“Business has only two functions – marketing and innovation.” ~ Milan Kundera
Marketing is an integral process for any company. Convincing people to purchase your product or service using various strategies and methods can be classified as marketing. For the past hundreds of years, the concept has always been the same. But with the advancements in technology new platforms that facilitate marketing has been introduced. Based on this we can analyze two marketing platforms, Traditional Marketing, and social media marketing.
To put it in simple terms any type of marketing that is not online can be classified as Traditional Marketing. This method has been around for centuries and still exists today. Even though Traditional marketing is “Traditional” it is still effective up to a certain extent. Print marketing is the oldest form of traditional marketing. Billboards, leaflets, Newspaper adverts, brochures are some of the print marketing strategies. In addition to that broadcasting can be classified as the modern form of traditional marketing. Television, radio advertisements, and radio broadcasts are classified under broadcast marketing.
Social Media Marketing is one of the modern forms of marketing. With over 5 billion users it’s no surprise that it’s the most popular marketing method. Facebook, Instagram, WhatsApp, Twitter, LinkedIn, Pinterest, Snapchat are some of the most popular social media platforms at present. Due to the heavy competition within the social media platforms, businesses have to be more creative and innovative compared to their competitors. Unlike traditional marketing, Social media is a very broad concept. Businesses need to manage multiple social media accounts to get maximum reach. An admin must strategize every move he makes to benefit from this platform.
|ANALYSIS||TRADITIONAL MARKETING||SOCIAL MEDIA MARKETING|
|COST||Television advertising and radio broadcasting are comparatively expensive. Print Marketing is much cheaper||Comparatively much cheaper, the prices depend on the platform when target marketing. Minimal marketing can be done for free as well|
|EVALUATION METRICS||Traditional media fails to provide accurate methods of evaluating the success and performance of any marketing effort. This can be considered as a blind investment.||Using social media tools, you receive a detailed evaluation of your marketing done in Social media. Some social media platform provides insights independently as well.|
|REACH||Generally exposed to a very broad audience, which results in irrelevant ads being served and lower ROI.||Social media offers a method for advertisers to accurately target millions of relevant audiences, which results in the right message being delivered to the right person at the right stage in the sales funnel|
|ENGAGEMENT||Traditional Marketing focuses more on general marketing. Thus, interested customers can get in touch with the business.||Social media offers customers a means of direct communication with the brand.|
|EASE OF IMPLEMENTATION||Traditional media has the burden of allocating, organizing, and executing highly complex tasks.||Social media provides a highly dynamic environment where information is always at their fingertips.|
Both Marketing forms have their pros and cons. But Traditional Marketing is not advisable to any company regardless of the scale. On the other hand, social media is a solution that can and should be employed by all firms due to its highly effective and highly simple nature.
Written by – Umar Inthikab