Social Media started from the supply side with an aim to flip marketing on its head but failed terribly. Now Social media is about creating the required demand and hence is also competing with conventional marketing. Social Media has slowly taken up as much as 10% of the marketing budget.
There are several differences between social media marketing and Conventional marketing. The critical ones are as follows:
The conventional marketing and social media differ a lot on the purpose of the campaigns. while conventional marketing campaigns could have awareness generation, market share penentration through offers or increasing top of the mind recall as their goals , whereas social media marketing campaigns have relationship goals such as trust, commitment , understanding the customer and making the customer respect the brand as a goal. This changes the entire approach of the campaign.
- Target Group
The conventional marketing campaigns involve defining the target customer in terms of age, gender, location and some available psychographics but social media marketing takes targeting to a whole new level. In social media you can define a target audience in terms of their activities they have ever done in their entire online life span. So , the audience can be targeted based on the type of songs they listen, the posts they like , the posts they hashtag, the videos they watch, their communities and interests and the list goes on. This type of targeting makes the campaign very focussed towards a niche set of people who are most likely to purchase the product and hence more effective.
- Which medium and Why ?
The conventional marketing distinguishes the medium based on the goal and has choice to use mass media through television,radio and print or adopt a more focussed approach through direct marketing using fliers, brochures . In social media we have a plethora of choices, the main ones being blogs, Twitter, facebook, linkedin, Youtube, Pinterest, Google+, Instagram and Snapchat. The medium here also is chosen according to the requirement such as twitter is chosen for real time communication, facebook is used for profiling and authentic information and snapchat is used for remarketing and call to action.
- Cost & ROI Tracking
The cost in conventional marketing is extremely high due to the clutter and the way it has evolved over time.The cost of social media marketing is one tenth of the conventional marketing. The main principle In social media is that you can earn the maximum traction by how you run your engagement campaigns and not necessarily how much you pay for them.
The ratios of conversion are higher in social media campaigns as you can track in real time the activity on various networks and also employ corrective action or implement best practices across platforms for maximising results. Such minute tracking of conversions is not possible in conventional marketing due to the spread out effect and the overlapping effect of other factors.