Why is social media marketing an essential tool for businesses to survive in todays online business market? nguyenleminhy AEN T122WSB 6 WSU21000137

SCHOOL OF Western Sydney University Vietnam ASSIGNMENT COVER SHEET STUDENT DETAILS Student name: Nguyễn Lê Minh Ý Student ID number: WSU21000137 UNIT AND TUTORIAL DETAILS Unit name: Academic English Tutorial group: Unit number: Academic English Lecturer or Tutor name: AEN-T122WSB-6 Tutorial day and time: Gabriel Ryan ASSIGNMENT DETAILS Title: Why is social media marketing an essential tool for businesses to survive in today's online business market? Length: 1200 Due date: 11/4/2022 Date submitted: 11/4/2022 Home campus (where you are enrolled): DECLARATION x I hold a copy of this assignment if the original is lost or damaged x I hereby certify that no part of this assignment or product has been copied from any other student’s work or from any other source except where due acknowledgement is made in the assignment x I hereby certify that no part of this assignment or product has been submitted by me in another (previous or current) assessment, except where appropriately referenced, and with prior permission from the Lecturer / Tutor / Unit Coordinator for this unit x No part of the assignment/product has been written/produced for me by any other person except where collaboration has been authorised by the Lecturer / Tutor /Unit Coordinator concerned x I am aware that this work will be reproduced and submitted to plagiarism detection software programs for the purpose of detecting possible plagiarism (which may retain a copy on its database for future plagiarism checking) Student’s signature: Nguyen Le Minh Y Note: An examiner or lecturer / tutor has the right to not mark this assignment if the above declaration has not been signed In this day and age, due to the development of technology and the internet becoming more accessible, social networks have become popular with many people in the world In the 21st century, thanks to the rise of social networks, social media has become an integral part of marketing strategy According to Chris Porteous (2021), nearly 97 percent of Fortune 500 companies utilize at least one social media channel to promote their efforts and establish constructive contact with stakeholders, according to data from 2018 Furthermore, as of 2021, there are approximately 3.78 billion social media users worldwide, up 5% from 2020 That shows, social media marketing is being prioritized by businesses to use in business, although many negative opinions may occur, many people believe that social media marketing will bring many benefits for both the companies and the customers To prove it, the interaction with the target market, customer acquisition, product improvement and cost effectiveness will be analyzed before conclusion is drawn First, talk about interacting with the target market According to Rebecca Riserbato (2020) , a social media target audience is a defined set of people to whom you wish to reach This can be based on age, job title, income level, education, geography, or behavior, among other factors People that are most likely to be interested in your goods make up your social media target audience Defining a target group on social media is comparable to creating a buyer persona for your company and will aid in developing brand guidelines This is important because you can communicate with your audience in their own language, increase their likelihood to interact on social media, develop brand loyalty and ultimately make a purchase of your goods Your social media target audience should be extremely specific and detailed, just as the guest speaker advised us on that immersive weekend Therefore, you will not inadvertently exclude people who may be interested in your goods Ultimately, social media target audiences will help you effectively market your products and prioritize the audience you're targeting Let's look at how to discover your target audience on social media now that we've covered what a social media target audience is and why it's useful Next, source new customers through social media marketing Based on Allison Davis (2014), focusing on the people who already know you well is the best method to establish an active and engaged social media audience You may increase your audience and build great relationships by sharing information that is relevant to them and taking the time to communicate with and respond to any comments you get in the works The way to find customer sources is arranged in the following step Identify a target audience, you can quickly see which social networks my consumers use if you find people using these terms You can also specify the type of information they prefer, as well as the most appropriate time and frequency for posting This makes it much easier for you to reach out to my audience on social media Followed by searching for #hashtags and related keywords, you may also use hashtags to locate influencers you should like and follow Influencers are specialists on themes relating to your industry who frequently have a huge following By interacting with them, you can reach a broader, similarly focused audience Furthermore, engaging with a relevant audience is an important aspect of the process After you've found social chats that are relevant to your business, you can begin engaging potential customers and sharing their expertise Make an effort to contribute to the conversation without disturbing it Find ways to share your thoughts if people are sharing and commenting on news about your company If someone asks a question that you know the answer to, offer to assist Finally, by utilizing the appropriate calls to action, all of your efforts in locating and communicating with potential clients on social media should result in the acquisition of new customers Fans and followers have increased It's critical to add a clear call to action as you begin connecting with your new audience to assist move interactions beyond social Furthermore, using social media to improve response is essential According to Vu Tham (2021), social media platforms make it easier to give and receive feedback Customers can respond quickly to you if they have any concerns or problems with what your company has to offer Customers have a fast and accessible opportunity to voice their feelings on social media, and businesses have a chance to respond Businesses can receive complaints and resolve client concerns more rapidly with such a platform Besides, how you handle customer complaints is also very important Based on VirTasktic blog (n.d.), all eyes are on you when a customer calls you on social media A negative comment can be turned into a positive social media feed depending on how well you handle consumer concerns and how soon you respond These kinds of interactions can help you retain existing consumers while also attracting new ones You show present and potential clients that you care by not dodging and taking control of the situation Finally, social media marketing is more cost-effective than other forms of marketing According to Digital School of Marketing (2021), the majority of small firms are cautious about the marketing methods they spend on When you're working with a limited marketing budget, it's critical to spend it properly in order to get the most bang for your buck Social media marketing is a low-cost strategy It's also one of the most adaptable techniques for small businesses to reach their target audience and increase sales over a specific time period That's why 97 percent of marketers use social media to communicate with their customers Managing social media accounts is a cost-effective way to promote your company's online presence through media marketing campaigns Because it does not require a huge investment, small businesses competing with well-known brands can gain from social media In conclusion, the importance of social media marketing is an indispensable tool of every business It is believed that interacting with the target market, finding customers, improving response, and being affordable are the right marketing strategies for companies today Businesses are gradually prioritizing marketing strategies in their development plans Therefore, growing businesses should actively invest in a social media strategy to grow and thrive in the future Besides, it is necessary to devise a methodical and effective strategy References Lawler, B (2021, October 29) How Social Media Marketing Is Cost Effective? Read more | DSM | Digital School of Marketing https://digitalschoolofmarketing.co.za/blog/how-social-media-marketing-is-cost-effective-readmore/ Porteous, C (2021, March 18) 97% of Fortune 500 Companies Rely on Social Media Here’s How You Should Use It for Maximum Impact Entrepreneur https://www.entrepreneur.com/article/366240#:~:text=As%20of%202018%2C%20nearly%20 97 Riserbato, R (n.d.) What a Social Media Target Audience Is and How to Find It Blog.hubspot.com https://blog.hubspot.com/marketing/social-media-target-audience#:~:text=A%20social%20me dia%20target%20audience%20is%20a%20group%20of%20people Vai trò tiếp thị truyền thông mạng xã hội kinh doanh - BigAds (2021, October 1) https://bigads.vn/vai-tro-cua-tiep-thi-truyen-thong-mang-xa-hoi-trong-kinh-doanh/#:~:text=P h%C6%B0%C6%A1ng%20ti%E1%BB%87n%20truy%E1%BB%81n%20th%C3%B4ng% 20x%C3%A3 Virtasktic (2018, September 5) Social media marketing 101: Why responding to social media comments is so important - virtasktic VirTasktic https://www.virtasktic.com/social-media-comments/ A Simple Strategy for Finding New Customers on Social Media (2014, October 9) Constant Contact https://www.constantcontact.com/blog/find-customers-on-social-media/ ARO 00380 08/15 ... competing with well-known brands can gain from social media In conclusion, the importance of social media marketing is an indispensable tool of every business It is believed that interacting with... your social media target audience Defining a target group on social media is comparable to creating a buyer persona for your company and will aid in developing brand guidelines This is important... market, finding customers, improving response, and being affordable are the right marketing strategies for companies today Businesses are gradually prioritizing marketing strategies in their