As a business owner, you probably know by now how important social media marketing is for business. In fact, social media marketing is so powerful it’s expected to generate $11 billion in revenue in 2017, and that’s $11 billion for a market that didn’t exist 20 years ago. So what’s the history of social media, and why is it still so important for business?
Social Media Marketing, a History
As mentioned above, social media marketing didn’t exist 20 years ago. In fact, Facebook wasn’t even founded until 2004, and it didn’t launch its first ad until sometime in 2005. Of course, once all the other social platforms saw how much money Facebook was making ($50 million in ad revenue by 2006), they too launched their own advertising options. Thus, the dawn of social media marketing was born. Since 2005, Facebook and other social media platforms have made a lot of advancements to their advertising options. And for good reason; Facebook reportedly made over $25 billion total in ad revenue by the beginning of 2016, and Instagram ad revenue passed $1 billion total around the same time.
The history of social media marketing isn't just about the money though. It’s also about good business. Almost 70% of U.S. adults are already using Facebook, and over 50 million businesses use Facebook business pages to reach these people. But it's not just business pages and advertising that help businesses to reach social media users. Using social media marketing effectively also means applying basic best practices to all social media platforms your business uses. Social media marketing best practices have been developed over the years by analyzing what reaches more people and what doesn't’. Social media marketing best practices will continue to evolve over time, which is why it's important to know both the history of social media marketing techniques that work and the future of social media trends that will most likely work. Social media experts and social media marketing agencies spend the time needed to learn the history of social media marketing, including the best social media marketing techniques for each business type.
The most important evolution in social media marketing is that businesses are finally realizing how important social media is for marketing. Social media is no longer considered an individual marketing campaign, separate from the rest of the your business’ marketing. As for the future of social media marketing, we can tell you it certainly isn’t going away. In fact, we are expecting to see more people online and more emphasis on technology and social media in ten years. Click here to learn more about our predictions for the future of social media. Contact us to learn more about the past, present and future of social media marketing, plus learn how we can help your business’ social media marketing so you can go back to what you do best, running your business.