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How social media moves market| Cortexom Innovation

Social media moves marketing is the use of social media  platforms and websites to promote a product or service. Although the terms e-marketing and digital marketing are still  dominant in academia, social media marketing is becoming  more popular for both practitioners and researchers. Most social media platforms have built-in data analytics tools,  enabling companies to track the progress, success, and  engagement of ad campaigns. Companies address a range of  stakeholders through social media marketing, including current  and potential customers, current and potential employees,  journalists, bloggers, and the general public. On a strategic  level, social media marketing includes the management of a  marketing campaign, governances, setting the scope e.g. more  active or passive use and the establishment of a firm’s desired  social media cultured tone 

When using social media market, firms can allow customers  and Internet users to post user-generated content e.g., online  comments, product reviews, etc., also known as “earned  media,” rather than use marketer-prepared advertising copy. 

Social networking websites 

Social networking websites allow individuals, businesses and  other organizations to interact with one another and build 

relationships and communities online. When companies join  these social channels, consumers can interact with them  directly That interaction can be more personal to users than  traditional methods of outbound marketing and advertising.  Social networking sites act as word of mouth or more precise,  e-word of mouth. The Internet’s ability to reach billions across  the globe has given online word of mouth a powerful voice and  far reach. The ability to rapid change buying patterns and  product or service acquisition and activity to a growing number  of consumers is defined as an influence network.Social  networking sites and blogs allow followers to “retweet” or repost comments made by others about a product being  promoted, which occurs quite frequently on some social media  sites. By repeating the message, the user’s connections are able  to see the message, therefore reaching more people. Because  the information about the product is being put out there and is  getting repeated, more traffic is brought to the  

product/company. 

Strategies 

There are two basic strategies for using social media as a  marketing tool: 

Social media can be a useful source of market information and  a way to hear customer perspectives. Blogs, content 

communities, and forums are platforms where individuals share  their reviews and recommendations of brands, products, and  services. Businesses are able to tap and analyze the customer  voices and feedback generated in social media for marketing  purpose; in this sense the social media is a relatively  inexpensive source of market intelligence which can be used by  marketers and managers to track and respond to consumer identified problems and detect market opportunities. For  example, the Internet erupted with videos and pictures of  iPhone 6 “bend test” which showed that the coveted phone  could be bent by hand pressure. The so-called “bend gate”  controversy 

Active approach 

Social media can be used not only as public relations and direct  marketing tools, but also as communication channels targeting  very specific audiences with social media influencers and social  media personalities as effective customer engagement tools.  

This tactic is widely known as influencer marketing. Influencer  marketing allows brands the opportunity to reach their target  audience in a more genuine, authentic way via a special group  of selected influencers advertising their product or service. In  

fact, brands are set to spend up to $15 billion on influencer  marketing by 2022, per Business Insider Intelligence estimates,  based on Mediacom data. 

Social media marketing in sport

There has been an increase in social media marketing in sport,  as sports teams and clubs recognise the importance of keeping  a rapport with their fans and other audiences through social  media. Sports personalities such as Cristiano Ronaldo have 40.7  million followers on Twitter and 49.6 million on Instagram,  creating opportunities for endorsements. 

Marketing techniques:- 

Social media marketing involves the use of social networks,  consumer’s online brand-related activities (COBRA) and  electronic word of mouth to successfully advertise online.  Social networks such as Facebook and Twitter provide  advertisers with information about the likes and dislikes of their  consumers. This technique is crucial, as it provides the  businesses with a “target audience”. With social networks,  information relevant to the user’s likes is available to  businesses; who then advertise accordingly. Activities such as  uploading a picture of your “new Converse sneakers to  Facebook is an example of a COBRA. Electronic 

recommendations and appraisals are a convenient manner to  have a product promoted via “consumer-to-consumer  interactions. An example of enwomb would be an online hotel  review the hotel company can have two possible outcomes  based on their service. A good service would result in a positive  review which gets the hotel free advertising via social media.  However, a poor service will result in a negative consumer  review which can potentially harm the company’s reputation.

Marketing research: 

 Mobile social media applications provide  companies data about offline consumer movements at a level  of detail that was previously accessible to online companies  only. These applications allow any business to know the exact  time a customer who uses social media entered one of its  locations, as well as know the social media comments made  during the visit. 

Communication: Mobile social media communication takes two  forms: company-to-consumer (in which a company may  establish a connection to a consumer based on its location and  provide reviews about locations nearby) and user-generated  content. For example, McDonald’s offered $5 and $10 gift-cards  to 100 users randomly selected among those checking in at one  of its restaurants. This promotion increased check-ins by 33%  (from 2,146 to 2,865), resulted in over 50 articles and blog  posts, and prompted several hundred thousand news feeds and  Twitter messages. 

Social media marketing becomes effective through a process  called “building social authority”. One of the foundation  concepts in social media has become that you cannot  completely control your message through social media but  rather you can simply begin to participate in the “conversation”  expecting that you can achieve a significant influence in that  conversation.[17] However, this conversation participation 

must be cleverly executed because although people are  resistant to marketing in general, they are even more resistant  to direct or overt marketing through social media platforms.  This may seem counterintuitive but it is the main reason  building social authority with credibility is so important. A  marketer can generally not expect people to be receptive to a  marketing message in and of itself. In the Edelman Trust  Barometer report in 2008, the majority (58%) of the  respondents reported they most trusted company or product  information coming from “people like me” inferred to be  information from someone they trusted. In the 2010 Trust  Report,[19] the majority switched to 64% preferring their  information from industry experts and academics. According to  Inc. Technology’s Brent Leary, “This loss of trust, and the  accompanying turn towards experts and authorities, seems to  be coinciding with the rise of social media and networks

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