SOCIAL MEDIA MARKETING : A NEW ERA OF REVENUE GENERATION

Abstract

For billions of people throughout the world, the internet, social media, smartphone apps, and other digital communications technology have become part of their daily lives. According to January 2020 data, 4.54 billion people utilise the internet, accounting for 59 percent of the global population. The most popular media outlets have evolved as social media. It has provided us with a limitless number of options to communicate with our friends and family. Not only can we connect, but we can also use the platform for business. Media marketing can be done with almost any social media programme. Consumer behaviour and company practises have altered as a result of the use of the internet and social media. Organizations can benefit from social and digital marketing by lowering expenses, increasing brand awareness, and increasing revenues. Negative electronic word-of-mouth, as well as obtrusive and annoying online brand presence, pose substantial issues. The experts' perspectives provide a comprehensive overview of key aspects of this important topic, as well as perspectives on more specific issues such as artificial intelligence, augmented reality marketing, digital content management, mobile marketing and advertising, B2B marketing, and electronic word of mouth, as well as ethical concerns. Many people's lives have become inextricably linked to their use of social media. In 2019, there were 2.95 billion active social media users worldwide. By 2023, this figure is expected to reach about 3.43 billion (Statistica, 2020b). It's nearly impossible to develop a marketing strategy without taking into account social media. In today's marketing mix in general, and in promotion mix in particular, social media has become a very essential gradient. Adapting some type of internet marketing via social media is a critical component for all firms, particularly in industries where trends shift frequently, such as fashion and handicrafts. One of the first things that marketers look at when creating or analysing a social media marketing strategy is data. They're frequently used to compare industry performance or investigate a new network. As the digital and social media marketing business evolves and takes its place as an integral and critical component of an organization's marketing strategy, this topic is positioned as a timely addition to the literature. This study paper focuses on tactics that can move viral marketing beyond the current social media landscape. As a result, it can aid in the development of a strong community that will allow your marketing to be effective. Based on the resilient generic data pattern, the specifications are only intended to be updated if new variables are introduced. The second situation is that an adequate number of data points becomes available, allowing for the formation of increasingly complicated structures. From a practical standpoint, a mixture of forecasts from various fundamental predictive models may take centre stage.