Reviewed by Aug 27, 2020| Updated on
What is Social Networking?
Social networking refers to the usage of Internet-based social media forums to remain connected with friends, colleagues, family, customers, or clients. Social networking can be adopted for social purposes, business purposes, or both.
Interaction can happen through sites, such as Facebook, LinkedIn, Twitter, Instagram, etc. Social networking has become an essential base for marketers who seek to engage customers.
Since every business is unique and has a diverse target demographic and competitive marketplace, a single marketing strategy will not work for every business. Also, social networking is constantly evolving and adapting to changes as a big challenge. It influences a company’s marketing success rate.
The social networking companies want businesses paying for advertising. Due to this, the companies usually restrict the amount of reach businesses may obtain through unpaid or organic posts. For instance, if a company has 1,000 followers, not all followers may get the same post.
How Does Social Networking Operate?
Many marketers use social networking to increase brand recognition and to boost brand loyalty. Since it makes a corporation more available to new customers and more recognisable for retained customers, social networking helps develop a brand’s view and content.
For instance, a frequent Facebook user may, for the first time, get to know a company via a newsfeed and decide to buy a product or service. There are greater chances for the company for finding and retaining new customers when such people get exposed to a company’s brand.
Marketers utilise social networking for increasing conversion rates. A company can get access to and interact with new and present customers by building a following. The activities can be sharing of blog posts, images, videos, or comments on social media that ultimately allows followers to respond, visit the company’s website, and convert into customers.
Pros and Cons of Social Network Marketing
Customers may compliment the company’s offerings and aid others to buy the products or services. The more customers are speaking about a company on social networking, the more worthy the brand authority grows.
As a brand grows stronger, it results in more sales. Higher company posts will rank the company higher in search engines. Social networking can establish a brand as authentic, credible, and reliable.
A company may utilise social networking to express its customer service level and enhance its relationships with consumers. For instance, if a customer laments about a product or service on Twitter, the company may address the issue promptly, apologise, and take action to make it right.
However, a critique of a brand can spread very fast on social media. It can create a virtual problem for a corporation’s public relations team.
Although social networking is free, building, and sustaining a company profile takes a lot of time and efforts. Prices for those hours add up instantly. Moreover, businesses need more followers before a social media marketing campaign begins creating a positive return on investment (ROI). For instance, submission of a post to 15 followers does not have the same outcome as submitting the post to 30,000 followers.