Marketing helps to ensure that the company is properly targeting their target audience, this is achieved by questionnaires, which can be produced on sites such as survey monkey, but then shared onto Facebook, Twitter etc. so that a larger quantity of people are able to view it and complete the survey which would further benefit the companies enhancement of their business so that it suits the audience better. There are also polls which can be used on Facebook and Twitter, that would allow a company to ask their consumers a range of questions and receive quick and easy answers to them.
It is said that 71% of consumers trust the business that they are buying from better if there were to be reviews, this means that social media would become a benefit as it would allow consumers to communicate with one another and give feedback about particular products.
Another aspect which marketing helps with is that it helps improves brand awareness and brand loyalty, this is achieved by being able to check competitors pages on social media, so that the business is able to gain a further understanding of what is needed to do in order to achieve a greater knowledge of the brand. From this, they are able to learn from competitors mistakes, which will help them to continue to grow in a beneficial way which will only benefit their company.
An example of learning from competitors would be Upper Crust Pies who created a chart showing where they are gaining most of their profit from. From this they learnt that 15-24 year olds were where the least amount of their profit was coming from and young people and business people were where the majority of their income was coming from.
Both of these points mentioned above can be related to the fact that it helps the business to receive feedback to new concepts. This is achieved from reviews and star ratings mainly which is something made by the consumers. The reason why this is useful is because it will help enable that the business is learning and understanding what their consumers want from their new concepts that they have suggested. Therefore helping them to continue to evolve from feedback.
Social media is used in order to allow people from all around the world to connect, this is the same for businesses. Businesses use social media in order to connect with their customer base, which is achieved through them following and interacting with the businesses online profile.
It has been shown statistically that 66% of 18-24 year old’s that live in America, who follow a company on social media are more loyal to them as a whole. This differs from the 39% of over 55’s who follow a company on social media and remain loyal. This may be because the younger generation are more likely to interact with the business if they were to have a problem, which would mean that they would trust them more if they help them through this problem.