How can Social Media Reform Your Marketing Strategies? How can your brand improve using social media? How do consumers participate when your products change? How can your target audience find your products and services? Watch this four-minute video by Common Craft: “Social Media in Plain English.” As you watch, be thinking about the above questions.
Say Goodbye to Traditional Marketing
Traditional marketing has become a very expensive, old-school proposition. The traditional ice cream factory was forced to produce only the three major ice cream flavors to retain profit margins. They couldn’t both produce and advertise specialty ice cream flavors and still be wisely spending their marketing dollars. The ice cream factory would fail to achieve the needed sales to pay for their advertising investment.
Say Hello to Consumer Interaction
So, what is happening today that was not happening yesterday? Now there’s a two-way conversation taking place—a conversation between both brand and consumer. Ultimately, this dialogue improves products and services through direct customer feedback and customer interaction. But conversations also take place between consumers. So, now more than ever before, it’s easier for customers to communicate with each other and discuss you and your company, as well as your products and services.
Only 14% of consumers believe a brand’s marketing message when they hear or see it. That is, only 14% of consumers believe what we say about our products and services. This number is low because consumers today are more likely to act upon feedback (opinions and views) from fellow consumers rather than standard, offline marketing messages. Consumers rely on other consumers—people just like them—before they commit to buy.
Think about the way we shop on amazon.com or eBay. Consumers typically read customer reviews before making a purchase. Target audiences now rely on each other during the decision-making process.
Who’s Doing It Right?
Best Buy gets it. Best Buy uses social media marketing very effectively. They discovered that their customers were conversing with each other, and they listened to what consumers were saying about their products. So, Best Buy adopted—and now embraces—social media in a big way to help educate potential customers and turn site visitors not only into consumers, but also into one-day evangelists—believers in their products and services who openly promote their brand online to the world.