Social Media Marketing: Driving Growth for Small Industries

Today when we talk about social media marketing the first thing which strikes us is Facebook. I need not explain what Facebook is. This social networking website has over 500 million active users worldwide in over 180 countries. Everyday atleast 50 percent of user’s login to this website at least once to make new friends, update status, post pictures or post comments on wall. The Small businesses realized the importance of social network. Small companies now use this network to drive their businesses and market their products.

In the past Large businesses had advantage over small businesses because of the large marketing budgets and marketing teams. Large businesses used their money in outbound marketing techniques TV commercials, Market Research, Promotions and Print media and Advertising. Small business cannot compete with these large businesses and need some alternate business strategy. With Social media they found a new tool which can help small businesses to promote their products and goods. Small business can use this tool for inbound marketing techniques and decrease usage of outbound advertising  like Newspapers , yellow pages, Ad campaigns and promotional videos on cable TVs.

Social media marketing if used effectively can have more penetration and reach wide array of audience with no marketing cost. Small companies are leveraging this tool to create their marketing strategy. They have dedicated teams which post their products on social networks. Companies can Interact with customers on one to one basis and understand their needs. Small companies also use this network to gather information and data for market analysis. They conduct anonymous polls and surveys to gather information. Customers can post their concerns and companies respond to these concerns with appropriate solution. This marketing medium is more effective than conventional medium where companies just post their products on websites, magazines or make ad campaigns with hot celebrities bragging about the products.  Some companies for example Triumvirate Environmental which works with clients to deal with environmental issues like waste management and disposal. Triumvirate Environmental were able to generate 1.2 million dollars using social media. They used social media like twitter, Google ad word and LinkedIn to support their generation efforts. They also used variety business blog for their diverse portfolios. Each blog was for different topic and different purpose. This helped Triumvirate Environmental to generate search traffic and gain large market share in their domain. Another good example would be River Pool Spa which took advantage of social media marketing to become market leaders in pools and spas.

Finally, as said by Mr. Mark Suborn "Your success in life isn't based on your ability to simply change. It is based on your ability to change faster than your competition, customers and business". I believe Social media networking has potential to become a next generation marketing medium. The sooner you realize it better it is for you and your firm.

Reference : Small Business Social Media

 

NueroMarketing a Consumer’s Paradigm

Every new product launch campaign requires adequate market research, advertising, product design and pricing. But not all products launch campaigns are successful in grabbing consumer attention. Guess work plays a very important factor in determining product’s success. Removing this guesswork can be dream of every marketing firm. However with NeuroMarketing this dream has become a reality. This new field of marketing extends well beyond traditional marketing technique.

NeuroMarketing is a new field in marketing which applies   human brain mapping, eye tracking and skin conductance mechanism to understand human behavior. This new brain mapping techniques can help understand human subconscious mind and how it influences your buying decisions.  Companies are using this technology to determine the consumer’s reaction to their product and trying improving their products accordingly.  For example one of the major publishing house “New Scientist magazines” used this technology to compare three different magazine cover. They wanted to find out the subconscious response of human brain to theses covers. They also used eye tracking to determine which part of magazine cover grabs maximum attention of consumers and engage consumers to their magazine. This data helped “New Scientist magazine” to redesign their cover and improve their market share significantly. Can Neuromarketing Research Increase Sales?

Many people argue that NeuroMarketing is unethical. It subjugate human mind and manipulate it for personal l benefits. It will violate personal privacy and influence human decision process. Secondly it favors big corporation like Nike, Reebok, Coke, and Pepsi which can afford this technology and help them to market their product. This will curtail competition and small players in market would not be able to compete their products even though they products have better or same quality and price. Personally I don’t buy any of these arguments against NueroMarketing but I do feel it make inroads into our personal space and influence our decisions. 

I strongly feel that we still have long way to go to truly understand the potential of neuroscience and NueroMarketing. How this can benefit people and society as a whole? The scope of this new technology is not just limited to marketing but can be extended to so many new verticals for both profit and nonprofit organizations. For example it can help governments to engage people and convey valuable information. It can also be used in Designing health campaigns or public information campaign to engage local public. Understanding the Potential of NeuroMarketing.

Maybe, I am in favor of this technology and trying to influence your decision but it’s totally up to you to decide and comments ;)