Social media has virtually changed the world that we live in.
More and more businesses are moving towards marketing through social media because of the ability to reach a vast number of consumers through different platforms such as Twitter, Instagram, or Snapchat. Statistics even show that these businesses have seen a 133% increase in revenue after advertising their product on the mobile market. These companies have also seen success when they have influencers, or people on social media with a large number of followers, advertising or spreading the word about the product to their audience.
We saw an example of this in the documentary “Generation Like”, where Tyler Oakley advertised the new Taco Bell Cool Ranch Dorito Taco to his 2 million subscribers. By hiring Tyler Oakley to promote their brand, Taco Bell was able to reach a new audience they may not have been able to if they had just stuck with billboard or even TV ads. More and more companies are now realizing the value in social media marketing and pay large sums of money to celebrities to promote their brand on their respective accounts. Selena Gomez, who has the highest number of Instagram followers at 130 million, can get upwards of $800,000 for posting a single picture for a brand. These outrageous price tags show just how valuable these companies view the social media platforms.
However crazy it may seem, they do in fact have a reason. In fact, a Pew survey in 2016 said that about 71% of teens use at least one kind of social media platform. Being able to access this audience is vital for a company’s success and being able to adapt to this new media strategy can make or break a company’s future.
Social media is a great tool for companies to use. As you said, the majority of teens use at least one kind of social media platform, which makes it easier for companies to promote their products. Platforms such as Instagram can advertise products and simultaneously see what type of items people like.
ReplyDeleteBeing the generation we are, I think it is very to understand social media marketing and its impact. Personally, I have noticed this type of marketing the most through Instagram. Posts supporting a product and company will appear in my regular feed. My search history is tracked through my phone, and relevant advertisements will appear accordingly. This is a genius strategy. Companies target an individual through what they know are a persons interests, and pay to advertise. For example, I like looking at guitar accounts on Instagram. Due to this, I have had multiple guitar company advertisements appear in my feed.
ReplyDeleteIn considering social media ads, an interesting issue was the rule surrounding the requirement to make it clear that a promotion was paid. For example, many influencers, like Gomez, the Kardashians, and more would post pictures sponsored by brands, but would not say that the posts were paid (sometimes it was implied, but not always), which blurred the lines for many media users between the opinions of celebrities and the companies that fund them. Eventually, Instagram said that these influencers would have to make it clear in some way that the posts were sponsored. Nowadays, when a post is sponsored, it should say #ad or some variant. However, because the rule is not strictly enforced, many consumers still fear that the posts they see from influencers online are convincing them to buy products not freely supported by the celebrity.
ReplyDeleteI think social media is one of the smartest ways that companies can make their money. Throughout the various platforms of social media, companies are able to reach out to possibly the largest and most diverse audiences they could ever attain. Social media allows you to showcase almost anything you desire to every single type of person there is, among many different genders, races, and ages. I find it very intriguing when I delve into the way companies advertise their products on these platforms. Really good post!
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