Social Media Marketing: A Strategic Approach - Essay Example

Executive Summary

The entry of social media has revolutionalized the communication sector. It has provided the business with a channel to reach the customers. Young people form the largest segment that uses the social media. Therefore, a business that is targeting this group can use the platform to market its products. However, over the years, the number of older generation using the platform is also increasing. Social media can be used in presenting products and services. Furthermore, they are important in conducting market research. This enables the business to address the tastes and preferences of the target market. However, if not managed properly, it can tarnish the reputation of the business in the market.

Introduction

In the past one decade the level of competition in the local and international market has increased tremendously. The reason is that multinational companies have been able to take advantage of globalization which has led to liberalization of markets and integration of economies. This has enabled the companies to expand their operations to different markets across the world. As a result, they have a strong financial base that enables them to stage a strong barrier of entry for any interested investors. Furthermore, they are able to use these resources to advertise their products and services in the local and international media. In an attempt to maximize their returns from the increasing demand for their services, the media houses have increased their fees (Barker, 2013). This has made it impossible for small and medium enterprises to afford their services. However, with the entry of the social media, these businesses have an alternative platform to advertise their products and services. This report will therefore, discuss the importance of social media marketing and the best strategies to use in order to reach the target market.

Target Market

Young people forms the largest market segment that use social media in order to review the experiences of other customers regarding a product and service. These are people with a disposable income which they are willing to spend on high-quality products and services that will meet the tastes and preferences in the market. The fashion industry is changing tremendously. Therefore, in order to attract the attention of the customers towards the company’s products and services, the marketing department should use the platform to inform, persuade, and attract the interests of the customers (Zimmerman & Ng, 2013).

The interests of the young people keep on changing. Social media and the internet are critical determinants of the needs of this segment. The reason is that young people are highly influenced by the trending brands. Therefore, marketing on the social media will aim at popularizing the brand. This will be critical in attracting the loyalty of the customers towards the brand (Zimmerman & Ng, 2013). The move will be significant in retaining the current clients while at the same time increasing sales through referrals.

According to the graph, the number of older generation using social media cannot be ignored. Over the years, the technological devices that enable users to get access to these platforms have become readily available. Therefore, the older generation are starting to use social media to be up-to-date with what is happening across the world. This offers the business with an opportunity to target this population. Although this market segment is more reserved with its spending, they offer the business with cushion because older people are more reliable and are less likely to shift their loyalty from one product to the other based on the trends in the market. Furthermore, they have a constant spending pattern that can offer the company with the required stability in the market (Zimmerman & Ng, 2013). However, the business should be careful when targeting this segment. The reason is that the interests of the two groups vary significantly. Therefore, the marketing campaign should take these aspects into consideration when drafting a marketing campaign. This is important in ensuring that the campaign targets the correct segment.

Using social media in the selling process

One of the important parts of the selling process is marketing research. This is important to understand the main factors that affect the consumption behaviour of the customers. In order for the company to conduct a marketing research, it should establish a department mandated with collecting the feedback from the customers. Therefore, through this channel customers will have an opportunity to raise their grievances regarding the products or services being offered in the market. The reason is that customer relationship management has become a critical concept towards the success of any business in the market. Therefore, the marketing strategy should aim at developing a close relationship with the customers. This is important in understanding their interests and identifying any changes in their consumption behaviour (Zimmerman & Ng, 2013). Therefore, it is possible for the top officials to introduce the necessary changes in order not to lose the customers to the substitutes or competitors products in the market.

Social media would make it possible for the business to post an ad regarding a product or service being offered in the market. Over the years, Apple Inc has maintained its position as a global leader in the electronic industry. The reason is that the firm has reduced its marketing budget by shifting towards the use of social media in order to reach the target market. The fact that the company has its operations in different parts of the world increases the need to have an effective strategy of marketing its products. The use of social media for advertising has been significant in pushing its products in the market. Furthermore, it has been important in enabling the company to conduct a follow-up (Barker, 2013). As a result, the business has been able to address any issues associated with its products and services, an aspect that explains the reason why the business has been improving its competitive advantage in the market even with the increasing levels of competition in the market.

Presentation is an important step in the selling process. Social media offers the business with an ideal platform to present the features of the products to the customers. Young people are eager to understand the specifications of the products before making a purchase. For instance, Apple Inc has been able to use social media to attract the interests of the customers towards the new products and services by using the social media to emphasize on the benefits to be accrued from the use of the products or services when compared to those being offered by the competitors (Barker, 2013). This has played a critical role in enabling the company to segment the market, attract the loyalty of the customers towards the products and services, and position its products and services strategically in the market.

Objections are common in the modern market. Currently, the bargaining power of the customers has increased tremendously. The reason is that they have a variety of options to select from. Therefore, after the introduction of new products or services, it’s important to address customer objections and understand their way of argument. Customers are a rich source of information and they can raise an idea that can lead to the development of new products or services. Setting up a customer care department in every subsidiary is an expensive affair especially at this time when companies are trying to minimize the cost of operation and shift the benefits to the customers through offering cheap products and services. However, social media offers a channel for the company to clarify any issues that the target market might have in regard to the products and services offered in the market (Barker, 2013). The reason is that failure to address such issues makes the customers to shift their attention towards the competitors’ products and services. Therefore, social media is important in communicating with the customers because it is able to connect the business with clients emanating from different parts of the world.

Advantages of using Social Media Strategy

One of the main advantages of the social media strategy is that it is cheap and reliable. Currently, media houses have increased their fees, an aspect that is making it hard for many businesses to reach their customers. However, the cost of advertising over teh social media is very low. Most of the popular social media sites are free to join and all tools for interacting with the rest of the people across the world are free. Therefore, this saves resources which can be used to expand the operations to other different markets across the world.

Social media is able to reach a big audience compared to the traditional media. Majority of the audio, visual, and print media have limitations based on their geographical reach. However, majority of the popular social media sites such as Facebook and Twitter are not limited by boundaries (Zimmerman & Ng, 2013). Therefore, use of these platforms to market the products and services enables the business to reach a large market base across the world at very low costs. This makes it easy for the business to increase its brand value. Therefore, expanding the business to new markets across the world becomes easier because customers in different markets are aware of the brand name and they are conversant with the products and services being offered by the business.

Social media marketing generates interaction between company employees and the customers. Currently, the interests of the customers keep on varying. Therefore, the business should keep on conducting market researching. With many businesses expanding their operations to various parts of the world, it has become hard to cover all parts of the world and understand the varying needs of the target market. The reason is that different markets are driven by varying cultural elements (Zarrella, 2010). Therefore, these must be understood because they dictate the purchasing behaviour of the customers. However, social media offers the business with a cheap platform to communicate with the customers and understand their interests.

Disadvantages of Social Media Strategy

Social media strategy generates negative users. The use of social media can attract negative views and reviews regarding a product and service. With many customers using the platform to review the experiences of other customers, the move might attract people with malicious interests, an aspect that can affect the sales of the business.

It is hard to determine the return on investment emanating from advertisement on the social media. Currently, there are no effective parameters of measuring return on investment resulting from the use of this strategy (Barker, 2013). Therefore, it is not possible to determine whether the strategy achieved the desired results. This might affect the future plans of the business.

Conclusion

Social media is a critical tool towards marketing a business beyond borders. It offers the business with an ideal option of reaching the customers beyond the boundaries. Furthermore, it enables the business to conduct an in-depth research regarding the main factors that affect the consumer behaviour of the customers. However, negative reviews on the platform can affect the performance of the business in the market.