Many businesses are turning back the clock and placing a greater emphasis on traditional word-of-mouth marketing and the latest social networks to grow their market share.
Whilst word-of-mouth marketing has been around since business started, companies that have cut back on marketing spend are re-educating their sales teams to increase their networks, attend events and be 'out there' speaking with people rather than other forms of marketing expenditure such as advertising.
This trend is not new but is being revived due to the current economic climate prompting small to medium sized businesses to sit tight, reduce expenditure and find other ways in which to market.
Social networks are also the big winner in 2009. Having come of age, businesses have seen a demand roller-coaster for social networks peak and then flatten out, only to rise again and go from strength to strength in 2009.
Businesses are using the facebook and myspace platforms for business to business marketing.
With the office junior as accomplished as that of a senior marketing manager, this cost-effective medium has gained traction.
How does social media fit into the current marketing mix of direct mail, advertising, public relations and online marketing?
Wikipedia definition is that it "describes the online technologies and practices that people use to share opinions, insights, experiences and perspectives with each other."
Through MySpace, YouTube and FaceBook, consumers are sharing experiences through the written word, photos and video.
Marketers are now taking advantage of social networks and deepening their relationships with consumers and businesses.
http://www.marketingeye.com.au
Subscribe to:
Post Comments (Atom)
6 comments:
Sometime, traditional way is the best way to expend market. Especially under recent economic climate, every company wants to save the money from all aspects.
Social Networking sites have definately been growing in importance as a way for people to communicate. Its no different for business, if your not involved in using these technologies to spread your message, you will definately fall behind your competitors who are.
From my experiences working within the SME market, the common-thread is that word-of-mouth is a crucial element of their marketing mix. With social networks not only gaining in popularity, but individuals also realising the value of actively participating in social networks, this trend looks set to continue.
The old saying of 'it costs more to gain a new customer than to keep an existing customer' has never been more relevant, and I believe that online social networks and word-of-mouth marketing will go a long way to ensuring that SME's continue to prosper.
we once relied on a trusted friend to inform us of a great product or service. However, Blogs and other social networking sites have been able to capture that 'trust' with consumers often turning to the internet to seek information. Social sites offer opinions and the same level of trust one would recieve from a friend or relative
Everyone with access to a computer now not only has the opportunity to get their message out to a mass audience, but the audience in turn has the ability to publicly critique and respond to this message.
What this may mean in (in regards to businesses and individuals who are marketing themselves), is that those who will prosper under these conditions are the ones who not only keep up with web technology (such as social networks) but also those who deliver on their promises and provide good service. Therefore social networks may actually encourage ethical business practice and raise the bar for all of to ensure we ‘practice what we preach’ so to speak. Surely this is a positive?!!
I love that you refer to Wikipedia's definition - even that in itself is a new platform for marketing or getting yourself out there. It is controlled by the public, so you never know who can be upselling your product out there!
Post a Comment