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
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
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.