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Despite the potential fallbacks of social media, it is easy to see why it is increasingly overtaking traditional forms of marketing. Take television commercials for example, they can cost millions; are poorly targeted and do not enable data capture. However, online virals promoted through social media cost next to nothing; reach a far greater targeted audience and allow for much more engagement opportunities. Therefore it is easy to see why social media is marketer’s new best friend.
Social media has completely overhauled the marketing sector and there is no turning back. The divide between marketers and consumers has been revolutionised. The era of catchy punch lines and striking images is no longer the be all and end all; it is about a continual dialogue, building trust and interacting with the right audience in the right way, as fast as possible.
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Add the number of elderly and children found in the population data and determine the dependency ratio, that is, the number of dependent people divided by the working age population.
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