3. IDENTIFY GAPS IN THE MARKET
Being born before this new era of social media (I’m an early 90s baby), has given me a whole new appreciation for its power.
Back in my day (I sound really old haha), marketing was primarily done through television commercials, magazines, catalogues and word of mouth.
However, this swiftly changed with the introduction of social media platforms such as Youtube, Instagram, Twitter and now their most recent counterpart ‘Tik Tok’, that has taken the world by storm during the pandemic.
Working as an analyst and having heavily studied and researched social media marketing for my university dissertation and beyond, I have picked up some of the key components of effective marketing.
- LEARN YOUR AUDIENCE
In theory, any new content or product is created and promoted based on the audience it’s intended to reach. For example, an advert for nappies will pretty much always feature a doting mother and a new born baby, as an indication of who the product is catered for. Similarly, a ‘Pretty Little Thing’ clothing Ad on Instagram usually features models who fit the age demographic for the style of clothes. This has now been taken up a notch with the introduction of ‘social media influencers’, whom many brands now sponsor to endorse their clothing, music or products for even faster and wider spread promotion. Why? Well it’s in the title! Influencers influence what consumers gravitate towards buying in to through paid promotion and/or creating content that expresses either a like or dislike for a product. Essentially as an analyst, learning your audience means paying attention to what and who is trending through market research, brand and engagement monitoring and data analysis. In doing so, products and promotion can then be tailored to appeal to the audience in the most effective way at that time.
2. ENGAGEMENT IS ESSENTIAL
Without any interaction, social media is just media. Social media thrives based on engagement. Social networks and forums run off of user generated content and the engagement it creates. This helps the content producer determine how well their content is connecting and resonating with their expected consumer and potential others.
For an artist who is about to drop a new single, an actor who is doing a press run for a new show, or a brand releasing a new product, engagement is a fundamental way to improve and increase promotion. Be it personal, B2B, entertainment, or in a collaborative format, engagement builds relationships. Establishing a relationship with your audience encourages interest, and subconsciously draws more footfall towards what you have to offer. Social media engagement tools and analytics enable analysts to track likes, mentions, comments, following, popular hashtags and conversations. This also allows us to identify areas for growth and improvement.
3. IDENTIFY GAPS IN THE MARKET
As well as paying attention to what is being done well, also keep on the look out for what hasn’t yet been done. You could be the one to start the viral trend, create the next revolutionary product, or produce the next hit that everyone can’t get out of their heads! We often hear the phrase ‘No one is you, and that is your superpower’ and when it comes to media success, identifying your niche could be the key to a creating a life changing product or moment.
4. BUILD AWARENESS AND INTEREST
Nobody will invest in or buy something if they don’t even know that it exists. Ads and promo increase product presence, and the assumed formula is that the more people know about something, the higher the interest and focus on it, which ultimately should equate to more sales.
But the effectiveness of this formula is rooted in building awareness in the ways that actually appeal to the current market and what captures their interest. For example, UK single ‘Dont Rush’ by Young T & Bugsey (ft. Headie One) went viral with the start of the #DontRushChallenge, that generated global participation during the peak of the pandemic last year. The Challenge saw influencers from all over the world in different sectors from beauty, hair, transport, fashion and music come together to keep the trend going with their creative videos. So much so, that it was almost impossible to scroll through Instagram without seeing a new challenge entry, and it is safe to say the song became somewhat of a lockdown phenomenon. The song now has over 146 million spotify plays alone and 76million+ views on Youtube.
If you’re constantly engaging with your audience and producing fresh content, your existence and all that comes with it, will stay fresh in their minds. That means that when you are ready to release or launch something, there is already a buzz surrounding you, which means that more people will be readily available to see and buy in to what you have to offer.
6. STAY CURRENT
The phrase ‘get with the times’ couldn’t ring any more true when it comes to marketing. The social media world is constantly changing, so what might be trending today can very quickly become old news.
These are just a few of the nuggets I have gathered over the years working as an analyst, alongside my experience in the music and B2b sectors. Ultimately, the success of social media marketing comes from a combination of effectively using all of the tools above as well as just being creative! Market research combined with a great product and effective marketing is the perfect recipe for what will hopefully be a taste of success!