Beth Comstock once said, “you can’t sell anything if you can’t tell anything”
Marketing is one of the most important aspects of a business, and now with social media being the current buzzword for marketing, it has become THE most important aspect of business. The reason behind this being that an average person spends 30% of his productive time on social media with Facebook having a lion’s share of 1.5 billion people logging into it every single day of which 1.39 billion use it on their mobile phones.
The basic process of putting up an advertisement is plain sailing. You set your advertising budget according to your convenience and profit or you can also set a bid, that is the maximum amount that you are willing to pay for your advertisement. Then comes a vital part that is the audience. Set the demographics, such as age, gender, locality and other such preferences to target the right audience. And finally, you design your advertisement according to your choice. It could be a slideshow or text or just pictures. Also, marketing to such a niche set of people requires a lot of analytical data and digital tools such as big data and analytics which are able to predict the consumer pattern and that too at a greater accuracy. Why is it that when we search for some products online, we immediately start getting similar suggestions, egging us to buy them.
With such a huge pool of people looking into Facebook, the number of hits on advertisements are much more than the traditional methods of marketing in print or television. In 2019, it has been observed that over 5 billion people own a phone out of which over half of them own smart phones. of these 2.5 billion+, 1.5 billion are on Facebook, which immediately expands the spectrum of the marketed product and the chances of it being bought or enquired about. Also targeting a specific audience is so much more possible on the basis of likes, dislikes, views, shopping, searches etc. which the consumer may have done. These are approaches which can get us immediate results, and hence making the marketing job easier.
So, in a digital world, using a strong channel like Facebook will yield better and faster results. But there is always a price for a better product. A larger audience is targeted at a shorter and more precise time, which reduces effort and of course time; hence the price for this. As Aldo Gucci said, “quality is remembered long after the price is forgotten”. Paying a good price results in a quality market, and hence a better target audience.