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IS SOCIAL MEDIA A NEW MARKET?

Social media is one of the "best options" for a product or a marketer to reach out to potential buyers. These new media are winning over the Traditional Marketing and make-believe in of customers by linking with them at a deeper level. This paper discusses the ideas of social media and how social media capturing the market. Entrepreneurs and small company owners are increasingly relying on social media platforms to promote their products and services. Social media is here to stay, and it will continue to have an impact on the market. Furthermore, social media platforms have emerged as the new must-have tool in the marketing industry. In the past ten years, the total number of users of social media platforms has almost tripled, from 970 million in 2010 to more than 3.81 billion users in 2020, By seeing this rapid increase every marketer should have known that marketing on social media is profitable. Now we can say that every business whether it is small or big shifting to new media to market their product or services. Consumers and small companies can connect to banking and other service providers through an online or mobile channel as part of their day-to-day operations using digital platforms. Many prominent financial organizations are shifting from a product-oriented to a customer-oriented mindset, Customers are online that’s why every business is shifting from Traditional Marketing to Digital Marketing. The community of prospective consumers identified online is far greater than the group of people you are likely to attract locally. With the development of brands and consumers, social media platforms themselves are constantly improving and updating to meet the ever-increasing consumer demand. Businesses must reassess their target audiences and customer avatars. Even matter how effective digital marketing is, there are still some things that cannot be replaced by plain old-fashioned conventional marketing. It is obvious that digital marketing is just wonderful in the way it provides marketers with the resources they need to generate viral marketing, but when combined with conventional marketing, your marketing efforts will be unstoppable. As a result, the question that emerges is ‘Is social media a new market.

               

KEYWORDS: Traditional Marketing, Digital Marketing, Viral Marketing, Social Media.


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