The term Socialnomics may have been engineered by Erik Qualman but today the entire world is celebrating social media in all its glory. It’s unbelievable what social networking websites like Facebook and Twitter have done to the marketing world. There has been a paradigm shift in the way people market their products. Online marketing has becoming a key element in the Marketing Mix and social media makes up for almost 90 percent of that.
Today companies are a little afraid. This shift in power has brought companies on their toes. They now pay a little more attention to what customers have to say. Customer Relationship Management has received uplift, because a single slip on their end could lead to an angry customer tweeting or updating on his Facebook status that the said company is a sham and does not treat its customers well.
A simple update can ruin the reputation of a company that has been generating products for years. Earlier customers would tell their friends about problems they faced with customer
Service personnel; even now they tell their friends, except that the platform is different now. It is one that reaches a larger audience and the fire is bound to spread if the complaint is interesting and is like a gossip to many ears.
Companies have always said that the customer is like a king, but rarely have their promises matched with their presentation. Now they cannot afford to overpromise and under deliver. Information travels at the speed of lightning today and this power of information has given the customer an edge above the corporate giant.
Well, social media has indeed come as an advantage to customers, but it is a great way for companies to cut costs as well. If you were to compare the costs of traditional media and new media, one would realise that the costs are negligible and the return on investment is higher.
With the help of social media, companies are sending out information to their demographic on a platform that they are willing to look at consciously. And the mode of communication has become more creative even. Viral films and interesting stories are used to communicate a service or a product. Customers are willing to listen, and if you can say it in an unconventional way without intruding in my private space, I am all ears.
Videos are being shared on these sites; they are being enjoyed and circulated further. Corporates are indeed lapping up the advantage these sites have to offer. A targeted consumer base, a demographic that fits their bill and communication that appeals to them all at a cost that is marginal as compared to spending millions on a television and print campaign.
The response generated through these mediums is immediate. In a matter of a few seconds can you understand what your consumer thinks about the recent launch or change you have made to your brand. If they don’t like it, you can make amends to change it. Your customer can be with you every step of the way.
It’s become easier to read the mind of the customer. And it’s become easy for customers to appeal to product and service providers about the grievances they may have. It brings people closer together and makes life good. The social network phenomenon is indeed here to stay.
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