Answer

  Is Social Media the New Marketing?

Introduction

The business world is rife with competition; it always has been but it is now more than ever. The entire business landscape is changing. Consumers want different things than they wanted the previous year and the one before that. Technology is getting better and better. Businesses are constantly revamping their strategies in a desperate need to remain on top. Alternative products and solutions are everywhere; one needs only to look. The good old strategy of offering quality goods and services is no longer enough. Companies have to embrace innovation and creativity as a primary strategy in order to even feature anywhere. Out with routine and monotony; in with creativity, spontaneity and innovation.

What are the Driving Forces behind Innovation in Today’s Businesses?

• Social Media for Business

Almost everyone is on social media today. Heck, parents are even opening social media pages for kids who can barely talk. Yes, it is a craze but it is not going away any time soon. Social media is here to stay all thanks to an internet-dependent generation with unlimited access to wifi. Our grandparents may have prayed immediately they got out of bed but we go to social media. It is sad but true. The fear of missing out on updates, however minor, has got us hooked to our mobile phones and computers.

Of course, any business that wants to market to us must find us where we are most available; social media. We eat, breathe and eat social media. We search for plumbers, carpet cleaners, clothes, shoes among others on social media. This is why businesses are pushed to include social media in their strategies. There really is no point spending millions of dollars on fliers and brochures that we won’t read. Who even makes an appointment in person in 2019? Well, not me. You simply look up the business on social media and contact their customer support team online. 

Social media has provided an inexpensive and quick way for people to access services. Companies have a lot to gain from social media too. Social media is a great marketing tool if properly utilized. Businesses can launch new products and create brand awareness right on their social media pages. Social media also provides a platform for customers to give their feedback and reviews on a company’s products or services.

• Commoditization

Another force that is propelling companies towards innovation is commoditization. This is the force that suppresses prices downwards. Take an example of Sears and Walmart. Sears maintained the top spot in retail for a very long time until Walmart came along and waved its innovative muscle around. Guess what?  Walmart only had to become creative with its pricing, cost of production and cost of distribution. Boom! Just like that, Walmart outdid Sears to become the world’s largest retailer.

• Digitalization

It is amazing that we do not have to do a lot of things manually, isn’t it? Well it sure did not feel like that a few years ago. Digitalization came as a heavy blow particularly to the businesses and workers of that time. Look at IBM for example. The company was so affected that it had to let 200,000 people go. Digitalization meant that more companies could perform the exact functions performed by IBM but at lower costs. You can imagine the effect that that amount of competition had on IBM.

• Globalization

As cliché as it may sound, the world has become one global village. Today, a company operating in America could have significant effects on the life of people in Europe, Asia or even Africa. Globalization has made it necessary for companies to widen the scope of their decision making to consider the entire world and not just the community around them. The implications of negative actions could be dire because of not only international regulations but also boycotts and protests. Companies therefore have to be very innovative when developing strategies to ensure their strategies are not only sustainable but also culturally appropriate for different markets.

The Role of Social Media as an Innovative Strategy

Thanks to the various technological and socio-cultural forces in the business environment, companies have had to rethink their strategies. The traditional approach of launching new products every other season and focusing on the quality is long gone. Companies today have to embrace the internet and in particular social media as a core business strategy. Whether the goal is to sell a product, advertise a service, promote a brand, solicit reviews, monitor feedback or do damage control, social media has become the go-to strategy.

Conclusion

The key is to be creative with the message and add a few visual features so that your social media page stands out. Another important element is the usability of your page. You want to make it as interactive and exciting as possible. Also, have an engaging support team to handle all social media issues.