Businesses all over the world are learning exactly how lucrative social media has become for marketing purposes. It’s currently one of the most popular methods for bringing attention to brands in order to engage and retain customers. It’s come a long way since 2005 when Facebook offered the very first advertising option. Since then, the annual revenue for social media advertising has reached an astonishing $8.4 billion.
Such an incredible feat for the advertising industry couldn’t have been predicted, especially since when Facebook was founded, television advertisements were considered one of the best ways to share your brand and gain customers. However, things are entirely different now, since TV commercials are quickly turning into money wasters.
According to Neil Patel, widely recognized expert marketer and entrepreneur, TV won’t go away, but it’s not worth the money most entrepreneurs invest. “It’s easily the industry where the most money is burned each year,” he says. He attributes the lack of success to people ignoring commercials altogether because they’re more focused on other forms of online marketing.
Social media sites are somewhere that consumers invest a lot of time and energy, and that’s also the reason they are one of the most profitable forms of advertisements to date. Here are just a few of the reasons that social media holds a leading role in current marketing tactics.