Social Media Marketing: A New Frontier in Marketing

Something that proves that the market is ever changing is the rise of social media and its application in the business world. Who would have thought that when Facebook first launched it would become a bombardment of ads, ads that sell products and keep companies in business? Social media has become a wonderful tool that allows organizations to segment the market and target those who are mostly likely to become loyal customers.

 

Fast and Convenient Marketing

Picture1.jpg

Social media marketing is the fastest and most convenient way to grow your brand and communicate your brand voice, values, and gain feedback from consumers. It’s also the most cost-effective way to engage with customer’s and improve brand loyalty. The visibility of your brand on social media grows your brand recognition, even if a consumer sees a logo for two seconds and later goes to the store and sees that logo, they recognize you. This is a pathway to converting people to your brand and creating brand loyalty. Social media puts a personal spin on brand loyalty because friends and family can share posts made by companies, which adds a layer of empathy when you view that company. It becomes your thing, you connect with the brand if you recognize it and want to promote it as ‘yours’.

 

A cost-effective trust builder

Picture2.jpg

Not only that, it improves an organization’s marketplace awareness because social media pages allow you to easily continue market research by examining the demographics, interest, opinions, and shopping trends of the users. Using social media marketing tools like Google Analytics and Hootsuite allows companies to track the engagement of their viewers. By doing this, it is easy to engage with customer’s and see firsthand not only what posts they respond to, but the products/services they respond to and how they respond. Maintaining an active social media presence is a step towards gaining customer loyalty because social media pages make companies always available to the customer. Customer interactions are done in a public forum where other potential customers can see the level of customer satisfaction, making them more trustful of the company.

Market research and social media marketing are the dynamic duo that is continually shaping the business world. In order for companies to compete and adapt in the modern marketplace they must take advantage of these tools and do their research.

 

Market Research: Stay Successful by Doing Your Research

There’s an infectious, and erroneous, thought going around the business world, especially within start-ups, that market research takes away from the passion and go get-em’ attitude that many entrepreneurs cherish. This thought has been the unfortunate downfall of many companies as market research is set aside as busy work and seen as a hindrance to forward progress. Companies don’t want to know what they are doing wrong, they only want to be applauded for what they are doing right, but thorough market researchers will present both problems and solutions. How can you fix something if you don’t know it is broken?

 

Do Your Research

tablet with goodies.jpg

Market research is necessary because it allows companies to pivot their attitudes and completely cater to their customer’s needs. Market research allows companies to find the problems that are hindering growth within the company, something customers are usually all too willing to share. From this, you learn this ins and outs of what customers need and why they choose certain companies over their competitors. Companies can also pinpoint what marketing strategies their target demographic responds to the best.

 

 Improvise. Adapt. Overcome.

laptops.jpg

Market research ensures that companies can handle ups and downs and adapt to the ever changing market and the needs of their customer’s. Being ahead of these changes can only be accomplished through market research and gaining knowledge of the market. Doing thorough research can aid in the rapid growth of a company. Just think of Netflix, who was always one step ahead of companies like Blockbuster and Family Video, who offered streaming when everyone still had the mentality that the only way to get on demand video services was with a physical DVD. People were appalled and enraged when Netflix got rid of its DVD rental services and went straight to streaming only. But now, we can’t imagine it any differently, and Netflix saw that the tides were turning and adapted to these tides.

 

 Risk is something all companies gamble with, but there are ways that successful companies limit this and pick out which risks are worth betting on. A large part, and the most fun part in my opinion, is testing out new products before they are put on the market for sale. This is essential in order for companies to test pain points, gain feedback from potential consumers, and lower the risk of losing money on a product that won’t sell. Market Research gives you a general idea as to what needs improvement and when a product is actually ready to be launched. More often than not, businesses are too eager to let their fancy, new, innovative product into the world without stopping to think if other people think it’s fancy and innovative.

Market research is the transparent glue that holds companies together and guides them towards success. It creates a relationship between the customer and the company, helps companies adapt and see new opportunities, and lowers the overall risk of doing business. Marketers seek problems so they can offer a solution, and if companies want to remain relevant in this modern and ever-evolving market, they need to assess all of the assets that market research offers.

 

To read more information on market research, visit https://www.forbes.com/sites/shawnoconnor/2013/04/23/step-3-for-a-successful-startup-the-importance-of-market-research/#13af035b3d55

3 Reasons to Sell on Amazon

Amazon.com is an ecommerce company where consumers can purchase discounted products from large and small companies. It is the world’s largest online retailer in books, electronics, clothing and much more. According to Amazon’s quarterly report in 2017, Amazon had a reported $178 billion in net sales revenue which is a massive leap from five years ago when it reported only $61 billion in 2012. By using consumer focused digital strategies, Amazon has become an outstanding force in the retail industry. Brands are becoming more inclined to sell their products on Amazon’s interface. If you have ever wanted to take a deeper look as to what the benefits are of using Amazon from a seller's standpoint keep reading!

fingers.png

1. The search often begins on Amazon for the consumer

According to techcrunch.com, 79% of consumer’s make their purchases online or on their mobile devices. Consumers are constantly looking for the best price, but with the added benefit of convenience there is no question as to why they reach for Amazon.com.

 Per eMarketer.retailer 46.7% of consumers started product searches on Amazon compared to other search engines like Google. This shows the value consumers see in using Amazon for their needs and companies should take note as well.

2. Great additional sales channel

Online retail competition is fierce, so companies must diversify their channels while maintaining a balance to avoid spreading their selves thin. Amazon is a great additional channel for businesses as many consumers are constantly shopping on Amazon. Amazon has a great reach to millions of consumers. According to Statista, Amazon had an average of 197 million unique page views per month as of December 2017, which was head and shoulders above other retail websites page views. The reach Amazon brings to a brand is outstanding.

3. Amazon helps consumers discover your brand

Since Amazon lets the shopper search to their heart’s content, any relevant products will show up on the list of items provided by the website. Consumers can comparison price shop and also read reviews of the product. With Amazon’s vast list of possible products, the consumer will spend time going through the many pages of different offerings to find the right one. This could lead them to your brand. If a customer is curious to what else your company offers this can lead them to your website to make more purchases.

If you would like to keep reading about Amazon and ecommerce, National Public Radio has a great article on the correlation of online consumer behavior to Amazon.

Ever wonder how Amazon became such a giant in the retail ecommerce industry? Here is a video in an interview with Jeff Bezos, the CEO, himself on Amazon’s business strategy.

 

 

What are your shopping habits as a consumer? Do you find yourself driving to a store to shop or are you searching online for a product?

 

How do the stats from this blog impact your idea of how Amazon market's itself or the size of their reach?

3 Ways to Use Market Research to Improve your Blog or Website Traffic

3 ways.png

At the heart of all marketing is understanding the consumer’s wants and needs. Market research allows marketers to gain a better understanding of their target market. By gathering the right information, a direct approach can be created and implemented to reach more consumers. As a student, did you ever wonder how Google would recommend specific websites based on your Google search? Or how to reach more people with a small business website? Or how to best communicate your brand with your target market? If you answered yes to any of these questions this is the blog post for you!

1. Consider Your Personal Metrics

 If the data is readily available to you, this is a great way to gain specific insights. Blog platforms like WordPress allow the user to review statistics and add plugins to gather more information. Look at the data reports from the current blog posts or pages and record the data. Now when a new topic is posted you can compare the metrics to see if what you incorporated helped change the data at all. This can help lead you to the right content that your target market is looking for.

tablet.jpg

 If you are using a different platform that does not provide metrics Google Analytics is a great option. It is an easy process to set up on your website and there are many different advantages to using Google analytics.

 You can track:

  • The number of people that visit the site

  • Where they are from

  • Which pages were viewed

  • The bounce rate

 MOZ, a software as a service specializing in marketing analytics, has a great beginner’s guide to Google Analytics!

 2. Keywords and Search Engine Optimization (SEO)

 Most blogs are not evident to consumers, but by using the right keywords for your SEO strategy you will increase your visibility. Knowing what your target market is searching for will help improve your overall design of your site. This could lead to discovering and creating new content geared toward your audience's interests. The goal in this stage is using relevant keywords as well as words specific to your industry to help set yourself apart. Once you decide which words are key to your consumers, those will be the words you will include in your search engine optimization strategies.

 According to Forbes there are 4 steps to build a successful SEO strategy!

laptop 1.jpg

 3. Go Online

Sometimes you will not have exactly what you are looking. Going online for the information is a great option when using credible sources. There is research out there that has already been conducted and you can use that to your advantage. You might have to do a little digging, but below are some great sites to begin gathering more information.

·Marketresearch.com is great to search for companies or by industry to gather large amounts of data.

·The United States Census Bureau is a reliable source to find surveys on a large scale.  

laptop.jpg

 Neil Patel, an expert in online marketing, has a great video for some tips on how to use Google for market research!

 What ways do you use market research to improve your site? There are so many ways to collect different types of data. For qualitative research, there are focus groups and interviews to help gain an in-depth understanding of the consumer. Quantitative research includes customer surveys and structured questionnaires.

 What platforms are you using to publish your content to reach your target audience? Our team currently uses WordPress, Facebook, Instagram, Twitter, and SurveyMonkey. With the use of these tools we can push out new content and quantify our results. Using different platforms of social media allows us to have a big reach. Each platform is used to perform specific tasks to help the marketing strategy. SurveyMonkey makes it simple to send out surveys curated by our team. It is all about finding the right platform to best suit your needs.