Social Media is growing and if you still doubt it you should see this video WATBlog posted earlier today.. But what is growing equally quickly is the use of social media by brands, companies and celebrities alike for marketing themselves and their products. We reported on statistics earlier on how online recommendations is the most effective form of advertising with over 93% of the people trusting them vs other forms.
The projections too are bright with social media poised to reach 3.1 B$ globally in 5 years and with India already among the top 10 countries visiting twitter and with more than a dozen social media sites on India’s Top 20 one in no way can ignore social media marketing as a critical form of marketing in todays times.
What needs to be done though is Social Media Marketing needs to be differentiated from other forms of online marketing for it to be well understood by marketers. This post is an attempt at chalking out the key differences..
Social Media VS SEM/Banner Advertising
- Asset creation VS Renting Of Assets – The first key differentiation is that of creating an asset. Social media media allows you to create an asset be it a twitter account with 100 or so followers or a facebook fanpage with 1000 fans. Its an asset that you can leverage, grow, scale and benefit from as long as you keep investing time in it. SEM i.e. search engine marketing and Banner adds are nothing but space buys or media buys on such engagement oriented assets or content orient assets like a blog or portal.
- Conversation VS Clicks – While SEM and Banner have the promise of clicks social media has the promise of conversations. I have delved upon this in an earlier post
- Two way Vs One Way – Social Media was clearly not meant for push marketing or the classical one way dialogue and hence one needs to look to converse rather than push media on social media vis a vis a banner or text ad where the communication is clearly focused on the product.Social media is about understanding the interests of your target audience and then conversing with them on diverse topics