adminShelter Chieza Change Management
So the buzz is now on Twitter, which recently filed its S-1 papers for the Initial Public Offering. When such a company announces something like this there is a lot of speculation as to what will happen to social media, will the result be the same as that of Facebook? Twitter joins other social media companies like Facebook, LinkedIn that have gone public. We also have Groupon and Zynga, which got listed within a few weeks of each other in 2011.
These two had to go through tough times from the onset. It was not easy for Groupon that felt the heat of the regulatory authority after some supposedly inaccurate figures.
Zynga also got into trouble because of the thin connection between them and Facebook. These companies are going public because they have a huge following, which is being sought after by many businesses.
It is this huge following that has resulted in them being a panacea for some local businesses, in terms of marketing. Recently I had a chat with a local businesswoman who heaped praises on the social media for helping her interior decor business to flourish.
It is interesting to note that there is a research that was done by the Advertising Research Foundation for Coca-Cola that revealed that there was no statistical evidence of a significant relationship between buzz/much talk and short-term sales.
I asked myself how that could be so with a brand that has over 61,5 million Facebook fans — should all our other brands that we have built rethink our social media strategy and investment decisions?
It dawned on me that marketers like us use a hook and crook approach and simply delve into social channels without a clear consistent plan for what we will say, how we will say it, what behaviours we anticipate and precisely how this move must drive our business.
At my gym, I value the feedback and updates that the management posts on a day to day basis via Whatsup. Whenever I have a bad day at the office, I always relish the hard rock thumping turbo type of aerobic workout and this is where the Whatsup updates come in handy because they tell me who is taking what class.
While social media is very useful it cannot drive sales on its own. For me it is part of a whole plethora of strategies that can be exploited.
Some have said social media is like one of the strings that is added to the marketing bow. It is indeed a useful input to your sales funnel.
A number of start-ups have blossomed using the social media. I read a story of a certain company with stores in Canada.
They needed to make collection decisions in their fashionable camera case category.
They made a decision to post 20 bags on their Facebook page and asked customers which ones they liked.
Customers voted with their likes, and further provided commentary on their choices, including their preference for product colour.
Four of the 20 bags that got the most likes were then stocked and they were all sold out as soon as they hit the shelves. I see no reason why we shy away from social media. If the progressive companies are realising returns, we ought to embrace it as well.
What makes social media so powerful is that it allows you to actually have a conversation with your customers instead of just speaking at them, which is what the conventional e-marketing platforms have been doing.
People love to buy but hate to be sold. Having a social media presence allows us to build a relationship and build trust and eventually gain our customer’s business.
Do you recall that not so long ago companies like Google reckoned that social platforms such as Facebook and Twitter were simply going to go away over time?
They were mistaken and have since realised that their calculation was very far off the mark. Likewise, if you are not taking advantage of social media, you will one day wake up to find that your main competitor is having your lunch.
The trick is to adapt it in a relevant way to the needs of your company and that is something a lot of companies struggle with.
Social media can help you gain follower engagement when it brings the human connection. It is really as simple as liking a post, saying thanks to someone who mentions the brand, or shares info.
Share with me how you are using social media to make product decisions. Till next week, May God richly bless you!!
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