Impact of Social Media Marketing on Business Performance: A Case Study on Amazon
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This report investigates the impact of social media marketing on business performance of Amazon. It evaluates the importance of different social media platforms that Amazon can adopt to enhance business performance, determines the challenges that can be faced by Amazon while adopting social media marketing along with strategies to overcome them.
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How can social media marketing impact on business performance 1
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INTRODUCTION...........................................................................................................................3 Literature Review.............................................................................................................................4 Research Methods............................................................................................................................6 Main Findings..................................................................................................................................8 Conclusions, Evaluations and Recommendations.........................................................................13 REFERENCES..............................................................................................................................14 2
INTRODUCTION Background of the project Social media marketing defines as use of social media as well as social media networks to promote organisation services and products. In today's business for all social media marketing is becoming most influential as well as important virtual space through which companies can gain incredible benefits in terms of reaching millions of consumers worldwide, increasing brand awareness, significant boost in sales and regular with consumers (Baud and Durand, 2021). Present report is conducted on Amazon which is conducting its business operation as a multinational organisation in number of industries. Company was founded in the year 1994 and offer wide range of high-quality products and services to consumers around the world. Present research report is conducted on the impact of social media marketing on business performance of Amazon. Aim: āTo investigate the impact of social media marketing on business performanceā. A case study on Amazon Objectives ļ·To evaluate the importance of different social media platforms that Amazon can adopt to enhance business performance ļ·To determine the challenges that can be faced by Amazon while adopting social media marketing along with strategies to overcome them Literature Review Literature review is defined as a comprehensive study of already conducted research which includes scholarly articles, review of works, survey and other sources. Mentioned below literature review on the present research objectives is done: Importance of different social media platforms that Amazon can adopt to enhance business performance As per the viewpoint ofDahl, (2021)social media platform is essential for all the organisations whether it is small, local or big national company. Social media platforms benefits 3
companies to connect with consumers and enhance brand awareness which significantly assist in enhancing overall sales. More than 3 billion people around the globe are using social media every month. This engagement is keeping on increasing which enhance its importance for business organisation to reach consumers on instant basis. Social media offers a potential opportunity to business organisations, as with the help of this company can develop strong consumer base and can further reach more level of audience while taking use of different social media platforms (Vollero, Sardanelli and Siano, 2021). There are different types of social media platforms such as LinkedIn, Facebook, YouTube, Twitter, Instagram which is widely being used by individuals around the world. These platforms provides an opportunity to company through which they can promote their brand with the help of images, articles survey, videos etc in order to engage consumers. Social media platform is also important for organisations through which they can increase consumer engagement with the help of different techniques such as Facebook live video streaming session etc. Social media platforms provide affordable marketing and advertisement opportunity through which organisation can significantly grow their audience and can fulfil organisational objectives in effective manner (8 Best Social Media Platforms for Business: Your Ultimate Guide. 2021). Along with this with the help of social media platforms like Facebook and Twitter organisation can solve issue of consumers and can create a system of tracking consumer comments, complaints and questions on social media as quickly as possible in order to resolve consumers concerns in a positive and helpful manner. Thus, from the above analysis it has been identified that social media is playing a crucial element for business marketing through which companies can conduct cost effective marketing while engaging with consumers on continuous manner. It will significantly help in increasing conversion rate through which organisation can assure higher growth profitability and maximum consumer reach. Challenges that can be faced by Amazon while adopting social media marketing along with strategies to overcome them As per the view point ofElfstrƶm and Tam, (2021)in order to adopt social media platforms in the marketing process organisation can face number of challenges. These challenges are required to be overcome in order to improve marketing effectiveness of company. Challenges that can be faced by Amazon in terms of adopting various social media platforms is mentioned below: Developing a social media strategy: 4
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In today's business world social media is growing as a powerful tool, as number of organisations in business environment undertake use of different social media strategies which is increasing competition (Yadav and Sabhavat, 2021). In this the major challenge that Amazon can face is developing an effective social media strategy in order to increase competitiveness against other rivals. This challenge can be overcome with the help of strategy like creating a list of social media objective as well as goals and further implement them with the help of aligning marketing strategy with business goals. Along with this with the help of matrix Amazon can monitor the social media presence. Tracking results It is the other challenge that Amazon can face difficulties in terms of tracking results. It has been evaluated that social media marketing is a long game which involve effective investments of organisation in consumer relationship. This can be overcome with the help of taking advantage of strategy like building relationship with humans on social media for long- term success. It is important for Amazon to transparently introduce themselves (Jabr, 2021). Along with this, Amazon is can undertake use of tracking metrics and tools in order to regularly track social media results. This will assist company to further implement strategies to enhance consumer engagement on social media platforms in time effective manner. Answering all consumerās questions: The major challenge that an organisation can face by implementation of social media marketing is answering all of their consumer questions. Social media is basically a platform which facilitate two-way communication channel. But for large scale organisation like Amazon, it is difficult to answer all the consumer question (Moriuchi, 2021). However, negligence of this may affect company social media presence and can negatively impact upon consumers. This challenge can be overcome by Amazon with the help of taking advantage of social media management tool like sprout social. With the help of this Amazon can ensure that message can never go unnoticed through which they can provide crossed end support to consumers in order to enhance their satisfaction level. According to the above literature review it has been identified that to overcome the challenges of implementing social media platforms Amazon is required to emphasize upon all the above-mentioned strategies, as this will help them to satisfy customers in a well-define and effective manner and enhance overall social media presence. 5
Research Methods Research method is basically termed as a systematic plan in order to evaluate research objectives. Quantitative and qualitative are mainly two forms of research method which help investigator to acquire efficient data and information to conduct research. In terms with quantitative method researcher can get data as well as information in numerical form, in order to monitor behaviour of respondents (Kongar and Adebayo, 2021). While qualitative method allows researcher to evaluate data in relation of theoretical information analysis. To fulfil present researchobjectivesinvestigatorundertakenquantitativeresearchmethodinwhich20 respondents out of the whole population (workers) of Amazon is selected. These respondents are employees of company as they possess efficient information of the selected research topic and these respondents can provide adequate answer to the questionnaire that helps in conducting research in more effective manner. Questionnaire Q1) Did you agree, that social media marketing is important for business growth and performance in modern business world? Frequency a) Agreed12 b) Disagreed6 c) Neutral2 6
Q2) What are the key essential reasons that made use of social media marketing important for Amazon? Frequency a) Cost efficient marketing5 b) Wider base of consumers4 c) Increase in revenue and sales4 d) Increase in brand awareness4 e) Flexible and accessible3 Q3) According to you, what is the most effective social media platform that can be use of Amazon? Frequency a) Facebook7 b) Instagram4 c) Twitter3 d) YouTube4 e) All the above2 Q4) What are the possible challenges that Amazon case face while adopting social media marketing strategies? Frequency a)Tracking results16 b)Answering all consumerās questions2 c) All the above2 Q5) What is the most effective strategy through which Amazon can overcome the challenges and implement social media marketing to enhance business performance in effective manner? Frequency a) social media management tools7 b) Strong relationship with consumers7 c) Measuring social media ROI6 Q6)AnyfurtherrecommendationsforAmazontoimplement varioussocialmediamarketingplatformstoincreaseoverall performance 7
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Main Findings Data interpretation Theme 1:Online digital platforms play important role for organisation Q1) Did you agree, that social media marketing is important for business growth and performance in modern business world? Frequency a) Agreed12 b) Disagreed6 c) Neutral2 a) Agreedb) Disagreedc) Neutral 0 2 4 6 8 10 12 12 6 2 Chart Title Interpretation: From the above-mentioned graph, it has been stated that 12 out of 20 respondents are agree with the fact that social media marketing is important for organisation performance and growth and modern world. While others 6 respondents were disagreed with this fact, as per their view point traditional methods are more effective comparatively to social media marketing. While remaining 2 respondents were neutral as they did not have understanding about the social media marketing concept. Theme 2:Key essential reasons that made use of social media marketing important for Amazon Q2) What are the key essential reasons that made use of socialFrequency 8
media marketing important for Amazon? a) Cost efficient marketing5 b) Wider base of consumers4 c) Increase in revenue and sales4 d) Increase in brand awareness4 e) Flexible and accessible3 a) Cost efficient marketingb) Wider base of consumersc) Increase in revenue and sales d) Increase in brand awarenesse) Flexible and accessible 0 1 2 3 4 5 6 5 444 3 Chart Title Interpretation: From the above graph it has been identified that 5 out of 20 respondents said that social media marketing is important for Amazon in order to have cost efficient marketing. While remaining 4 respondents goes wider base of consumers. Along with this other 4 respondents said it is essential for Amazon to have social media marketing in order to increase overall revenue and sales. While other 4 respondents said that with the help of social media marketing Amazon can increase its brand awareness, thus it is the main reason for using this marketing. At last remaining 3 respondents said that flexible as well as accessible marketing is the main reason of social media marketing important for Amazon. Theme 3:Most effective social media platform that can be use of Amazon Q3) According to you, what is the most effective social media platform that can be use of Amazon? Frequency a) Facebook7 b) Instagram4 9
c) Twitter3 d) YouTube4 e) All the above2 a) Facebookb) Instagramc) Twitterd) YouTubee) All the above 0 1 2 3 4 5 6 7 8 7 4 3 4 2 Chart Title Interpretation: From the above graph it has been identified that 7 out of 20 respondents said that the most effective social media platform that Amazon can use is Facebook. While remaining 4 respondents goes with Instagram. 3 respondents out of 20 said that twitter is the most efficient socialmediaplatformthatAmazoncanuseforsocialmediamarketing.Whileother2 respondents go with YouTube. At last, 2 respondents out of 20 said that all the above-mentioned platforms are effective. Theme 4:Challenges that Amazon case face while adopting social media marketing strategies Q4) What are the possible challenges that Amazon case face while adopting social media marketing strategies? Frequency a)Tracking results16 b)Answering all consumerās questions2 c) All the above2 10
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a) Tracking resultsb) Answering all consumerās questionsc) All the above 0 2 4 6 8 10 12 14 16 16 22 Chart Title Interpretation: From the above graph it has been identified that 3 out of 20 respondents said that the major challenges that Amazon can face in implementing social media marketing techniques strategies is tracking result, from their view point in order to track social media marketing results company is required to invest lot of time which create challenges. While other 2 respondents said that answering all the consumer question is a major challenge, as for a large-scale organisation it is difficult to provide answers to all the questions of consumers on different social media platform. At last, 2 respondents said that all the above challenges can be faced by Amazon while implementing social media marketing strategy. Theme 5:Strategy through which Amazon can overcome the challenges and implement social media marketing to enhance business performance in effective manner Q5) What is the most effective strategy through which Amazon can overcome the challenges and implement social media marketing to enhance business performance in effective manner? Frequency a) Social media management tools7 b) Strong relationship with consumers7 c) Measuring social media ROI6 11
a) social media management toolsb) Strong relationship with consumersc) Measuring social media ROI 5.4 5.6 5.8 6 6.2 6.4 6.6 6.8 7 77 6 Chart Title Interpretation: According to the above-mentioned graph that has been stated that 7 out of 20 respondents said that most effective strategy that will help Amazon to overcome the challenges to seamlessly implement social media marketing is taking advantage of social media marketing tool. While remaining 7 respondents out of 20 said that with the help of maintaining strong relationship with consumers Amazon can overcome the challenges and can enhance business performance. At last six respondents out of 20 said that measuring social media is an effective strategy that will allow Amazon to enhance its social media marketing presence and effectiveness. 12
Conclusions, Evaluations and Recommendations Conclusion As per the above-mentioned report it has been identified that in modern business world social media is having tremendous impact upon the performance and productivity of business organisations. Different type of social media platforms like Twitter, Facebook, Instagram, YouTube have duly transformed the manner in which company interact with consumers. Social media have deeper influence upon consumer engagement. With the help of different type of socialmediaplatformsorganisationdifferentdepartmentslikeproductdepartment,sales department, human resource department, marketing department can successfully launch their campaigns and can enhance attention of consumers towards business offerings. This will significantly impact on business in terms of higher sales and growth. There are different types of challenges such as tracking social media ROI, answering all the question of consumers etc. These can be overcome with the help of effective strategy that allow company to enhance social media presence. Evaluation From the evaluation of above research, it has been identified that social media is having greater significance on business as it helps company to increase brand awareness, sales and profitability in an effective manner. Different types of social media platforms like Twitter, Facebook, Instagram is offering opportunity to business organisation through which they can develop stronger relationship with consumers. These platforms facilitate company to influence wider consumer segment. Along with this has been evaluated from this report that with the help of taking advantage of different types of social media platforms organisation can conduct cost- effective marketing and can influence consumer attention to increase organisational growth and profitability in industry. Recommendation In today's business world social media marketing is emerging as a significant and most important way to acquire attention of large base of consumers. Social media platforms allow company to conduct cost effective marketing and advertisement in order to reach wider base of consumers. In this it is recommended to Amazon to take advantage of all the social media marketingplatformssuchasFacebook,Twitter,Instagram,LinkedIn,YouTubeasthese 13
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platforms are widely used social media platforms by individuals around the world. Along with this Amazon is recommended to measure social media ROI on regular basis and under take advantage of various tools to answer all the consumer question. This will help company to develop stronger relationship with audience through which Amazon can allow consumers to stick around for a longer period of time. REFERENCES Books and Journals 14
Baud, C. and Durand, C., 2021. Making profits by leading retailers in the digital transition: A comparative analysis of Carrefour, Amazon and Wal-Mart (1996-2019). Dahl, S., 2021.Social media marketing: Theories and applications. Sage. Elfstrƶm, O. and Tam, H., 2021. " All eCommerce actors will be slaves under Amazon...":-A study on how Amazon has affected Swedish eCommerce and their defensive marketing strategies. Jabr, W., 2021. Review credibility as a safeguard against fakery: the case of Amazon.European Journal of Information Systems, pp.1-21. Kongar, E. and Adebayo, O., 2021. Impact of Social Media Marketing on Business Performance: A Hybrid Performance Measurement Approach Using Data Analytics and Machine Learning.IEEE Engineering Management Review,49(1), pp.133-147. Moriuchi, E., 2021. Social Media as Communication Channels. InCross-Cultural Social Media Marketing: Bridging Across Cultural Differences. Emerald Publishing Limited. Vollero, A., Sardanelli, D. and Siano, A., 2021. Exploring the role of the Amazon effect on customer expectations: An analysis of userāgenerated content in consumer electronics retailing.Journal of Consumer Behaviour. Yadav, R.A. and Sabhavat, S., 2021. SOCIAL MEDIA MARKETING AND CUSTOMER ENGAGEMENT.PalArch'sJournalofArchaeologyofEgypt/Egyptology,18(4), pp.6971-6984. Online 8 Best Social Media Platforms for Business: Your Ultimate Guide. 2021. [Online]. Available throughhttps://optinmonster.com/best-social-media-platforms-for-business/ 15