Social Media as a Marketing Strategy

In the year 2013, almost all companies have turned to social media as a primary form of marketing and advertising. This is because websites such as Facebook, Twitter, Pinterest, YouTube, and LinkedIn offer companies large exposure to many users at a relatively low cost.

It is easier to update a Facebook page, or send out a tweet than it is to create a commercial, design a new billboard, or even take an ad out in a magazine or newspaper. The trick is to tailor that company's image and products to the users that will want to engage that company in social media.

Take the company Axe for example. It is famous for it's body sprays and shower soaps that have become popular among teenage boys. One of their marketing strategies is a sort of guarantee that if boys use their products, then girls will instantly be more attracted to them. They then use various websites to deliver their marketing strategy. Now whether you agree with the message they are sending and think it could be immoral to use a 16 year old's hormones to persuade him to buy the product, it is hard to deny that Axe has themselves in a good niche for marketing. For example, teenage guys usually only have "that one thing" on their mind, and they also spend large amounts of each day on Facebook and Twitter. In my opinion, Axe is maximizing the potential to sell their product to this specific demographic and it seems to be working. Their Facebook page has over FOUR MILLION LIKES!

Please let me know what you think of companies using social media to market their products.

P.S.- Here is an example of a typical Axe marketing image that I found on their Facebook page:

Sources:

https://www.facebook.com/AxeUSA 

Social Networking as a Recruiting Tool

Nowadays companies have turned away from physical job applications and word of mouth recruiting in favor of more modern recruiting strategies. A prime example of this is the website Linkedin.com. This is a website that is mainly used for professional networking. It has acquired over 200 million users.

People tend to use online networking and websites such as LinkedIn because of the ease of access that is granted to the users. Whether he/she are looking for a job or just want to become connected to professionals in their general field, LinkedIn has a purpose for nearly everyone in the job market.

It is also used by companies to advertise open positions in the organization. A large company, such as Bank of America, can post openings for jobs that range from bank teller, to college intern, to executive senior management opportunities. This offers the company free marketing and networking to anyone in that particular field that has a LinkedIn account.

In my opinion, LinkedIn is the most sustainable type of website of all of the social networks. Facebook can become boring. Twitter can be replaced by other opinion sites. However LinkedIn offers something for all users in every level of business.

I use LinkedIn because as a college senior, I would rather make myself available to many companies using my resume that I can send them in an instant, rather than searching the classified ads of a newspaper.

Please feel free to share your comments and personal experiences with social networks as a recruiting tool.

Sources:

http://press.linkedin.com/about 

http://blog.linkedin.com/2013/01/09/linkedin-200-million/ 

http://gigaom.com/2011/07/25/apply-with-linkedin-button-launches/ 

Social Networking as a means of Publicity.

How businesses use Social Networking to help their Business Grow?



Above is great example of how a company can use  Facebook to tell users about your company and allow for their feedback by "likes" or comments.

 It is vital that companies expand their market by getting their name out to new people. Companies focus mostly on advertising in order to gain these new customers. But companies are now creating profiles on sites like Facebook and Twitter. This is utilizing Social Networking. It is free advertising and gives them a chance to find new customers that already like their company. With a user liking or following a company it makes customer acquisition much easier.  As Kyle explained in a recent blog post it also increases customer supplier intimacy. Companies now know what people like their company and what they think about their products, whether the customer had a positive or negative experience. Another great way social networking helps companies get their name out there is by showing users comments on their Facebook page, a great way to show people that plenty of their customer had great experiences. There is no better to advertise your company and get your name out to new people than free social Networking.

Do any of you follow or like companies on Facebook and Twitter, if so why?


Source:
http://www.imrcorp.com/services-inbound-marketing/social-media/facebook-tutorial/

Social Media and Customer Supplier Intimacy

93% of customers believe that businesses should have a social media presence. The increased demand of social media for businesses is the result of customers needing to feel like they are a part of the business. They want to have a say in the products they are buying whether that is providing ideas for new products or correcting problems with current products. The increased connectivity has lead to an increase in innovations both in products and advertising.

            Many tech companies release beta versions of software with the intent of gaining feedback from early users to fix bugs and polish the software. This idea extends outside of the tech world. Long before the internet there were customer surveys sent via main to evaluate a business’ product or service. Now with the internet the speed of communication is at an all time high. Additionally, the amount of information gathered is more than ever before.

            With the increased information and connectivity businesses can better identify their customer demographic, helping them provide a product more suitable to their needs and wants. Tools like twitter search, google alerts, and social mention provide a free avenue for businesses to filter through the vast information to identify the sentiments of their customers. Each of these are basic forms of Social Media Management System (SMMS). SMSS are a comprehensive program that can be used to: publish content to multiple channels; review and monitor activity; review and evaluate metrics. Making the customers input useful is the main purpose; you can maintain a social media presence, but if you are not active it will not benefit the business.

Please leave a comment whether or not you have interacted directly with a company about a product (positive or negative). Is this appealing to you and do you think your feedback makes any difference in the grand scheme of things?



Sources:

Hastings, H. (2010). How social median can be used to dialogue with the customer. Ivey Business Journal, Retrieved from http://www.iveybusinessjournal.com/topics/strategy/how-social-media-can-be-used-to-dialogue-with-the-customer

Holden-Bache, A. How to Leverage Social Media to Generate Revenue. Charlotte NC: Mass Transmit. (2012) Retrieved from: http://www.slideshare.net/masstransmit/how-to-use-social-media-to-generate-revenue

Social Networking as a Data Source

It is hard to believe the that the applications that so many have come to love are selling personal information to ad agancies throughout the United States.


One of the most popular social networking sites is Facebook, this site tilizes its users information and sells the information to other companies. Facebook uses their users personal bio that they willingly post on facebook along with the photos they share to create valuable information about each user that advertising adgencies are begging to get their hands on. 

Facebook does not stop there, through users downloading their applications such as Farmville and Words With Friends, Facebook can recieve even more information about that certain user.

Facebook is Watching You!!
 Yet another way Facebook is learning more about each of its users is the "tracking cookie" they insert into your web browser. This cookie follows you on the web and tells facebook what websites your are going to while Facebook is open in a seperate tab.




Please feel free to share any good or bad experiences you have had with Facebook or any other type of Social Network.

Sources:

http://smartdatacollective.com/node/121876

hms-somerset-co.blogspot.com

Using Social Networking to Generate Revenue:

Social networking on the business front offers a couple advantages. The first and most obvious is a more efficient means of getting to know your customers, or getting your customers to know your business better; second is the increased ease of management and fulfillment of current contracts and orders. Both of these tasks are have the same target—revenue generation.

            There would be no benefit to a business to maintain a social media presence if value, and therefore revenue, were not a result. Currently it is estimated that the value of one person liking your business/product on Facebook is approximately $3.60. But, how do we arrive at this number? The Facebook users are not directly providing cash or purchases through Facebook. The value comes from a variety of means. First, they are increasing the visibility of the business. When liking a business, their preference is being shared with their network of friends. The average number of Facebook friends is approximately 190. So with one like they are spreading the brand with those people. The dollar amount comes from the potential resulting from a like. There is potential for: personal recommendations, purchases, being able to incentivize a purchase.

     

In addition to just liking and sharing the business/product, it increases the credibility of the business on a personal level with little to no effort from the business itself. The only step the business has to take is maintaining their networking presence and already their message is spreading at an unparalleled rate. Through marketing research it has been found that a personal recommendation carries more weight than hearing it directly from the business, showing the importance of maintaining a social network.

            I invite you to share how a business’ social media presence has affected your buying habits or opinion of the business; Or even other ideas of how you think social networking can increase revenue.

Sources:

Anders, E., H. Hungenburg, H. P. Denker, and S. Mauch. n. page. <http://www.esat.kuleuven.be/pub/nj_bscw.cgi/d54738/END08.pdf>.

Backstom, L.. N.p.. Web. 4 Jun 2013. <https://www.facebook.com/notes/facebook-data-team/anatomy-of-facebook/10150388519243859>.