When it comes to marketing for a business today the options on how to market are vast. There is television, direct mail, radio, billboards, magazines, newspapers, and social media. Social media is the newest form of advertising and businesses need to understand the value the it possesses. In any form of business cost is always a major area of concern. This blog post will hopefully help to point out the benefits cost wise of using social media as a marketing tool.
Measuring different channels of marketing tools against each other is not always the easiest task, but one metric that helps show the advantage of social media is cost per thousand impressions (CPM). CPM is an advertising metric that measures how many advertising dollars you must spend to reach 1,000 people. The goal of any advertising should be to reach as many relevant people as possible at the lowest cost. (Lyfe Marketing, 2017) A link at the bottom of this blog will take you a Lyfe Marketing blog post, and a chart that shows how inexpensive it is to reach one thousand people compared to the other marketing channels. Social media is cheaper than any form of advertising available today. It is one of the only forms of media that can expose you to over 1,000 people for less than $3. (Lyfe Marketing, 2017) There are always some kind of hidden cost when discussing marketing costs, but social media marketing only has one hidden cost, and that is time spent developing the social media advertisement. This is much less than compared to the other forms of marketing. Social media can reach one thousand people for less than 3 dollars spent. According to Lyfe Marketing, it costs almost sixty dollars to reach one thousand people with direct mail advertising. That is over twenty times the amount it costs on social media.
Any business would be foolish not to heavily invest in social media marketing for their company. There is no other form of advertising that even comes close to rivaling social media on the bang for your buck. The study done by Lyfe Marketing that has provided the graph and the statistics behind this blog post should have every business in the world start investing more time in social media marketing if they haven’t already.