Although social media marketing strategies are being utilized by almost every company on the market and although their usage is continuously growing, they may not prove as beneficial for businesses as it may seem. In 2017, social media marketing has experienced a meaningful growth like never before. A great number of companies have begun using social media as a better and more efficient way to advertise themselves. However, alongside with the growth of social media marketing, the cost of advertising on social media has experienced a significant growth as well.
Throughout the years, social media marketing strategies have become too expensive for businesses because the usage of social media has brought higher costs to companies. The world of digital marketing is gradually entering a period when the cost of social media is rising, while the value of utilizing social media is lowering. The cost of advertising on social media has become more expensive, thus it is getting much harder for the businesses to grow on social media.
The main problem with social media marketing is the price that companies pay in order to get their business above others. Nowadays, the presence of a company on social media is determined by money. In other words, companies that can offer more money for a social media marketing strategy will get higher presence on the Internet. As Nate Wang – a leading digital marketer from Singapore – said: “Eventually, all existing digital marketing space will be dominated by the rich and inequality will increase.”
Therefore, companies are beginning to wonder whether they should shift away from social media marketing or find a solution to the problem and try to fix it. However, although it is inevitable to use social media as part of a company’s marketing strategy, businesses are encouraged to continue creating advertisements in general and to try not to focus only on social media advertising. Moreover, they are even recommended to lower down the usage of social media marketing in order to avoid getting small value and to refrain from paying expensive costs for social media usage.
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