social media marketing services that businesses provide. The demand for social media advertising has increased by 45.9% and social media optimization has grown by 26.2%, according to Lucy Tesseras in her article for MarketingWeek.com.
There are some advantages of social media marketing businesses, which includes better customer data analysis, brand awareness, and customer satisfaction. Social media is a great tool to gather and observe costumes’ data and preferences making it easier to conduct data analysis. Remember how you saw that advertisement about those suitcases you were just looking for and thought it was quite creepy? Don’t worry, nobody is spying on you, they are just trying to adjust to your preferences!
According to the 2021 Statista, over 3 billion people use a certain form of social media in any way possible, however, there are some disadvantages to this form of business as well. One of which is that social media can be used ineffectively and there would be high levels of competition amongst businesses. Many social media platforms are free, and therefore, these businesses have to work harder to secure an audience and discover their niche.
The world of social media marketing businesses is growing quickly nowadays. It is an easy and effective way to reach a wider audience while keeping up with today’s rapidly evolving digital world! With that said, remember to follow us @girlscanfinance on Instagram and LinkedIn if you haven’t already! Thank you :)
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