Social media marketing is a new trend of marketing where different Businesses have taken to social media sites to market and promote old and existing products and brands or create more awareness of their new products. Facebook and Twitter are the two most well known sites where firms market and promote themselves. Over one billion users worldwide use both sites everyday; from averages Joe’s to famous celebrities. Such is the power of each social media site that one post can make or break you.
Forbes estimated that in 2011, Facebook and its founder Mark Zuckerberg were worth an estimated 50 billion dollars as a result of its growing popularity. It went from a social network just for Harvard Student to a worldwide phenomenon. Twitter as
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Social media marketing creates all the above, but its main advantage that firms and businesses benefit from is that it is very cost effective. It is very cheap and requires very little start up cost, and it reaches every single corner of the globe, so more people are aware of the product or business and there is now a global audience. Twitter and Facebook can also be viewed as a more effective way to communicate with customers. It is looked at as an ideal way for customers to give feedback and respond to new products with their approval or dislike for it. With this in mind, customers now appreciate the company as they feel they are taking time out to answer their queries, which not only creates a sense of good customer service but also a good brand image. The feedback given also benefits the company as it is a form of market research and can help them prevent mistakes in the future.
Social media sites can also be a very dangerous place for companies. There are a lot of internet ‘trolls’ going around on each site and posting negative comments, which could ruin the way the public perceive the company or product. Marketing on sites can also be very time consuming as well, as since the market is global, the smallest mistake could ruin a product, as a bigger audience means the business has the eyes of the world on them, so mistakes can kill the product or business. To create an effective social media marketing campaign a firm must employ workers who are aware of the