Marketing: The Impact Of Social Media Marketing On Marketing

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ASSESSING THE IMPACT OF SOCIAL MEDIA MARKETING ON YOUTHFUL CONSUMERS:
AN ANALYSIS OF UNIVERSITY STUDENTS and THE BANKING INDUSTRY.
Background to the study
Social media is a platform which enables interaction, collaboration and the sharing of content.
The current marketing activities are carried out on social media platforms with the aim of increasing the magnitude of their reach at minimal costs.
Over 70% of adults use a given type of social media platform. It is no longer a cool kid’s thing as was perceived a couple of years ago. This platform has risen so fast and become the preferred form of advertising and marketing taking over the traditional forms such as television, magazine and mail. Marketers are projected to spending $8.3 billion
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Social media helps to understand who your customers are and their behavior. Platforms like Facebook, Instagram and twitter are current addictions of this modern society and people tend to get information and form opinions out of others peoples posts, likes, rants etc. It creates a complex picture that suggests just how to connect with customers based on what they themselves identify as important to them.
( Michael Fertik, 2015)
The Internet has become a popular advertising platform because marketers found that the Internet possess greater flexibility and control over the advertising materials (Ducoffe, 1996). Since the Internet can be used as an efficient marketing communication tool, both scholars and practitioners are interested in understanding how to take full advantage and maximizing the value of this communication medium (Rodgers and Thorson, 2000).
Consumers within Kenya have been largely exposed to the traditional advertising forms as the main media used by advertisers to provide information. However, over the years marketing strategies have evolved with technology leading to the internet creating unprecedented opportunities for digital marketers to connect with customers to create an immersive connected digital environment, influence and drive purchases, fuel new growth and create new market
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New ways of communicating and accessing content are evolving every day and younger age groups are voracious adopters of these. Banks need to understand how the next generation is using new technology and how their behaviors’ and attitudes change as a result of this. At the same time they need to take advantage of the social platforms which are highly used by these individuals to sell their products.
Banks are allocating millions in the advertising budget on social media and its effectiveness is of core importance. It is therefore important for firms to understand that their presence only doesn’t matter but they should understand that there exist millions of other consumers and networks from which recommendations and reviews can be found. This brings a new problem on to what regard do such information hold on these social media platforms. (James Simard,

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