To what extent do you believe that social media is or is not ubiquitous for your targeted market? Not everyone participates in social media and some key demographic segments tend to avoid it for reason of privacy and security and others due to lack of knowledge and skills. To what extent for your business vision are social media and e-Business technologies appropriate tools for understanding the current market and its trends? Be sure to consider those likely to be future customers after you have successfully launched and become established and the impact of current trends.
Marketing Module #4
Social media connects billions of users globally, making it one of the most important technologies today. For example, in 2019, Facebook reports having 2.38 billion active users monthly and1.56 billion daily (Appel et al., 2020). The number of social media users continues to increase and will reach 3.29 billion in 2022 (or 42.3% of the global population). The presence of many users on social media has increased marketers’ interest in the avenue to reach different consumer segments. Regardless of the claim that social media does not cover all key demographic segments, I believe it is ubiquitous for my targeted market.
Targeting consumers through social media marketing and adverts remains critical for marketers globally. Give that 42.3% of the global population will be present on social media platforms by 2022, marketers will likely reach as many potential customers as possible (Appel et al., 2020). Social media remains a more effective marketing tool than conventional media since many users spend many hours daily browsing. While it is true that not everyone participates in social media and some key demographic segments tend to avoid it, the chances of reaching more audiences than in conventional media, such as newspapers and TV, are high. Marketers selling to youth and young adults are better placed to market through social media since they are most users (Bharucha, 2018). For example, a business marketing shoes for teenagers and young adults will benefit greatly from social media and e-Business technologies to support its vision and mission.
Social media provides critical information regarding current market trends that marketers can use to decide strategically. They can collect information from social media by asking targeted questions about the brand on social media marketing platforms or collecting reviews from other marketers and competitors. The information will help the marketer to understand how to target their consumers and segment their target market. People post a lot of information on social media, such as aspects of their lives and preferences, photos, and favorable trends, such as in dressing. Besides, social media provides critical information regarding consumer buying behavior (Appel et al., 2020). They can also collect culturally-significant information, which also plays a crucial role in marketing and targeting. The data is critical for marketers to understand the current market and trends to market their products in a targeted manner.
When a business launches a new product, it is necessary to focus on the current and future trends. Since some experts argue that users are tired of social media ads, it is necessary to focus on overcoming such changes in the future. The product launch will include steps required to market to online consumers and offline consumers through positive reviews. For example, after selling to one student, the marketer’s focus will be on the possibility of the customer marketing the product through word-of-mouth reviews. Besides, the initial information and updates to the product will be available online for future customers or anyone who receives information regarding the product.
While the marketer markets to the current consumer, they should understand that social media is changing and its form in the future will be different from today. Thus, as social media innovates, the marketer should also innovate and change the marketing approach to align with the changes. Constant product and marketing innovation will help the business and product to remain relevant in the future.
References
Appel, G., Grewal, L., Hadi, R., & Stephen, A. T. (2020). The future of social media in marketing. Journal of the Academy of Marketing Science, 48(1), 79-95.
Bharucha, J. (2018). Social media and young consumers behavior. International Journal of Supply Chain Management, 7(6), 72-81.
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