As the consequences of a global fuel shortage unfolded, businesses took a serious hit during this period of economic recession. They saw a surge in their expenses and fuel costs were the common denominator for all these companies, whether big or small. The world was witnessing an energy crisis and governments all over the world tried their best to conserve energy sources to avoid a fuel shortfall.
Even though many businesses shut down from not being able to put up with costs, many others found themselves growing. This was due to the availability of resources online. Social media marketing has made it so much easier for smaller businesses to market themselves. Traditional forms of marketing are more expensive in comparison to digital forms of marketing and social media has been the backbone of small businesses, especially in the post pandemic world.
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There are multiple ways in which social media has been the anchor for businesses during the recession:
1) Increasing Brand Awareness
Businesses have been able to increase brand visibility with the help of social media. Platforms such as Instagram, Facebook and Snapchat give companies the option to advertise their products. This helps their ads reach millions of people, out of which some are potential customers. There are different responses to an ad. Some may end up buying the product on the spot, others may note down the product and purchase it later and some may remember the name of the brand so that can come back to what it offers when they need something. Billions of people are on social media applications which makes it easier for them to come across ads on these platforms.
2) Budget Friendly Marketing
Creating content and posting it online is completely free. Even sharing the content is free but sponsored advertisements do not cost a lot and this comes well within the budget of companies. Brands can opt for a package that suits them best and can choose the number of days their content will be advertised. Traditional forms of marketing such as billboard advertising or buying columns in newspapers and magazines are unaffordable for many businesses. However, digital advertising has changed this completely and has made buying spaces online reasonable.
3) Market Research
Social media platforms allow users to see post insights which show them how many people viewed, shared, or interacted with their content. This helps them see what was more popular with customers and can streamline their content accordingly. Gathering market research is a tedious task and research firms charge a lot for this work. But social media has made this less time consuming and simpler. Customers can also leave reviews under posts for brands to know what they are looking for.
4) Targeted Marketing
Even though brand visibility is great for companies, it is even better for their advertisements to reach interested audiences since they are the ones who will end up buying products. The 80-20 rule works here since it is said that 20% of the top, loyal customers brands have contributed to 80% of sales they make. Door to door selling is a thing of the past with social media tactics in place nowadays. A targeted audience is much more accessible with the ads that are shown on these social media platforms.
5) Online Shops
Facebook Marketplace and Instagram Shop have revolutionized the way shoppers buy online. Instead of being redirected towards a website, buyers can preview items and their prices on the social media applications they are using and can also directly buy from there. This gives a lot of brands multiple ways to display their products online.
6) Customer Engagement
Social media can help customers engage with their favorite brands and stay in touch with their offers and updates. They can also praise their efforts or express grievances and can directly contact brands through social media. There are so many forums online for customers to complain if brands are not responsive. This brings attention to issues which need to be addressed and helps brands keep customers satisfied.
7) Collaborations
The power of social media should never be undermined. Brands can partner with each other and collaborate over social media content. This helps double the reach and engagement as curious customers participate in giveaways, contests, and other marketing tactics to get a response from them. With so many celebrities and influencers, brands can easily get endorsements online without having to use TV or billboard advertising, both of which are the most expensive forms of advertising.
Conclusion:
The recession has hit businesses badly. Some of them had to lay off employees while others were forced to shut down due to a lack of funding. The ones which managed to stay up and running were able to do so mainly due to social media marketing. Smaller businesses mushroomed because it was seen as trendy to support local and small businesses. Brands were also able to capitalize on how inexpensive social media marketing is. Sponsored ads are not that costly and are able to reach vast audiences. With budgets shrinking, social media helps brands step up their advertising game and garner the attention of customers.
Conventional methods of marketing are quite expensive and cannot be employed by smaller businesses. When it comes to social media, there is no discrimination since all businesses can freely advertise. They can choose a package that suits them best and market themselves. The power of social media is undeniable and the reach it has is unmatched. Any type of content can go viral within seconds and draw so much attention to a specific brand. This has happened multiple times before. Brands which were unheard of gained traction because of some content of theirs which went viral and now people won’t stop talking about them. This is why despite the economic recession, many businesses managed to do well due to the power of social media marketing.
