Visual Rise Architects are visible on all major social media platforms. These include: Facebook, Instagram, Linked, Pinterest, Twitter and Youtube.
(Social Buzz, 2019)
Social Media platforms have been taken over by paid advertisement. Most business use social media as a way of expanding their followers count. In regards a CMO report, by 2023 social media advertising costs are supposed to double due to the increase of popularity. Day by day, technology develops and interest in digital platforms rises. Last year the number of social media users increased by 13%, approximately 3.196 billion new users. The report suggest that 50% of Gen Z and 42% of millennials believe social media is the most relevant place for business advertisement. Customer engagement is very high on social media, as it is designed for people to engage with each other. The reason for this is the interactive nature, which allows you to make customers feel more personal when a business speak directly to them and engages with their comments. Social Media comes very handy in terms of speeding up the service if the responses are instant.
According to IAB’s report, the first half of 2018, social media ad revenue generated …. billion, with an overall increase of 38% since 2017. Sprout Social discovered that 48% of consumers have been convened to make a purchase just by a business answering questions of social media. If a company displays a promotion online, around 46% are convinced to buy their product.
The following table show research on social media advertisement costs in order to promote our company on various platforms. As a team, we have decided that we will use social media as a free form of marketing due to the high costs. We will only use paid advertisement on Instagram as it is has the highest number of users and it is the most popular social media platform on the market. However, in the future we hope to be able to pay for advertisement on all social media platforms in order to increase our followers and attract potential clients. For now, we are able to use different tactics in order to gain followers for free. For instance: frequent activities of hash-tagging under our posts on Instagram or tagging potential clients in our posts in order to gain their attention. We also make sure to stay active on Twitter and Facebook by posting regularly and hash-tagging relatable subjects. We offer live chats on certain days to keep our clients updated on our service.
The table shows the most recent breakdown of social media advertising costs by platform and bid types based in 2019. All social media advertising requires a minimum daily budget. However each network shows different prices depending on popularity, followers count etc.
Edited by Simone Magdalena Polcik
Bibliography
Digital Marketing Institute. (2019). The Cost of Social Media Advertising: Where’s the Value?. [online] Available at: https://digitalmarketinginstitute.com/en-gb/blog/the-cost-of-social-media-advertising-wheres-the-value [Accessed 3 Dec. 2019].
FX, W. (2019). How Much Does Social Media Advertising Cost in 2019? | WebFX. [online] Webfx.com. Available at: https://www.webfx.com/how-much-does-social-media-advertising-cost.html [Accessed 2 Dec. 2019].
Social Buzz (2019). Social Media Logos. [image] Available at: https://www.thedrum.com/news/2019/11/14/social-buzz-why-isnt-social-media-marketing-much-fun-it-used-be [Accessed 2 Dec. 2019].
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