The prominence of social media has brought forth a sea change in the functioning of business. Especially, with regards to the strategy formulation process. A business strategy that doesn't capitalize the potential of social media is considered to be void. For any business, the core objective is to establish a personalized connect with the customers. And, this is well-achieved through social media marketing. Through statistical comparison, it can be inferred that businesses of all sizes have increased the social media spend to a manifold extent. It isn't a surprise though. A business strategy that is evolved after taking social spend into consideration is poised to produce greater dividends in the longer run post its implementation.
Below are the parameters on which social media is likely to influence the business strategy.
Overall increase in budget allocation
With the advent of social media advertising, businesses are forced to increase their marketing spend. Though the budget allotted for offline advertising hasn't been drastically brought down, new channels of online advertising are commanding big budget allocation. Why is it so? The reason can be attributed to the increased ROI obtained out of these advertising techniques. Moreover, businesses are receptive to the philosophy of increasing the social media budget in frequent intervals since the dividends it offers is unmatchable with any other source of advertising.
Characterizing the target audience and building personalized strategy
By including social media to its digital marketing arsenal, businesses have become more adept in evolving strategies that are poised to establish a personalized connection with the target audience. To realize this mission, they have devised a multi-pronged strategy that encompasses of varied campaigns with multiple marketing objectives. This has given upper hand for companies to acquire more customers. From a business perspective, personalized targeting will reap greater dividends in the long run, though not very observable in the initial phase. To sum it up, social media has enabled businesses to evolve a personalized business strategy strengthened with the capability to focus on a niche audience.
Enhanced marketing objectives
With social media, marketing objectives have become broader and wider. During the days of traditional offline marketing, objectives of a marketing campaign were minimal, whereas, with the emergence of social media marketing, marketing objectives of a business have been given a new dimension. Social media campaigns can be built to generate leads as well as to enhance the brand reputation of a business. Nevertheless, the goals of a social media campaign are manifold. In many cases, the objectives are hard to be met unless and otherwise if the campaign is executed with a well-thought out strategy.
Social media has empowered business to exercise control over cost. This has given scope for companies to broaden their business strategies and widen its focus on building and executing new strategies. Since social media has become the perfect gateway to meet your target audience, businesses have become smart enough in utilizing this social platform to drive sales, market the newly launched product, and to execute customer service. Perhaps, social media can maximize the return on investment.
For a more elaborate understanding of social media and its influence in the overall business strategy.