Explore the role of Social media/networking in marketing
Marketing is defined as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large’ (American Marketing Association July 2013). With the emergence of social media as an integral part of everyday life, marketing has also adapted to use this tool to gain their products wider recognition as they attempt to use this vast amount of information to their own benefit. As of July 11th 2014, twitter had 645 million users with an average number of tweets per day of 58 million (Statistica 2014). Twitter is only the tip of the iceberg with other social media outlets such
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It has opened up strategies which before would have seemed inefficient or hopeful and may have been dismissed as impractical due to the difficulty in transferring information at a fast enough rate to create a buzz around a product. One of the main benefits of social media’s appearance is the massive increase in word of mouth being used to promote different events. This isn’t always towards business use as it has been used to start movements such as the Arab spring. Businesses have seen this potential and have tried to harness its power to get a far reaching advertisement of their product for relatively small amounts of capital. Different advertisement methods have been used such as Felix Baumgartner’s highest skydive for redbull is an example of this as it gained traction through word of mouth. ‘Word of mouth is the primary factor behind 20 to 50 percent of all purchasing decisions’ (McKinley …show more content…
Social media is effective at hitting the right people for the right product and making sure that a target demographic sees the product. Is this better than conventional marketing methods? This is circumstantial as many products may do better being seen by a wider audience that are forced to watch an advert as on many social networking sites, consumers can skip over any adverts without even noticing they are there. Furthermore, forms of marketing such as viral can be inconsistent and carries a high risk of failure due to the nature of hoping that consumers carry the message. Moreover, viral marketing can sometimes not get the message of the product across and can often times be seen as just a social activity as seen in the example used previously, ALS’s ice bucket challenge where people would do the challenge but would have no idea what it was for and did it simply for fun. On the other hand, social media is still growing and shows no signs of diminishing. Businesses who do not get a foothold in social media risk falling behind to competitors as the movement online continues. The depth and range of social media advertising means a vast array of consumers can be hit from across the globe at minimal cost to a business. Viral marketing and communities can be seen as cheap but effective forms of getting product information to customers and therefore can only be of benefit to any
Opportunities: The social media benefits from a growing number of educated, loyal and strong customer base. Also, the social media provide the company with quick access to customer concerns that can be addressed proactively. Social media offers huge opportunities for sales and targeted marketing. In addition, companies have increased their sales and revenue through the social media, which continues to provide immense opportunities for additional investments.
The term ‘social media’ as defined by Kaplan and Haenlein (2009: 61) is “a group of Internet based applications that allow the creation and exchange of user generated content” through networks such as Facebook, Twitter, Instagram and YouTube. Currently, a strong social media campaign is integral to the success of a business and is a vital marketing platform to ensure customer acquisition. GoPro has successfully grasped and understood the concept of the two way interaction between customers and a business through social media sites, therefore creating a brand community. With 780,000 Twitter followers, 6,800,000 Facebook likes and 1.28 million Instagram followers, GoPro seems to have successfully mastered the concept of internet marketing. With more than half of the world's population registered with different social media platforms, the chances of acquiring customers are very high. It can be argued that social media marketing is now essential because of its ability to reach targeted audiences quickly and generate more sales in an easier and more cost effective way. According to Forbes...
If you asked 10 followers on Twitter if they prefer Coke or Pepsi, 9 out 10 would probably say Coke. This paper will explore the concepts of social media presence for The Coca-Cola Company. Why do people drink Coke? Why is Coke so popular? Questions such as these will be answered throughout this strategy recommendation project.
Marketing through Social Media (Exploratory Essay) Throughout the ages there have been many intriguing ways that businesses have portrayed their product or services for accessibility. Recently, businesses have been researching how to market the businesses product through the World Wide Web. With websites such as Facebook, Twitter, Instagram, it started becoming popular within the past 20 Years. People have started to rely heavily on the internet over the past decade, whether it be for searching for information on products or people.
Social media is at the core of many marketing plans for corporations in the United States and world-wide. One of these companies at the forefront of social media use is Wells Fargo Bank, N.A. (Wells Fargo). The ability to directly contact customers and potential customers in a real time online environment is crucial to the bank / customer conversation and reinforcing the company’s place in a customer’s mind as the entity that they want to do business with (Wells Fargo Bank, 2014). This case study will discuss the current status of Wells Fargo’s use of social media as a means to building their customer base. Additionally, historical information on the process of the marketing move to social media will be presented and the development of the roles that are involved in this marketing strategy will be discussed. The impacts to the public sphere and society at large will play into the discourse of the social media topic and finally, the underlying theories will be discussed as they pertain to Wells Fargo and social media.
Among the billions of social media users, there is a percentage dedicated to businesses who use social media as part of their marketing strategy. The sheer number of people who use services like Facebook and Instagram on a daily
With social media’s rise in popularity, consumers were given another platform, a viral one, to discuss companies and their products/services. While the main focus of public relations has always been to promote communication and goodwill, the practice also promotes publicity for their clients. With the growth from traditional tools to more sophisticated tactics like video news releases, webcasts, blogs, and social networking, public relations has been able to transform its effectiveness in just a few short years. Any company that does not include the use of social media, is missing the opportunity to obtain valuable information about their brand while also losing a chance to spread its message on a platform that reaches
There was once a time when companies used to spend heavily on publishing, compelling, ads on newspapers and magazines just to put the word out there, but times have changed and so have the medium used to broadcast these ads. Nowadays, companies use the internet to spread the news, to be more specific, companies use the social media as an advertising tool. Over the years, social media has vastly changed the way we communicate and interact with one another, some examples of such social media might be Facebook, Twitter, and YouTube etc. This kind of interacting tools are now been used by businesses to sell or advertise their products, one might say that the social media is the modern day substitute for newspapers and magazines. One company that has been doing this heavily is Android (owned by Google), Android ads can be seen in every corner of the internet whether be famous sites like Facebook or now extinct ones such as Myspace, although one such social media that they haven’t been using is XDA developers. The site predominantly focuses on software development and discussion for Android, Windows, Ubuntu Touch, and Bada phones etc. The following paper will discuss and analyze their audience and argue why XDA developers is the best social media platform to advertise smartphone operating system companies such as Android to the general public and developers.
Sometimes the best way to see if your business needs help with social media is to get your hands dirt with a social media evaluation. Although you might not be a social media expert...yet, you can still use these questions to see how to improve your presence.
Social media avenues are a new, upcoming, and popular way to advertise for businesses and for people to connect to each other. Alexis Ohanian once said that "Being effective at social media, whether for business or personal use, means capturing people who have short attention spans. They 're only a click away from a picture of a funny cat, so you have to make your thing more compelling than that cat. And that can be a high bar." (Ohanian) Powerful usage of social media can have a big impact.
· Use of social media for promotion- word of mouth and social media help to get the message across and promote the product efficiently
Times have changed and so has the way businesses do business. Companies are using social media to help them build their brand, find customers, and reach new markets. According to the 2012 Social Media Marketing Industry Report, “94% of all businesses with a marketing department used social media as part of their marketing platform” (Stelzner). Retail businesses have proven to be a great way to (re)direct shopper’s experience. With the rise of smartphones, customers are using social media more than ever, “Facebook and Twitter are among the favorites since 48% of customers respond to retailer posts” (Stelzner). While retailers are using social media for marketing purposes, they often fail to realize the full potential social media has, especially in customer relations.
Today 's generation is all about social media. It is the new way to have instant connection to thousands all over the world. Today 's company are now doing less traditional television, radio, and print advertisement and more promotion via Twitter, Facebook and/or Instagram. Companies are invested in getting famous people to post pictures or tweet about their products, knowing that, one person can connect with millions with just one post. Over half of the world has access to social media, making them great consumers. Social media benefit marketing by giving the companies the opportunity to learn their audience/consumers, having access to instant feedback and bring awareness to here product.
Since social media users grow larger and larger, many companies take the opportunities of using social media marketing to reach more customers. Companies use social media marketing in order to achieve marketing communication and branding goals. Social media allows companies to see what prospects are saying about their brands and competitors. It also allows companies to build deeper relationships with existing customers that drives them to purchase again and again. Not only it can help them generate new leads, but it allows them to build deeper relationships with existing clients that drives them to purchase again and again. It has become common for businesses to branch out and experiment with multiple networks with the aim of reaching the maximum amount of costumers.
As belch and belch state, Social Media is a group of applications based on the internet and web 2.0 through which users can create and exchange information (Belch & Belch, 2015 as cited by Yang and Wang, 2015).