Relationship Management is not a Marketing Strategy Alone
Customer Relationship management is a two way interaction. The Organisation has got to devise ways and means to reach out to the customer and more importantly receive the feedback received from the customer. There are two important aspects to be considered in a Customer Relationship Management. First is the customer interaction in terms of quality […]
What is Ghosting and How it Disrupts the Hiring Process and Ways to Tackle this Menace
What is Ghosting and Why it has Become a Serious Problem for All Stakeholders We often hear the term, Ghosting, in Human Resources or HR Literature and Practice used in context of how jobseekers who have been recruited or called for interviews not showing up either on the joining date or leaving without completing the […]
Internal Planning for Effective Operations in Warehousing Projects
Globally outsourcing 3PL Market is growing fast. In the US, the industry is expected to reach over $150 billion as compared to a global estimate standing at $450 billion as per industry experts estimates. Companies aiming for aggressive growth in global scenario recognize the need to partner with 3PL logistics providers to be able to […]
Role of the Finance Function in the Financial Management for Corporates
The Finance Function in Corporates We often read about how corporates are doing financially with reference to their profits, asset values, debt, equity, and other measures. These measures are indicative of how well the corporate is doing financially. The next time you read about these measures, do think about the people who enable these performance […]
Qualitative and Quantitative Research – Concept
As the names suggest quantitative research produces numerical data whereas qualitative research generates non numerical data. However, this is only a superficial understanding of the terms. In the first chapter, while exploring the types of research, we have mentioned that when there is uncertainty or when the problem is not clearly defined, we deploy exploratory […]
Internet age and the social web is redefining marketing. Online marketing as well as online advertising and brand promotions are done differently from the traditional ways.
When you consider the traditional way of marketing and building customer loyalty, you will find that the customer’s positive experience of the product or service helps build loyalty. It is interesting to study the same aspect on Social Networks to identify and establish the way in which the online community builds and endorses a product or service.
Online interactions on the social networks are carried out by individuals and at the same time the opinions and the loyalty expressed would be collective. This is not so in the case of traditional media.
Another significant factor to be noted is that the online community participant’s subscribership can be measured and quantified.
The entire process of loyalty building can be easily tracked and traced on social web. On the Social Networks, one may not necessarily speak about loyalty to the brand, but the same concept is referred to as the reputation of a brand.
The brand reputation is built as a result of the conversations and discussions held by individuals but the reputation is built by the participation and collective opinion of the entire community. Further on the community opinion helps strengthen the individual participant’s loyalty or commitment towards the brand.
The reputation built by a community is further harnessed and spread to other networks and slowly a buzz begins to form around the brand. The new launches of products ride on such buzz and gain popularity across millions of subscribers.
At this point, it is important for the marketers to map and understand the behavior as well as the attributes of the individual participants as well as the community as a whole. By understanding both, the collective as well as the individual, it is possible to influence one to impact the other. Thus the Company can work to influence the community in which case the individual too gets influenced automatically.
Every marketer would need to know the basic difference between traditional media channels and the social web.
On the Social web, the advertising or marketing is not unilateral but is participative. It is the participants who control the Social Web and discussions and not the Company alone. One might think of not being present on the Social Web. But thinking in this way can be a big mistake.
If the customers are available in the form of online community and if they are discussing your product or service, it is important for you to be participating too. Absence from the Social web in such situations can cause damage to the Company’s reputation which might be viewed adversely by the collective community.
Social web alone cannot be the complete solution for marketing or advertising products and services to the markets. The Social Web would have to be used as supplementary to the traditional channels.
If you understand the trend amongst the people, you will find that every individual tends to check out the details of products or services that he gets to see on the TV or print media. This goes on to prove the need for marketing on Social Web.
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