JAIIB 2024 PPB MAY 2024 EXAMS | SOCIAL MEDIA MARKETING & ITS IMPACT
In this series of PPB short notes for MAY 2024 Exams, we are going to provide the notes on Social Media Impact from PPB MAY EXAM SYLLABUS 2024 as prescribed by IIBF for JAIIB MAY 2024. And if you are also a JAIIB Candidate & going to write this JAIIB PPB MAY Exam 2024, then you must cover the topic of Social Media Marketing (SMM) & its impact to pass the Principles & practices of Banking this 2024.
In the previous article, we have discussed Capital Marketing & in this article, we will discuss social media impact on Marketing.
PPB IMPORTANT TOPIC FOR MAY 2024: SOCIAL MEDIA MARKETING
Because most of the small businesses have low budgets when it comes to marketing, social media is one of the most versatile and cost-effective solutions for businesses because they have a higher reach and can boost sales over time.
REASON OF SOCIAL MEDIA IMPACT ON MARKETING
The reasons why marketing is done through social media, especially for/by small businesses are mentioned below:
HELPS IN INCREASING BRAND RECOGNITION.
In addition to helping you improve visibility, social media marketing can also increase brand recognition. Having business social media profiles allows you to share your content and let your brand’s personality shine through. Your brand becomes more accessible and familiar to potential leads and current customers if you post compelling content that adds value to them.
SMM INCREASES THE INBOUND TRAFFIC.
Another way to increase your website traffic is through your social media profiles. This is what makes social media marketing a great complement to your search engine optimization efforts. Every piece of content you post to your social media profiles represents another chance for you to engage with new visitors. Publishing engaging and valuable content consistently is important for getting the maximum amount of inbound traffic.
Posting quality content on your social media channels is an effective way to increase engagement and send leads back to your website.
SOCIAL MEDIA MARKETING IS COST-EFFECTIVE.
Social media marketing helps you cut marketing costs without sacrificing results, which is one of the greatest benefits. You will get the greatest return on your social media investment by creating and publishing content and having conversations with your followers and fans. You can run paid ads on social media channels like Facebook and Twitter relatively inexpensively, depending on your goals and the scope of your campaign.
It does not matter how small your marketing budget is, you can still make an impact on these channels by reaching and converting new leads.
IMPROVES BRAND LOYALTY.
Small businesses are forced to build customer loyalty through less expensive methods as larger companies can afford to build large and expensive programs. Building relationships through social media leads to greater satisfaction and loyalty over time with customers and leads.
Establishing stronger customer relationships through social media helps you gain more customers and leads. Having a strong brand image will help you stand apart from your competition by demonstrating that your business cares about its customers.
HEALTHIER CUSTOMER SATISFACTION
It allows you to learn more about your customers through social media marketing. Social media allows you to interact with leads and current customers to determine their interests and needs. Checking your customers’ social media accounts periodically will enable you to understand their interests better & helps them drive satisfaction from your products or services.
IMPROVES BRAND AUTHORITY
Marketing through social media also helps in building authority for your brand. This is important for effectively positioning/presenting your business as a leader in the marketplace. Sharing more valuable content on social media will create more opportunities for customers and lead to learning more about your expertise.
When your content is shared with your brand fans & followers or even when your brand is mentioned in their posts, this helps build your brand authority even further. The more users talk about your brand, the more valuable will your brand seem to be to others.
CONSUMERS MORE RECEPTIVE TO MESSAGES THROUGH SOCIAL MEDIA
Social medias’ are fun. That’s the top reason why users are active on social media platforms other than the fact that it is easy to network, keep in touch with friends and family as well as stay connected with worldly updates.
Even though these users have not joined the social media expecting to be contacted by the brands but they don’t mind being contacted by them there on the platforms if they actually get something valuable out of it. Such is the case when these users are looking for deals whether it is to enjoy entertaining content or that they just want to learn more about the brand.
The other reason for consumers being more receptive to the brand message on social media is because social media has provided the opportunity to let the users publish on brand channels to make/build authentic connections rather than just getting direct marketing messages.
|RELATED LINKS OF PPB & AFM|
|SYLLABUS||STUDY MATERIAL||NOTES||MOCK TESTS|
|Principles & Practices of Banking Syllabus 2024||JAIIB PPB Study Material PDF 2024||JAIIB PPB Notes PDF 2024||JAIIB PPB Mock Test PDF 2024|
|Accounting & Finance for Bankers Syllabus 2024||JAIIB AFM Study Material PDF 2024||JAIIB AFM Notes PDF 2024||JAIIB AFM Mock Test PDF 2024|
TARGETING & RETARGETING OF IDEAL CONSUMERS.
The advertisements on social media through the organic campaigns which run for the brand’s social media channels can sophistically target the media platforms such as Facebook to help the companies target their ideal buyers so that they can drive more relevant traffic to their sites. This is the best way through which companies can get the most out of the marketing spend.
REACH SPECIFIC AUDIENCES
One of the other benefits of SMM is that companies can strategically target different audiences based on their channels where their brand is active. It helps to spend at the right platform as they can just put their marketing message out there for the target market instead and it helps drive more qualified leads back to their brand sites.
This targeting is done by creating a clear list of their audience demographic values such as gender, age, location, interests, the brands followed by their consumers as well as their hobbies, etc. Having an idea of these values will help the brands reach them on the right channel. It is a matter of fact that the more relevant this traffic will be, the more likely you will be able to increase your conversion rate!
IMPROVEMENT IN YOUR SEARCH ENGINE RANKINGS
All the brands, (most probably all are), nowadays know the importance of SEO. But only a few have the idea that search engines also take brands’ presence in social media as a factor in their rankings.
Successful brands are likely to have a healthy social media presence & having a strong social media presence signals to the search engines that your brand is valuable, credible, & trustworthy.
LATEST IIBF JAIIB STUDY MATERIAL FOR MAY 2024
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