Overall, social media is more cost-effective than traditional media. The amount of money that is required to run an effective print, TV or radio advertising campaign is far beyond the capabilities of most small businesses. Social media can deliver hundreds, possibly thousands, of impressions at little to no cost, depending on how you use the channel. There are noproduction costs or sales commissions, which contribute to theexorbitant price you pay to place ads on local TV or radio station. Most business owners are able to manage social media marketing in-house.
Social media allows you to cut out the gatekeeper. Gone are the days of depending on newspaper editors or media sales people to help you communicate with your customers.Most of my actual clients for my law practice are elderly,so on occasion I want to market to them using a traditional media platform like the physical newspaper. Not only am I blownaway by the exorbitant cost, but the crowded space of advertisers and the lack of impressions often leaves me wishing that more of my clientele was on Facebook andInstagram where I could market to them much more directly and more cost-effectively. Aside from a few easy to abide by rules, when it comes to social media the creative and scheduling decisions rest solely with the advertiser.
The main gripe most people have when it comes to traditional media, besides the cost is the difficulty in tracking ROI. Social media's metrics and analytics make it easy to track results and eliminates a lot of the guesswork that goes into marketing. You can quickly find out if a particular campaignsucceeded or failed and use that information to your advantage when making future marketing decisions.
Additionally, one of the chief flaws of advertising has always been the one-sided quality of the conversation. The advertiser spoke, and the consumer listened. Social media renders this type of marketing obsolete. Now, companies and brands are able to interact directly, in some cases in real-time, with consumers. These conversations can be the source of valuableinsight for advertisers and allow for more meaningful engagement.
Social media's conversion rate is one of the reasons for its growing popularity among advertisers. E-commerce has been responsible for a seismic shift in our shopping habits and digital marketing is perfectly poised to exploit this trend.Unlike traditional media, which asks consumers to store away the particulars of an offer or product till they are in the store orin front of their computer, with social media marketing they are only one click away from the purchase. When you combine engaging content, a strong offer, and a clear CTA, conversions will follow.
Now before you start putting all of your marketing dollars into social media marketing, be aware that I am not recommending that you rely completely on social media and ignore all forms of traditional media. However, I do want to impress upon you the power and cost-effectiveness of expanding your social media marketing.