The Benefits of Using Social Network to Improve Sales for Century 21 - Essay Example

Social network sites are expanding rapidly and they are approximated to have more than 600 million users. Commercial and non-commercial organizations have revolutionized use of marketing information through adoption of social networking sites as a marketing strategy for achieving better results. Marketing strategies have shifted as many companies have adopted social network marketing as a way of improving sales. Since inception of internet technologies, more than 1 billion people and a variety of companies around the world have accessed World Wide Web or other internet related sites in facilitating access to opportunities for dissemination of information and collaboration. Century 21 is one of the major companies that has created significant shift in marketing strategies through internet function and design. It has been listed as the biggest real estate agency that operates across national borders in the world. The US Company has been compelled by fast changing technologies in competitive environment to adopt marketing strategies that are focused on social networking sites in order to increase sales (Charlene & Bernoff, 2008). This research study analyses Century 21’s marketing strategies and coordination efforts for the next three years. Background of Century 21 It is an international company and it is one of the most reputed Real Estate Agent Franchise Companies operating across national borders. Its inception dates back in 1971 in California but it was privatized until 1977 when the co-founders decided to make the company public. During its early stages, the company offered products and services that satisfied the needs of real estate owners. The company has expanded rapidly and has established more than 8000 offices and large number of sales professionals all over the world (Parsipanny, 2009). The company started its operations in United States but it has gained strong foothold and its presence has been felt in more than 60 countries. It is the leading marketer of real estate services and it has spent a great deal of time in improving online display advertisements, search engine marketing and real estate listing sites. Century 21 Real Estate Company offers real estate services such as: Helping real estate buyers to acquire the right and profitable kind of real estate property. The company does this by use of Customized Home Search System. By using Customized Marketing System, the international company assists sellers of real estate property by making their properties more superior than the rest hence acquiring better prices. Century 21 assists customers who require real estate property after relocating from one place to another. This activity has been facilitated by dense and wide network of the company (Shuen, 2008). The company offers mortgage services to first time buyers of real estate properties. The company also assists customers who want to refinance their existing properties. In general, Century 21 can been regarded as the world leading provider of real estate services in comparison with other competitive real estate companies since it possesses the world’s largest network and geographical coverage. The company continues to take lead in the industry as evidenced by the increased online ads which offer substantial benefits to brokers, agents and customers. The company is very dedicated to offering continuous services to both buyers and sellers of real estate properties in a very honest and rewarding way (Kadushin, 2007). The purpose of the report To provide companies and organizations with a roadmap to creating, developing and implementing an effective internet-based social network that promotes different programs. During, 21st century, the number of online users increased substantially hence organizations and other business institutions should develop strategies that are aimed at integrating their systems in order to reach a huge audience very easily as part of effective marketing programs. The report attempts to address challenges facing Century 21. It establishes the relationships between information technology literacy of business and various variables that underlie the marketing strategies of the company through social network sites. To establish ways through which companies can facilitate sharing of knowledge between the shareholders, employees and consumers (Parsipanny, 2009). To investigate casual factors and marketing elements that affect sales volume in the organization. There are both prior and posterior elements that hinder marketing and competitive strategies of the company. This in turns affects the position and ability of the company to capture niche markets through social network-based techniques. To establish ways of improving customers understanding of products and services offered by Century 21. By addressing this subject, it will enable the company to identify ways of promoting issues of social concern that have correlations with the outcomes of the marketing strategies used. To identify solutions to challenges related to social network marketing faced by Century 21. To enable companies define the appropriate techniques to be adopted in order for the company to reach many customers through social network sites (Parsipanny, 2009). Discussion on Business Issues of Century 21 Real Estate Company The company has expanded its business operations and it has made presence in more than 60 countries. The operations of the company are determined by the extent to which it adopts and uses social networking sites in coordinating its marketing operations in aid to increase volume of sales. The company has been constantly renewing its marketing strategies or policies in order to gain a competitive edge. There are various drawbacks of implementing marketing policies based on the internet that make use of internet related sites and these have direct impact on the competitiveness of Century 21. The company has achieved positive synergies in international operations and this is attributed to social networks strategies that the top management of the company has adopted over time. It focuses on improving quality of its services to buyers and sellers and this has led to high-level integration, product differentiation and effective communication strategies which jointly foster better production in the company (Kadushin, 2007). Century 21 has been pushing very hard to overcome companies such as Gold Jacket through innovative services to its customers. It launched “C21 Communities” in the last financial year (Shuen, 2008). This social media platform carries a variety of social media tools that enhance online conversation between buyers and sellers of real estate services. Some of the tools include C21 Talk Radio which is used by consumers of real estate products and services. Another social media tool deployed by the company for online conversation is CENTURY 21® social networking site present on Face book. The company has spent a great deal of time and resources in improving its search tool and has successfully integrated mapping features by using Microsoft virtual earth technology. This technique attracts a great deal of customers because of its safety reasons that underlie index listings. Its search tool can combine all the listings under its original company (Realogy). The growth of the company has been attributed to the diversity in the local and international business environment, level of commitment of different stakeholders of the company during integration of strategic policies and global innovation in social networking for effective and efficient company’s operations. These are growth prospects that are incorporated into overall business strategy of the company (Scoble & Shel, 2006). The company makes use of social networking strategy as a marketing strategy and this has enabled it to reach to very many consumers. It reaches potential customers by using portals such as Face book, YouTube and Twitter. This is a viral marketing strategy that has boosted its sales (Parsipanny, 2009). The company’s sales are realized at very minimum cost. The expensive TV commercials that the company uses to run were withdrawn and a large team of journalists was established. They are concerned with creation of valuable content for the company which is later posted on the web. This is a brand journalism approach and it enables the company to realize large volumes of sales at lower costs. The application of such procedures and processes enhances identification of differences in the international business environment as a marketing strategy. After pulling insanely expensive national TV spending in the previous financial year, the company has shifted to digital marketing in a bid to have an efficient marketing strategy. At the beginning of the year, the company is venturing into digital transition via social networking in aid to reach more potential customers (Shuen, 2008). Marketing efforts of Century 21 have been affected directly by social networking sites advertising techniques. The company uses related sites as centric policy for coordinating marketing activities. This strategic policy is affected by strategic business environment and operational strategy use by the company. Century 21 has reached larger number of customers because of its consistent policy of integrating online consumers through the social networking sites. This encompasses viral marketing and the company has effectively incorporated this strategy into the marketing efforts. The company has broader market segment and consumer base hence the increased sales. Research indicates that social networking sites are increasingly being adopted by most commercial companies. Century 21 real estate Company uses this technology due to its significant importance on internal and external operations. The sites are very attractive to many organizations due to their diversity and ever growing user base that enable companies to access many consumers. SWOT analysis of Century 21 is characterized by regulatory burdens imposed by the government. Real estate agents based in the US should be able to identify viable market segments that a company can venture into without incurring a lot of costs (Charlene & Bernoff, 2008). Research findings Century 21 has expanded its sales agent network through social networking sites putting the company in a more competitive position. It can survive and grow very steadily in the next four years. The company’s marketing strategy is exemplary and has been used to generate huge sales. Incorporation of social networking sites into business strategy enables the company to survive the current economic downturn. The company marketing team re-launched a new site which has distinctive features; intuitive search and advanced map tool. The company has improved its web site strategy by using the superior features of the newly re-launched site. This strategy centers on the fulfilling the desires of customers. Through this new site, the company has managed to attract a large number of visitors who feel that the new social networking site is innovative and more stylish. This concurs with the goals and objectives of the organization (Kadushin, 2007). Marketing and coordination efforts at the Century 21 encompass the level of operations and corporate goals that affect overall strategy of the company devised to increase sales. The company is busy engaging its customers through viral media channels and other social network sites in order to reach many buyers and sellers. As coordination effort, the company uses iperceptions to provide insights that affect online marketing strategy. The company has not managed to identify incremental growth drivers that impact marketing strategies (Charlene & Bernoff, 2008). There are correlations between visits to social network sites and visits to newly established Web sites. This is evident by the number of users that Century 21 realized upon launching of new company’s team site. International markets operations are affected by constant changes in demand and supply patterns. These changes are believed to be caused by regulatory burdens imposed by the European Union concerning property investment. This particular change in policy shift has affected the extent of expansion of the company’s operations in international markets. This research indicates that the company should effect some changes in its growth trajectory and communication strategies in order to inculcate positive public relations on social network sites. Sales agents and marketers are increasingly losing control of online marketing activities concerning company particular brands. Century 21 developed mechanism for identifying influential bloggers, gamers and creators that affect online business transactions. This enabled the company overcome the threat facing company marketers in relation to control of marketing activities (Charlene & Bernoff, 2008). Recommendations The company is capable of surviving in a competitive market because of its ability to expand its operations at minimum cost by using social network sites. As a realtor, the company should increase its strategic presence in both local and international markets in order to acquire more buyers. The company can realize the fruits of this strategy through better communication and coordination within the internal environment. It should establish strategies geared towards improving relationships between customers and the stakeholders of the organization. Good customer relations would enable the company to reach to as many customers as possible. According to the research study, Century 21 has to embark on extensive innovations linked to improving the quality of services offered to consumers. Innovations have a qualitative impact on the company’s goals and objectives hence it is imperative that top management should not neglect the impacts of innovation. It should incorporate them in marketing and coordination efforts in both domestic and international markets (Charlene & Bernoff, 2008). In aid to promoting sales, Century 21 should integrate social networking sites in the marketing strategies. The company should launch more internet sites in order to reach millions of people within the shortest time possible. Internet based marketing is the cheapest method of advertising hence the company should take the initiative of intensifying the use of the technology in order to broaden its customer base as way forward to increasing its sales. It is recommendable that the company implements proper social network sites that would enable it increase the market share, pursue product differentiation and compete effectively in the international market. Social networking services present very good opportunities for the company to expand its sales. In effect, the company would undertake market segmentation in order to reach all classes of customers and in availing the products they require. The company’s space for marketing its products is unlimited because of rise of recent growth trajectories such as MySpace and Face book. The company can exploit all international markets in the next three years and the end result would be larger volume of sales hence high profitability (Kadushin, 2007). Conclusion The company would achieve high growth if it builds customer base on social networking sites using minimum costs. The company can use social networking sites as links of reaching buyers, sellers and other parties that contribute towards growth and development. The company should design mechanism of improving sales while keeping customer relations under control. The company can use chat sites that have cropped up in the recent days in order to reach more customers and solve their queries. In order to reach its consumers and broaden its customer base, Century 21 ought to focus on the possibilities of maintaining good customer relations using interlinked sites. Using viral marketing strategies, the company should ensure that it acquires customers from these newly launched sites where buyers and sellers purchase and sell variety of properties. The company’s innovative ability presents greater potential of recognizing the positive offshoot of social networking sites on the volume of sales for the next three years (Scoble & Shel, 2006). References Charlene, L. & Bernoff, J. (2008). Winning in World Transformed by Social Technologies. USA: Harvard Business School Press, 23-78. Kadushin, C. (2007). Who Benefits from Network Analysis: Ethics of Social Network Research? Cohen Center for Modern Jewish Studies and Heller School of Social Policy and Management. Brandeis University. USA: Waltham, MA 02154, 20-35. Parsipanny, N. (2009). Century 21 Real Estate Online Advertising Recognized with Award. USA: Scarecrow Press, 28-56. Scoble, R. & Shel, I. (2006). The End of Business as Usual. Journal of Business Strategies, Vol. 10(2), 120-234. Shuen, A. (2008). A Strategy Guide: Business Thinking and Strategies behind Successful Web Implementations. USA: O’ Reilly Media, Inc, 34-70. Sorensen, E. (2009). Century 21 to Increase Online Advertising. Journal of Business Strategies, Vol. 11(2), 40-67. Read More