“Social Media Marketing benefits for Business - How and why should businesses develop and create its social media presence?"

Abstract

Purpose The basic aim of this research is to seek the paybacks and pros of social media marketing along with investigating the solution to the complex choice of social media channels available. Without any shadow of doubt social media is said to be a marketing revolution, one reason for its popularity is that it combines individuals from all walks of life to one single platform whilst promoting interaction and open-communication. Unlike some traditional marketing channels, social media paves its way as one of the most cost-effective interactive channels between the company and the customer. This report starts with the definition of social media marketing followed by explaining the basics of social media marketing. 7 major social media platforms are studied in this research (blogs, social networks, social events, bookmarking, wikis, social media network sharing sites and forums). Methodology This research utilized an explanatory methodology to formulate facts and seek answers. This was done through studying and analyzing the previous researches, books on social media marketing, blogs and related articles. The reason for selecting this methodology is due to the fact that there are a several complications in gathering primary data because this field is emerging and growing every minute which is not a local phenomenon, rather is a global occurrence. Findings It was found that every social media platform has its own benefit and marketers need to evaluate which platform is beneficial for their nature of the business. Mutual benefits of social media marketing were found to be lead generation, brand recognition, low cost, word-of-mouth publicity, market insights and search engine optimization. Practical implications This research will help marketers identify effective social media platforms for their business and will help them leverage their social presence to the maximum.