Since social media are getting notably prevalent among individuals and communities, increasing numbers of companies seek the information from these platforms to exhibit comparative advantages and manage consumer relations (He, Zha, & Li, 2013). Some traditional and frequently used approaches are as follows:
I. Social Media as Commercial Official Accounts
It is rather common for companies to set up official accounts and pages and the reasons are rather noticeable. Firstly, social media is a large and open platform that allow vast of people getting involved and seeing information. Raacke and Bonds-Racke (cited in He, Zha, & Li, 2013) indicate that majority of college students are using friend-networking site, and all ethnic groups as well as
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This remarkable framework includes namely Cognize, Congruity, Curate and Chase which indicates the procedure of understanding the landscope of a certain platform, developing corresponding strategy, guilding and mentaining activities and finally chasing and keeping update information. Similarly, Weinberg & Pehlivan (2011) propose that budget and attention are ought to be spent in a multi-dimensionally way according to differiation of various social …show more content…
At the centre of a business, there will always be customer markets, which are underlined as the initial objective of marketing activities for long-term success (as shown in Figure 1.1). In relationship marketing, consumer value is highly emphasized, so that companies intend to keep continual and frequent connection with existing consumers and try to expand relations on that basis. To measure the bond between each stakeholder and the business, there are several categories from prospect, purchaser to advocate and partner in which the degree of intimacy is ascending and partner relation is regarded as the strongest bond (as expressed in Figure 1.2). Payne and Rapp (cited in Friedrichsen & Mühl-Benninghaus, 2013) point out that the more the consumers are at a higher level of relations, the more competitive advantages a business can exhibit. Such an advanced level of costumer loyalty is not a simple achievement as it asks for a deep understanding of costumer needs and detailed knowledge of the
Nichels, W. G., McHugh, J. M., & McHugh, S. M. (2010). Moving toward Relationship Marketing. In W. G. Nichels, J. M. McHugh, & S. M. McHugh, Understanding Business (p. 363). New York: McGraw-Hill Irwin.
Sheth, Jagdish and A. Parvatiyar (2000), “Relationship Marketing in Consumer Markets: Antecedents and Consequences,” in Handbook of Relationship Marketing, Jagdish Sheth and A. Parvatiyar, eds. Thousand Oaks, CA: Sage Publications.
With the invention and development of the Internet, communication has changed in to a revolutionized platform. The Internet has evolved from a means to facilitate data, to a stage of public communication through the use of social media. Social media has affected every aspect of interaction from personal lives to the business world. The business world however, has been especially impacted by the application of social media. Social media has opened up a plethora of opportunities for businesses to advertise, promote and market themselves to consumers. Social media “is one of the fastest growing and most promising strategies a business can employ to boost sales and conversions” (Adobe). As social media continues to grow as a marketing tool, more and more companies have incorporated social media into their daily business activity for brand awareness, target market reach, business expansion and customer interaction.
The rapid growth of the social media networking makes life different. According to the real time internet live statistics, the internet users in the world are now more than 3,338,000,000 and keep rising every day (Internet Live Stats, 2016). Social media like Facebook, Sina microblog (Weibo), Twitter, Instagram and YouTube are defined as the online communities which allow users to create and share their own content (Bolton et al., 2013). The faster and easier information exchange brings a new trend of marketing communication established and makes traditional peer to peer word of mouth spreading go online. Social media provides a platform for consumer to engage in electronic word-of-mouth. It can be either positive or negative statement on the product brand or service which made by potential, actual or experience users on the internet (Themba & Mulala, 2013). Facebook is one of the fast developing social media. It brings up a new trend of social media marketing. Facebook influenced customer behavior and suggested to be one of the most critical metrics of social media usage (Schultz, Schwepker & Good, 2012).
Want to change the way you leverage social media for digital success this year? It’s time to evaluate your social media strategies, and differentiate great tactics from ones that have under-delivered. This evaluation is really important to come out with a unique social media strategy to rock the markets in 2016. There are a bunch of opportunities which can let you shine on the social media front. So let’s have a look at highly effective social media trends that will help you dominate the market in 2016.
Many organizations have had to change the way they operate because social media has become such a powerhouse that has to be implemented in their marketing and communication strategies.
Nair (2011) states, social media can be described as online tools where content, opinions, perspectives, insights, and media can be shared. Some people create content, while others lurk, observe, or disseminate content. At its core, social media is about relationships and connections between people and organizations.(p. 45) Due to so much information being shared through social media it has changed the way businesses interact with their business partners or vendors, businesses have also started to create new product because of the information that is available to them through social media, thus attaining higher profits. At the same time, because of social media and the amount of information that is shared through these services, businesses have been put in a position where they must be careful how they operate to keep their reputation and na...
Relationship marketing aims to build equally satisfying long-term relationships with key partners in order to earn and retain their business. The four main components are customers, employees, marketing partners, (i.e. suppliers, distributors, dealers) and financial partners (i.e. shareholders, investors) (Kotler & Keller, 2014). The outcome of relationship marketing is a company asset called marketing network. The marketing network consists of the company and supporting stakeholders with whom it has built mutually profitable
Effective communication in an organization is one of the components of its success. Managers are charged with navigating communication obstacles while making every effort to harness its benefits. This onus placed on managers is compounded by organizational advancements and the application of new technologies. One relatively new organizational technology being applied is the use of social media. Social media creates communication issues yet conversely alleviates specific communication barriers by playing several roles within organizations today.
Social media is an imperative public relations tool for companies to utilize in their business practices. Social media cannot be regulated so anyone can say what they please about the company, whether it is good, bad or ugly. Social media is developing rapidly and there are new platforms
Platforms such as Facebook and Twitter allow users to access company information, photos and employees as well as ask questions and express personal experiences with the company. It also allows potential employees to understand the vibe of the organization and gain a deeper and more personal understanding than a website. However, with social media, it is important to not ove...
As the customer is the subject of relationship marketing, marketing should emphasize on customer needs, while customer value may “one-dimensionally in term of need satisfaction” (Hackley, 2009, p.64). From the “one-dimension” concept, marketing can regard as an integrated process, which utilizes techniques to develop and produce products to meet customer requirement, including market analysis and market targeting (Arndt, 1980, p.390). For example, it is effective to use relationship management software to track and analyze costumers’ preference to attract and satisfy more customers in relationship marketing. However, the “one-dimension problems-solving discipline” just completes the part of selling in transactional marketing, it may also ignore the customer demand of which is not included in the target market. What’s more, relationship marketing not only focuses on the short-term commodity trading, but also long-term service quality and forward-looking strategies. The significance of relationship marketing is far more than the exchange, because the exchange will be of common occurrence once the mutual trust mechanism has been established. Moreover, marketing would not end at the completion of the transaction, but following a series of after-sale service and the stabilization of
Why do you think that society tends to overshare, especially on the Internet or social media?
Building strong customer relationships is a method for competitive advantage (McKenya 1991; Reichheld 1993). In services marketing, relationship marketing between business and customers are especially important since the nature of interpersonal interactions, and the relative less objective in measuring service quality. Relationship benefits are usually discussed from both firm and customer perspectives. From services providers’ perspective, strong relationships with customers offer a loyal customer base for the firm, thus leads to predictable sales (Maker 1992) and low customers’ turnover (Reichheld and Sasser 1990). From customers’ perspective, relationship benefits to customers refer to the benefits customer can receive
Creating trust, commitment to employee service, continuous relationship with customers and the proper management of conflicts, can be considered as the most important foundations of relationship marketing (Mohsan and Nawaz, 2011). Successful companies try more than unsuccessful companies to implement a relationship marketing strategy and build a long-term relationship with their customers (Adamson and Chan, 2008). Trust, relationship, shared values, empathy, and mutual effort has been identified as the most important foundations of relationship marketing (Sin and Tse, 2005). Relationship quality (RQ) is a branch of relationship marketing (R M). Due to the importance of relationship marketing in today's business world, the relationship quality is necessary to assess the strength of the relationship and the degree of satisfaction to meet the demands and expectations of the customer (Crosby et al., 1990; Smith, 1998). A good relationship quality can increase customers'