If Facebook Were a Country, It Would Be the Third Most Populated - Assignment Example

? Introduction The present problem concerns reaching out to a wide base s and that too at a cost effective manner. Any product for that matter, in today’s world, needs to be marketed, and given the recent trends in the world of business on a worldwide level. In the light of these trends, coupled with the fact that the trends of globalization has seeped in to the realm of the economy of the leading nations of the world has indeed forced firms to think of non traditional ways to market their products as well as services. Thus, with the advent of the internet, the force of globalization made more sense to the firms and our planet has ever since become a “borderless world” (Ohmae, 1989). Also, clubbed with that has the force of the internet ushered in to the advantage of the business fraternity. Given that businesses have only become competitive with time, firms are all the more on the lookout for new as well as effective means to market their products and services. Added to that is the effect of globalization – a phenomenon that has propelled the firms across the sectors to market their products as well as services at a global level transcending borders and reach consumers at different parts of the world. In this context, since the internet has gained such a high level of popularity, it is imperative that the internet would emerge as a leading tool for marketing the products and services of firms. Thus the internet has emerged as one of the leading market places for marketing one’s products or services. Again, among the various tools available to marketers in order to market their products and services on the internet, social media marketing has indeed gained ground in recent years. There are obviously many advantages to doing so. A few prerequisites are also to be kept in mind. But, one thing is for sure – properly marketed products as well as services on Facebook have indeed fared very well. In this regard, the present report seeks to analyse why social media marketing with special reference to Facebook works wonders for businesses in general and Carolina Design in particular. Also, in order to do so, the reasons why social media marketing with special emphasis on Facebook would be made, time and again references will also be made to the available literature on the topic so as to justify the reasons as to why is Facebook marketing beneficial for the business fraternity in general and Carolina Design in particular. As for the scope of the present report, it envisages catering to not only the firm under consideration but for that matter any business in the light of the popularity that Facebook marketing has gained over time. Also, in addition to that, the report covers the ways this can be made possible as well as the training needs within the firm along with the checklist that may enable this attempt to become a successful one. The salient conclusion drawn from the report supports the case of Facebook marketing and only makes the claim stronger that it is indeed required to make the marketing strategy for the firm even stronger and effective as well. Data Analysis How Can Facebook Help Business Facebook helps you connect with over 800 million users The popularity of Facebook can spread far and wide. According to a report published on the internet, the population of Facebook comes only third to the population of mighty as well as the most populous nations like China and India (Lur, 2010). This only cements the need for a presence of any firm on Facebook. This apart, one should also consider, while thinking from the point of view of a marketer, the immense opportunities it holds given the number of people or for that matter prospective customers a firm may be in a position to reach with the help of Facebook. Also, comes the possibility of a level of visibility that is eventually unprecedented for a firm unless one spends millions on marketing of its products as well as services on various media. How Do You Want People to View your Business It is imperative that marketing would involve taking care of various aspects of the products or services one markets to the customers. The chief factors to be kept in mind are that of the brand that one intends to build as well as the positioning that the firm intends to achieve through proper marketing of the product or service one deals in. in the context of positioning the brand or for that matter the product or service one is trying to uphold, it basically refers to “the act of developing the company’s offerings and image to occupy a distinct place in the minds of the target market (Panda, 2007). In this context, Facebook is highly likely to develop an image as per the requirements of exactly what the firm wants it to be looked at. Also, this would enable to get in touch with the exact target customers that a firm is looking for. Give Your Customers a Place to Talk Since Facebook is a forum that allows participation of both the marketer as well as the customer, it is imperative that it supports relationship marketing. In addition to helping firms to constantly keep in touch with their customers, both existing as well as prospective, it also allows customers to voice their opinions without having to take the pain of searching for a proper channel with which to approach the firm. Given the inherent simplicity as well as the scope to voice the opinions of the customers in an informal style, it is seriously a forum that has turned out to be a place where customers talk. On the other hand, this is required on the part of the marketer, not only to receive constructive feedback but also in order to stay afloat in competition given the positive feedback they are likely to receive. Moreover, the interaction is also two way thereby making it interactive and needless to say, more enriching for the firm. Using Facebook Page can tell a Story One of the biggest advantages of having a presence on Facebook is that it can help the firm come up with many of the features available to it while opting for a website. One such feature is that it allows narrating its own story. This obviously helps to be known and can be said to be more than creating awareness as well as ensuring that the firm, its products or services or for that matter the brands it offers are known to its prospective customers. The Facebook Page can make your Business Stand Out The Facebook page the firm opts for can indeed help it to stand out of the clutter. Given that all major firms have sought for presence on Facebook, it is essential for firms to stand out and Facebook does offer options for that as well. It also helps to create an individuality of one’s own thereby increasing the level of differentiation with one’s competitors. Facebook is Free Creating a Facebook Page is a Great Way to Marketing a Company Given that Facebook is a social networking site that is fully free and allows one to reach out to 800 million customers, it is imperative that the creation of a Facebook Page is indeed a great way to marketing a firm. It is not only very cost effective, its reach is also stupendous. Moreover, the marketing options it allows to firms is also magnificent. It can be interactive, unlike the leading still as well as moving media, and also allows to work on real time, i.e. firms can market products or services directly by interacting with prospects. Can Expose to Over 800 Million Users The number of members on Facebook is really unbelievably huge in number. Thus, this helps marketers to catch hold of a large number of prospects at the same time. On top of that the marketing of products or services in Facebook does not incur any cost to the firm. These dual benefits are harped on by firms given that they seek greater visibility at less costs. Hundred Percent Return on Investment Given that Facebook is free, the costs that have to be incurred in order to make one’s Facebook page look great is nominal in the light of the great reach one gets hold of as well as the response one is likely to get from one’s Facebook page. No Cost As discussed before, there is no cost charged by Facebook for letting marketers reach out to their prospects. Thus this is one great point for any marketer that they can market their product at no added cost. Easy to Make and Maintain The level of convenience of making as well as maintaining a Facebook page is truly great. This is one of the foremost reasons why Facebook has become popular with so many individuals all over the world. How is Facebook Used in Marketing The Owners can Update Facebook as often as Needed One great benefit of using Facebook as a medium is that the marketer can update the page as and when required. This is obviously due to the inherent simplicity of the features it offers to its users. Virtual Tour One may even go on a virtual tour in order to better understand how to go about using the web page as well as what all are there in the page along with how to make better use of the web page. The Web page can be seen by anyone anywhere in the World As mentioned earlier, the reach as well as visibility of Facebook is great and thus one can visit the marketer’s web page from anywhere in the world. Great for Publicity As a medium, Facebook is indeed great for publicity in the light of the hype it can create due to the large number of members it offers. Catch Attention Facebook Can Grab the Attention of Customers Facebook is perfectly capable of making the efforts of marketers conspicuous, especially to the prospects of the firm. Offer 10% Discount for First Time Customers It also offers the opportunity to avail a discount of 10% for the customers of the products or services availed from the firms advertising on Facebook. People can recommend their Business to their Friends via Facebook with One Click It is much easier to spread word of mouth since referring a firm to one’s known circle can be done on one click. Consumers can leave positive feedback for others to see The feedback of other customers can also be advertisements of the firm for other prospects to see as well as decide. Keep it Current Business is constantly Changing Facebook is innately flexible and thus helps firms to keep pace with the ever changing nature of business. Facebook can update your business instantly In keeping with the changes that continually keep happening in the market place, Facebook can help firms keep abreast of one’s business by letting marketers update one’s status continuously. Display Prices and Services with Customer Feedback Even the details of pricing or services offered may also be put up on Facebook in order to gain customer feedback Customers can view Work-in-Progress or Work that is completed Even the details of the work done can be updated on Facebook for existing customers to see. This makes the process even more interactive as well as on realtime. Conclusion Free, Easy to Start Facebook is thus free to use, as well as easy to use and convenient. It can be started at any point of time and is highly popular as well. Live, Instant Feedback The feedback mechanism is indeed great and reaches the marketer in almost no time. It is instant and thus gives the marketer scope to take corrective actions faster than ever. Save Money Since Facebook is free, it saves a fortune for the firm, given the money that is used for marketing on other media. Help Your Company Stand Out with a Facebook Page It is obviously possible to stand out from the clutter with the help of a nice as well as effective Facebook page. References Ohmae, Kenichi. “Managing a Borderless World.” Harvard Business Review. 53, May/June, 1989: p. 152-162. Print. Lur, Xavier. “If Facebook were a Country, It Would be the Third Most Populated.” www.techxav.com. March 19. 2010. Web. Panda, Tapan. Marketing Management: Text and Cases – Indian Context. 2007. Excel Books. Print. Read More