If you are running a successful business you will know that good marketing isn’t just about choosing the appropriate market or having a high quality product. Although important, it’s also about developing and using the right kind of marketing techniques in order to reach your potential customers and converting those leads into sales!
By gaining a greater understanding of social media –v- traditional marketing, a business owner will be in a better position to choose which marketing method is appropriate to their business and how it is should be applied.
When operating a business, it is imperative you remain ahead of your competition. Which means you can longer rely on outdated marketing methods. You need to look beyond and understand how you can leverage social media to grow your reach.
Let’s Understand Traditional Marketing
Everyone has been exposed to traditional marketing at some point or other as it’s seen as the conventional mode of marketing that helps to reach out to a large audience with various offline advertising and promotional methods. Traditional marketing has been around for over 100 years, radio ads, printed flyers or newspaper adverts are still the main methods used.
There are many benefits to traditional marketing, especially when the methods include print, as the audience has a hard copy of material of which they can read or browse through over and over again. Interesting, neuroscience avidly supports the benefits of hard copy marketing!
But the downside to traditional marketing is the limited opportunities for interaction between the medium used and the customers. Its main focus is on providing information to the public at large, informing them about the brand in the hope that potential customers will engage with the brand. Also the downside is that print and radio advertisements still remain very costly for a business.
Although traditional marketing may have evolved over the past few decades, the fundamental aspects remain the same. The selling techniques that we use today heavily rely on Kotler’s four P’s of marketing: product, price, place and promotion.
By leveraging the four P’s of marketing, a business can actually lead its prospects and customers through any sales funnel and see favourable results!
Let’s Talk Social Media Marketing
In a nutshell, social media marketing is the use of various social media platforms and websites to promote a product or service. Digital marketing encompasses all marketing efforts that use an electronic device or the internet. Businesses utilise digital channels such as search engines, social media, email, and their website to connect with current and potential customers.
There are so many benefits to social media marketing. The most important being the ability to directly interact with your audience, in fact, interaction is encouraged and is the key to success. Traditional marketing methods don’t allow for audience interaction. Social media marketing engages and encourages your customers and followers to take action, visit your website, read about your products and services, rate them, buy them and provide feedback which is visible to your potential customers.
It is also a very cost effective method of marketing although some businesses invest in paid online advertising, however the cost is still cheaper compared to traditional marketing methods.
Data and results are easily monitored and evaluated, allowing the business to quantify a return on their investment. With Google Analytics and the insights tools offered by most social media channels, you can check on your campaigns at any time. Unlike traditional marketing methods, you can see in real time what is or is not working for your business online and you can adapt and change your approach very quickly to improve your results.
Regardless of the size or age of your business, you can compete with any competitor once you have a solid digital marketing strategy in operation. Traditionally a smaller retailer could struggle to match the significant marketing budgets available to its larger competitors. A professional, well designed and well thought out website with a smooth customer journey, fantastic customer engagement and follow up service, is the winner. A well maintained website with quality content targeting the needs and adding value to your target audience can generate sales leads and opportunities. The same can be said for utilising social media channels.
Social Media or Traditional Marketing?
The world of marketing has changed in a major way and social media has played a significant role in that transition, as we continue to witness an enormous shift in the way we buy, sell and advertise. There are few places this shift had a more powerful influence than in communication and commerce. Consumers are changing the way they shop and require access to products, services and information on a 24/7 basis.
It is evident that social media marketing is a less expensive way to get your message out to your potential customers in a very efficient manner. You’ll pay a fraction of the traditional media price to reach the same number of people and more and you’ll be reaching the audience you want. Social media marketing, if carried out correctly, can over time cultivate a culture of trust. Traditional marketing forces an opinion on a buyer in the hope that over time they will achieve sales.
You can use social media marketing to give your ideal customer an opportunity to learn everything they need to know about your offerings before they buy. This in turn enhances your brand and you’ll also get the added bonus of receiving feedback from your customers through online reviews and testimonials.
In my opinion, social media marketing is the best option for anyone running a small to medium enterprise, and developing an online presence is crucial to ensure business success.
For more information, contact MentorUs Business Solutions today!