The social media universe, consisting of websites such as Facebook, Twitter and LinkedIn, is gigantic and everexpanding. Legions of new users are joining in every moment, while at any point several million are logged on to one or more of these sites.
Take for instance, Twitter. According to Statisticsbrain.com, Twitter adds 1,35,000 users every day. The platform in buzzing with activity and it takes merely five days to register a billion tweets. Facebook, the largest social networking site, had some 1.23 billion active monthly users in December 2013.
The reasons for being on social networking sites vary. They could range from being logged on merely for fun to the more serious purpose of networking for job and business opportunities.
Whatever the purpose, there are billions of eyeballs fixed on social networking sites at any point providing a ready platform for marketers to look for clientele. It offers an ocean of opportunity. There are people from all age groups out there, and not just the relatively younger ones as the general perception may be.
A survey has found that the fastest growing demographic on Twitter are those in the 55-64 age group, up 79% since 2012.
So, if you are setting up your own shop, can the social media complement your wealthcreation efforts by helping you to market your products and to create your own brands? It definitely can. It is actually already happening. The power of social media has already been understood by a majority of established marketers.
The fifth annual Social Media Marketing Industry Report, 2013, says 97% marketers were doing social media marketing, up from 92% in 2012. And nearly half of all marketers have integrated social media into traditional marketing activities.
But if you are a start-up, how should you go about tapping these readily available platforms, which might at once be effective and inexpensive? In our cover story, we tell you how the hugely popular social media can be an important ally in your efforts to grow your business. Besides helping you reach out to your target audience, cutting across boundaries, at the click of a mouse at minimal costs, it also allows you the unique opportunity to interact with your customers and your potential clientele to understand your shortcomings and where you need to improve. If you are one of those who are starting off on your own, we hope our story helps you understand how to tap the power of the social media to maximise your gains.
We also analyse technology funds which had a great run in 2013 on the back of a bull run in tech stocks and tell you whether they are still good investment bets.