Marketing Strategies Of Indian Companies To Incorporate Social Media
Added on 2019-09-30
11 Pages3676 Words289 Views
AbstractSocial media is the new buzz area in marketing that has businesses, organizations and brands jumping to create news; make friends, connections and followers; and build communities in the virtual space. The purpose of this research was to understand the impact of social media on how Indian companies were adapting their marketing strategies to incorporate social media. A qualitative research study was conducted using structured interviews with 25 social media experts. Social media can be used for internal communications as well as a method of engaging with both existing and potential new customers. It states that the real business revolution occurs in the arrival of several social media sites, such as LinkedIn, Face book, and Twitter. It also discusses the use of social media websites in businesses. Social media is a genuine game changerfor business. Companies that invested early to harness the power of social media claim higher returns, with even greater gains predicted to be on the way.
IntroductionThe research report on, ”Impact of Social Media Marketing on performance of micro and small businesses” is to study how Micro and Small businesses can leverage social media to penetrate their markets, reach their customers and develop relationships in a personal and direct manner that can catapult their brand and raise their awareness as successfully as any large business. The report also discloses the influence of social media on consumers’ online buying decisions. Socialmedia was a completely new thing four years ago, many people did not know what social media was and the effect it would have on all in our lives. It was an exciting interactive medium which suddenly took the world by storm to such an extent that it became something that no business, small or large, local or global, could afford to ignore. Today, there are more than 1.28 billion active users on Facebook alone, currently the world's most popular social network. Twitter, LinkedIn, Google+ and various other social media sites have hundreds of millions of active usersas well .Social Media has relevance not only for regular internet users, but business as well. Social media refers to the means of interactions among people in which they create, share, and/orexchange information and ideas in virtual communities and networks. Traditionally, a small business would develop their relationships by going from doorto-door to raise awareness and grow their brand. How fast they achieve this depends on their budget and time available to their business. Traditionally, large businesses had the power of reaching their markets through huge advertising budget, which small companies found it difficult to fight the stiff competition from these large companies. In today’s business environment, social media has become a new marketing tool that is available to all businesses, that instantly develops relationships with potential customers. Social media does not require huge investments in terms of money or time. Social media is a tool which enables small businesses to reach a large and potentially global
audience in a very short period of time with relatively little energy. This has opened a whole newopportunity to the way a small business can develop awareness about its goods, services and marketing activities and able to develop relationships by communicating positive image and dialogue about a brand. Social Media is a revolution. Personal, professional, and commercial aspects are combined seamlessly, and in a blink of an eye, it promotes extreme extensive inter and intra communication and interaction. Unlike traditional media channels, which offer a one-way experience, social media is based on a two-way interactive experience between the consumer and the business. Social Consumer, the term added in the study, is one who participates in social commerce, social shopping, and consults with social media and social networks when making purchasing decisions. Consumers interact with businesses or brands via social media, for getting discounts or coupons, reading reviews as part of purchasing process as customers research product information before deciding to transact. Consumers are willing to interact with businesses through social media for their benefit, and also to decide whether social media is the right channel to use to get the value they seek and can help create trust for the company. That value could be in the form of a coupon or specific information. Engaging with a company via social media may result in a feeling of connectedness for consumers an emotional, intangible gain but the wish for intimacy is not what drives most of them. For most consumers, social media is about engaging with friends and family and accessing news and entertainment notinteracting with brands. Businesses are betting that social media interactions will engender increased customer loyalty. Marketing strategies of various micro and small businesses are beginning to include social media as a valuable tool to connect with a vast pool of potential customers in ways that encourage people to share information in a conversational manner. Although marketers have traditionally focused all of their energies in ensuring the best
placement in the market. There is the possibility that over the period of time people will start to perceive social media sites as the main source of all their information and hence the best opportunity for micro and small businesses will unfold here. Social media marketing has becomemore common with the increased popularity of websites such as Twitter, Facebook, LinkedIn, and YouTube. Social media marketing refers to marketing done through social media or social networking websites. While most companies and organizations have their own websites, it can be difficult to reach users not know about the organization. Therefore, many organizations have found it useful to develop a presence on websites, such as Facebook, LinkedIn, and Twitter as well. Social media marketing provides a low cost opportunity for businesses to reach large numbers of users and gain brand recognition. Since social networking websites already have large established online communities, businesses and organizations can gain exposure by simply making their presence felt on these websites. Organizations can create custom social media profiles, then build their own communities within these sites by adding users as friends or followers. Many companies attract users by posting frequent updates and providing special offersthrough their social media profile pages. While social media marketing is a powerful online marketing tool, it is typically used to supplement other marketing methods rather than replace them. Since just about any company or business and join a social networking website, it can be difficult to stand out from the crowd. Therefore, most companies still rely on Web advertising and search engine optimization to generate traffic to their websites. Social media marketing programs usually center on efforts to create content that attracts attention and encourages readersto share it with their social networks. A corporate message spreads from user to user and presumably resonates because it appears to come from a trusted, third-party source, as opposed
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Research Proposal: Social Networks in Businesslg...
|13
|2122
|172
COMPARE AND CONTRAST THREE TYPES OF SOCIAL MEDIA.lg...
|9
|2011
|32
Comparison of Popular Social Networking Sites: Facebook, Twitter, LinkedIn, YouTube and Google +lg...
|15
|3076
|51
Article on Use of Social Media Marketinglg...
|22
|4133
|462
Analysis of Telstra Social Media Toolslg...
|19
|3937
|100
Social Networking in Businesslg...
|13
|2974
|123