Undergrad

A.Y 20XX-XX

Name of the Course: Business Economics

BCOM
Semester

OPTIMISING OPERATING COSTS THROUGH SOCIAL

MEDIA

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 TABLE OF CONTENTS

SR NO. PARTICULARS PAGE NO

1 INTRODUCTION 3

2 CONTENT 4-8

3 CONCLUSION 9

4 REFERENCES 10

5 PLAGIARISM REPORT 11-15

INTRODUCTION

 Social Media Marketing:

Social Media Marketing is a crucial facet of any digital marketing strategy today. It
encompasses your business’s online profiles on social media platforms, along with the social
media activity of those platforms: posting, liking, commenting, sharing, and so on.

One of the major principles of inbound marketing is bringing your ideal customers to you.
Since your ideal customers are using social media—everyone is—having a social media
presence is a necessity if you want to draw in potential customers.

Social Media helps create a community around your company, one that can result in sales.

 Social media Advertising:

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Social Media advertising (paid social) involves running paid ads on various social media
channels, such as Facebook, LinkedIn, Instagram, Twitter, etc. These can include banner ads
as well as native ads and activities like boosting posts or like campaigns. Social Media ads are
often charged on a pay-per-click (PPC) or cost-per-impression basis.

Essentially, advertising is a form of marketing that uses advertisements, which are paid notices
that appear on public platforms. Not all marketing is advertising, but all advertising is
marketing.

When we talk about social media marketing vs. social media advertising, however, we’re
generally making a distinction between paid and unpaid methods of marketing using social
media.

Understanding the difference between Social media marketing and advertising:

1. Social media marketing helps you build a community and foster relationships with
current and potential customers—it’s a long game.
2. Social media advertising puts your name/products/services/links in front of people who
are looking for what you offer right now.

CORE CONTENT

EFFECTIVE MEANS TO REDUCE COST THROUGH SOVIAL MEDIA:

Digital marketing helps businesses of all sizes make themselves more visible. However,
considering how expensive it is to run a business, the company may be hesitant to spend extra
funds without assurances.

There are cost-effective strategies to use online to further legitimize and attract people to the
business and its products or services. Whether it’s through social media, a website, or other
means, subtle digital marketing tactics can make a significant difference in your organization's
marketability and profitability.

 Take Advantage of Social Media Influencing

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Partnering with social media influencers is becoming a trendy way for enterprises and small
businesses to increase outreach. If the business is in retail, this is especially useful, whether
you’re selling jewelry, accessories or any other fashion-related products. If there is a large retail
brand, you could offer a higher price item in exchange for a sponsored post by a notable
influencer. Though they have to pay a sum upfront, influencers have loyal followings that trust
their recommendations. So, the right partner can position the products perfectly for a spike in
sales. Most influencers can be found on Instagram, ranging from fashion to the music industry,
as well as sports and other fields.

 Low-Cost Content and Customer Engagement

If they don't have a big budget or you spent a lot of money on a particular aspect of a campaign,
you can still advertise successfully. Use your social media to drive attention to your business
by creating a series of posts that are on a trending topic and relate to your campaign or brand.
Leverage the data to shape the marketing plan. Focus on what the current customers like about
the company, including the emails the company sends, the content they share, or the promotions
they do.

 Track Success & Adjust Campaigns

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Using digital marketing methods, such as on social media, can help increase conversion rates
in real time. The conversion rate is the percentage of viewers who are converted into leads and,
soon enough, customers.

Metrics and trackers such as

return on investment (ROI),
increment sales, returning
visitors, and more are used
to evaluate sales efficacy.
These help you formulate
your brand strategy, observe
the issues that need to be
addressed and create a more
collaborative work
environment as you
improve. Conversion rate
and other metrics highlight weak spots within your marketing strategies.

 Social Selling Can Connect & Convert

Consumers are savvier and more informed than ever before. Because of social media's
increasing influence, people use such channels to make intelligent buying decisions by
researching products and making or reading recommendations.

Of top salespeople, 62% attribute closing more deals to social selling. More effective social
selling training sessions are needed to take advantage of essential touch points in the buyer's
journey. With buyers spending more time researching, supplying them with the right help and
tools while they’re looking for answers is crucial . Businesses currently practicing social
selling reported the following benefits: increased audience reach and the scope, contact with
prospects throughout the buyer’s journey, increasing conversion rates, and improving sales
efficiency

Cases related to companies where social media influenced total growth and
helped in cost reduction:

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  Mercedes Benz:
Mercedes Benz seem to win every time
with their social media campaigns. The
one that stands out to me was back in
2013 when they created what I still
believe to be one of the best Instagram
marketing campaigns to date. Mercedes
wanted to reach out to the younger
audience so they hired five top Instagram
photographers to each take the wheel of a
new Mercedes CLA. Whoever got the
most likes got to keep the car – so they all really worked at it!
By the end of the campaign, Mercedes has received:
 87,000,000 organic Instagram impressions
 2,000,000 Instagram likes
 150 new marketing assets

 Airbnb:
What might look like a visual travel
blog, Airbnb’s content attracts fans with their
visual compelling posts. On Instagram they
post user-generated photos from its hosts and
guests. The content embraces their new
campaign of ‘Don’t just go there, live there’
which is captured through real photography.
Each post receives high engagement, between
3,000 and 14,000 Instagram likes.
This is a great example of thinking slightly
outside the box. Airbnb is all about accommodation. They don’t just post images of the inside
of people’s homes. Seeing the culture and images of places all over the world comes with the
experience of where you stay and that’s what connects with people.
STATISTICS ONE NEEDS TO KNOW FOR COST REDUCTION VIA
SOCIAL MEDIA:

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Businesses using digital marketing with a strong social media presence are raking it in. They
might have an inferior product
compared to yours, but that doesn’t
matter. Brands on social media are
seen and heard, mostly for free, while
you’re paying to get your foot in the
door.
Like it or not, you have to adapt, and
your business’s social media presence
needs to grow – fast. It doesn’t matter
if you’ve already played with it and failed. Persistence is key – with a firm understanding of
what to expect, a detailed plan, and a few new tricks up your sleeve, you will soon harness
the power of social media marketing for small business.

 54% of social browsers use social media to research products and services before they buy.
 63% of customers actually expect companies to offer customer service through their social
media – and 90% of social media users have already connected with a brand or business
through their chosen platform
 Adults aged 18 to 34 are most likely to follow a brand on social media, with 95% of them
doing so. The likelihood that a consumer will recommend a brand on social media to others
after having a positive experience is about 71%
 71% of small-to-mid sized businesses use social media to market themselves, and of those
who do so, 52% post at least daily.

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The most prominent social media application used by businesses for cost
reduction:

 LinkedIn:

As the premier B2B social network, LinkedIn is important to your business in different ways
from Instagram, Facebook and Twitter.
 LinkedIn has 690 million
monthly active users.
 Designed with networking
in mind, LinkedIn is 277%
more effective than
Facebook when it comes to
lead generation and
customer acquisition, with
45% of marketers gaining
customers through the
platform.
 In fact, 80% of social media B2B leads, and 46% of all social media traffic to company
websites come from LinkedIn.
 66% of B2B companies have used LinkedIn paid ads.
 95% of B2B content marketers have used LinkedIn for organic marketing.
 76% of B2B content marketers have used LinkedIn as a paid social media platform.
 61 million LinkedIn users are senior level influencers and 40 million are in decision-
making positions.
 LinkedIn is the #1 channel B2B marketers use to distribute content at 94%.
 LinkedIn makes up more than 50% of all social traffic to B2B websites & blogs.
 91% of marketing executives list LinkedIn as the top place to find quality content.
 80% of B2B leads come from LinkedIn vs. 13% on Twitter & 7% on Facebook.
 LinkedIn generates 3x more conversions than Twitter & Facebook.
 97% of B2B marketers utilize it as part of their content marketing strategy.
 LinkedIn has 675 million monthly users.

LinkedIn is without a doubt the place to be for B2B marketers.

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CONCLUSION

Social media has a wide impact on the day-to-day businesses of the country and the entire world.
Business nowadays use a wide range of applications for expanding their businesses and to have
increase their product line reach. With apps like Twitter, Instagram and LinkedIn businesses use data
and spread information via internet.
With data in the hand of millions, with the click of a button, billions of GBs of data is accessible, that
too, within seconds. In the age of the internet, businesses have a massive advantage when to comes to
expansion and actually setting up shop with no humongous expenses whatsoever. Thus, it comes to
down to anyone with internet access can sign up for a social media account. Just internet access is
required to acquire data.
Without the need of capital expenditure, rent or any infrastructure whatsoever, several businesses
were started, even in the pandemic situation, being locked up in the lockdown. An idea and will have
given businesses road to success, and have helped them flourish even more than other competitors,
who have been in the industry for years. Thus, it can be said that, e-business is the future.

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REFERENCES

Brady Dukart: 20 Important Benefits of Social Media Marketing Every Business Should know

https://coschedule.com/blog/benefits-of-social-media-marketing-for-business/

Brent Barnhart : How to build your social media marketing strategy for 2020
https://sproutsocial.com/insights/social-media-marketing-strategy/
Dave Chaffey: Global social media research summary August 2020
https://www.smartinsights.com/social-media-marketing/social-media-strategy/new-global-
social-media-research/
Katherine Chittenden : 5 outstanding social media marketing case studies
https://ostmarketing.com/5-outstanding-social-media-marketing-case-studies/
Layla Fenston: 5 ways social media can reduce business costs
https://www.thebusinesswomanmedia.com/5-ways-social-media-can-reduce-business-costs/
Marcee: Social media marketing vs social media advertising
https://evenbound.com/social-media-marketing-vs-social-media-advertising/
Maryam Mohsin: 10 social media statistics you need to know in 2021
https://www.oberlo.in/blog/social-media-marketing-statistics
Mary Jane Owen: Social media for business- Statistics you need to know
https://assetdigitalcom.com/social-media-and-small-business-latest-statistics-2020/
Masy Storm : 7 social media optimization tips to improve your campaign
https://www.webfx.com/blog/social-media/social-media-optimization-tips/amp/
Maya E. Dollarhide: Social media definition
https://www.investopedia.com/terms/s/social-
media.asp#:~:text=Social%20media%20is%20computer-
based,quick%20electronic%20communication%20of%20
Meg Hogan: Social media highlight: Airbnb
https://www.stunningstrategy.com/social-media-highlight-airbnb/
Pam Velasquez: How Social Media Helps to Lower the Cost of Marketing
https://www.dreamgrow.com/how-social-media-helps-to-lower-the-cost-of-marketing/
Rakesh Dubbudu: How much does the government spend on social media advertising
https://factly.in/how-much-does-the-government-spend-on-social-media-marketing/

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