Social Media has grown from postal service Persia in 550 BC to Wikipedia in 2001 to Twitter in 2006 and is continuously growing by different companies and individuals. An individual cannot imagine being in touch with friends without Social Media and companies cannot plan their marketing strategy without Social Media. Here are some quick facts about Social Media.
- Why do people participate in first place? Keeping up friendships, networking, social pressure, find site useful where people want to contribute, altruistic nature, natural nature to donate blood, creative impulse, show off work if you are not a professional and to entertain etc.
- Social Media is about
- Listening what customers are saying
- Talking with your customers
- Energizing your customers for word of mouth
- Supporting your customer base
- Embracing new ideas into product from customers
- Other than Facebook, Twitter, Foursquare, You Tube, social media also include widgets (gadgets) for branding, RSS feeds, support forums etc.
- Young people create a lot of content in Social Media so they overindex in Creation.
- Social media strategy for different brand and different target group should be different. Example: YouTube in US and Daily motion in France. Tools in different countries are different but underlying strategy is the same.
- For many brands more buzz means more sales and vice versa.
- Shouting marketing does not work anymore. Conversation and talking with customers does. Social Media has changed the game.
- Ratings and reviews generate more purchases. It is another tactic for selling your product. More than 75 percent consumers depend on ratings to buy things.
- Social media support forums saves a lot of money for call centers.
- Crowd sourcing from customers: Creating communities to get ideas from customer such as create an ad, how to be a good banker, creating polls, not only this saves ad production cost but also help marketer understand consumer landscape.
- Many companies use internal wiki and social network for idea exchange and strategy. This should include top management with open environment for healthy discussion.
- Last but not the least, make sure social vendor give good analyst to monitor your social media study.
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