Social Media Advertisement
Social media advertising is a type of digital advertising that uses social media platforms like Facebook, Twitter, Instagram, LinkedIn, and Pinterest to provide sponsored adverts to your target audience.
Marketers and advertisers can use popular social media networks to promote their companies and encourage purchases. Consider the following social media advertising statistics:
a) 26% of users who click on Facebook ads end up buying the advertised product.
b) 7 million+ businesses use Facebook for advertising
c) According to the CMO survey, brands will almost double their budget allocated to social media advertising by 2023.
These compelling stats provide a clear picture of how integral social media advertising has become for organizations to grow their business. While scrolling through the Instagram feed, you might have come across a post with a label that says Sponsored like this:
In the online world, it is getting increasingly complicated to get your message noticed, as user attention is increasingly becoming a scarce resource. Social media advertising is significantly impactful as it allows you to deliver your message to your ideal buyers throughout their purchase journey. For instance, before the release of a new product, a B2C brand can run a brand awareness campaign to garner pre-buzz. Similarly, a B2B organization can re-engage their audience through remarketing campaigns to sell a high-ticket product.
Social media advertising distinguishes itself from traditional advertising with sophisticated targeting capabilities. Traditional advertising uses a carpet-bombing strategy, in which brands bombard as many individuals as possible with commercials, regardless of whether they’re interested or not. On the other hand, social media allows marketers to connect with ideal customers based on their location, demographics, psychographics, and behavioural characteristics/traits.
Proposed Solution :
Our vision is to build a Machine Learning Model which will take input characteristics to identify and distinguish target audience based on customer demographics like age, gender, interaction on social media, and company product category and predict the optimal time for advertising the product for maximizing the reach and increasing the conversion rate. The Model will be deployed after comprehensive analysis of Social Media Advertisement Dataset and finding the correlation between customer demographic and ad click possibility.
Why it is useful?
A) Increase Brand Awareness
Given the wide variety of social media platforms today, it gives businesses more platforms and opportunities to reach out to different target audiences with creative content.
YouTube — Brands have shifted their focus from Television Ads to Online video streaming platform as they create brand awareness in a much more dynamic and creative way.
B) Driving Conversions at a lower Cost
Social media users vary across different platforms. This allows businesses to target a wider range of demographics, therefore, more people are able to view the contents that the business has uploaded and yet, it costs almost nothing to post content on social media aside from advertising cost.
C) Segmentation of customer
‘’’ Visibility doesn’t automatically translate into value, don’t just be everywhere, be where you are most needed.’’’ -Bernard Clive
Social media companies allow businesses to access target audience that are relevant to their product thus with least cost we are guaranteed that our ad campaign reaches the target audience who can turn in potential buyers of the products or services.
D) Faster Brand development
With plethora of option provided by social media platforms allows small and medium businesses to develop their brand faster than traditional ads. Using our solution they are able to get an optimal value for each penny they spend which in turn will help them to decrease their marketing cost and also increase their revenue. Thereby achieving a sustainable growth.
E) Building customer Relationship
The above stats help us to show that customer who are turned into potential buyers through social media advertisement are more likely to share their experience with other people which helps in retention of old customer but also establish a relationship between customers and brands.
Future Scope
The scope of social media advertisement is prevalent already, with the stats of 2019. With a platform that allows several advantages, the trend of using the same by many companies has increased. With around 1/3rd of the world population accessing social media everyday, the influence of the same on brands has been very apparent. As we know some social media platform such as Instagram, Facebook, Twitter helps build trust with consumers, lets a company depict creativity, build a brand narrative, it allows for personalized offers to the audience, lets a brand advertise effectively and also provides analytics on consumers and so much more.
The internet has seen enormous growth over the last few years especially since the advent of Covid-19. People have started adapting to this new norm and feel more comfortable shopping online, ordering medicine or food or even banking online. Digital marketing is therefore very crucial to meet the evolving consumer needs.
We would see a lot of marketing spaces and new techniques being used for spreading brand awareness. I think the future scope of digital marketing is very bright because people are using the digital platform at a large scale to interact with each other and pursue other activities. It means the range of audience is going to increase in the near future which will be helpful for several businesses to find their potential audiences.
