In today’s world, social media is the new frontier. On social media, news can travel even faster. A single video can go viral in just a matter of minutes. It makes connections all over the globe.
How Social Media Affects Businesses
We should admit it – social media is powerful. From a business standpoint, it helps companies gain popularity and establish a stable presence in the online world. With millions upon millions of social media users, any company with a strong following has a great opportunity to earn more and achieve business goals easier.
Taking Advantage of Social Media’s Power
If you want your brand to be the talk of the town, channeling the power of social media is the way to go. Using various platforms to interact with current and potential customers can help promote your products and services to others.
At the same time, you get to know how the public views your brand and how you can improve to be more competitive in your industry.
Your Target Market
Your target market plays an important role in achieving business success. They are the ones who look for your products and services, engage with you over them, and bring you profit. That is why you need to make sure that you are targeting the right one.
You have to focus your marketing efforts on the right people. Otherwise, you are just wasting precious resources on those who don’t care for your brand. No matter how great your product or service is, your brand will still fail if it does not connect with the right audience.
Identifying the Target Market in Social Media
You need to know who your ideal customers are, what they want, and how they act to get what they want. In identifying your target market, you need to answer the following questions:
- Who needs my products and services?
- How much do they earn, and can they afford my products and services?
- What are their needs or preferences? Do my products and services respond to those needs or preferences?
For social media, you also need to answer questions like:
- Which social media platform or platforms do these individuals frequently use?
- What is the best way to introduce them to new products and services?
- Which product or service-related information do they need to know firsthand?
Getting clear answers for these questions will help you find your target audience and build strategies to reach out to them.
Social Media Channels and Platforms
The most popular social media platforms are Facebook, Twitter, and Instagram. These channels offer different features to help you market your products and services.
While there are numerous channels and platforms available, you don’t have to create accounts on all of them. That is a waste of your time, money, and marketing effort.
Instead, know where your target audience is. Which platform does your target audience frequently use? Are they on Facebook? Do they use Twitter? You should already have an idea of the answer to these questions.
Analytics and statistics can help you in this situation. Use available statistics to know where you should invest your marketing resources. For example, according to Omnicore, there are already a billion users who actively use Instagram. Many of them are women and millennials. With such facts in mind, you may add Instagram to your channel of focus if your products and services are designed for women or millennials.
Should You Go with Surveys?
No matter how popular social media statistics may be, you can still use traditional methods to know the pulse of the public about your brand. Surveys will give you an idea of the public’s view of your business.
Try talking to real customers and ask their opinions. Ask which social media channels they use and other relevant details. Once you get the answer, you can focus on it better.
Narrowing Your Target Market Size
Reaching to a larger target market is a good idea business- and profit-wise. However, it may not be practical in terms of social media marketing. Narrowing down your target market size will help you budget your marketing resources effectively. You can cut down on costs by concentrating on a practical target market size where your products and services will most likely be bought or taken advantage of.
Think of it this way. When you reach out to more people, you spend more money promoting your business to them but may end up with quite a handful of customers you can convert to sales.
On the other hand, when you reach out to a specific niche, you can spend relatively lesser money marketing your product to people who really need it. As a result, you will most likely have better profits.
Social media indeed offers a great opportunity for businesses to improve their sales and achieve success. However, this can only be possible when you are targeting the right target market. Be practical and wise in allocating budget and costs to your social media marketing efforts. Have the right target market in mind!
Author Bio: This article has been shared by Louise Savoie who is a Digital Marketer at Proweaver, a web development company specializing in Custom Web Design which helps sole proprietors and small companies increase their sales and grow their business. I am responsible in Content Marketing and Social Media Marketing.