The advertising industry has witnessed a radical change due to consumer technology advancements in the global market. It has identified and accepted the contribution of social media towards increased consumerism and its potential in revenue generation. The new digital platform has created a possibility for consumers to have a two-way engagement with the brands and their products or services. This has resulted in organizations to re-access their marketing and advertising strategies to connect with customers.
The traditional advertising primarily consisted of print and broadcast media. But the advent of digital media has influenced the customer behavior and habits. The people now-a-days connect with the brands on small screens of their smartphones and other mobile devices instead of the large screens on their televisions. According to the research firm eMarketer, the social networks like Facebook, Twitter and LinkedIn have cultivated vast audiences, around 2 billion people worldwide. But it is hard to predict which one of these, in particular, is destined to become the game changer for the advertising industry.
Advertising Scope: works on both the large and small scales in the advertising industry
Advertising Efficiency: social-media platforms offer customer-specific data such as age, consumption patterns, interests and so on which can help in designing accurate advertisement campaigns
Interactive: personalized, one-on-one interactions between brand and customer
Targeted Reach: multiple variations of an advertisement can be designed for every customer segment
Ads Rotation: Unlike TV ad in every commercial break, repetition of messages can be controlled across various social advertising platforms
Advertising Format: Photo ads, Video ads, Carousel, Slideshow, Text ads or Infographics and Canvas which is a full-screen mobile ad type that combines videos, photos, and call to action buttons.
Community Engagement: for instance, through hashtags that foster interaction with local customers and create a strong brand image
Social media advertising is evolving all the time and with newer forms of social media such as Facebook, Twitter, Instagram, Snapchat, Pinterest, YouTube, and LinkedIn serving as viable advertising channels, it is one of the trends to watch out for this year. Like fund managers, the marketers and advertisers should wisely plan out a balanced portfolio including both the traditional and the new-age ads to match each to the subset of consumers they judge most likely to respond to it.