We've known for some time that social media is a vital part of business success in the digital age we live in. If you haven't known that for some time, I hope reading the 'Social Media' section of the Digital Marketing Magazine has taught you its value to businesses in the 21st century.
And thankfully, more and more businesses are starting to realise it as well. I received a very interesting press release on Thursday. But I didn’t want to post it as it was; I thought it is too interesting to leave alone.
Make or break
Although the report by Crimson Hexagon largely centres around social media as a tool for research and product development (which I’ll come to later), the thing that caught my eye is this sentence: “more than two-thirds (70%) say they now consider social media to be crucial for advertising success, with the power to ‘make or break’ their campaigns.”
I think that perfectly highlights just how important social media has become. Just to emphasise that point, 70% of digital marketing and advertising professionals say it has the power to ‘make or break’ campaigns – which, considering how many factors impact on the success of marketing and advertising campaigns, is no small feat.
But making or break campaigns isn't the only power social has developed.
Product development
Such is the importance of social media is that it can used to market products before they’ve even been created.
A whopping 93% of those surveyed said social media offers “unprecedented opportunities” for product development based on customer feedback. And 72% said they view social media as a more reliable source of public sentiment and opinion than the traditional user or focus groups.
This is allowing business to begin marketing campaigns before products have even been created, whether they realise it or not. Brand loyalty has changed dramatically since the advent of digital – no longer are the quality of product and service the basis of customers’ satisfaction. Instead, engagement is vital. And that 93% are creating engagement with their customers; making them feel part of the business and involved with the development of what could be the company’s next big product.
That engagement, particularly on product development, can encourage customers to purchase the product when it’s launched and positions the company as one that listens and values its customers’ opinion. Isn’t that the purpose of marketing?
By Jonathan Davies, Editor of the Digital Marketing Magazine.
Connect with Jonathan Davies on Google+
PrivSec Conferences will bring together leading speakers and experts from privacy and security to deliver compelling content via solo presentations, panel discussions, debates, roundtables and workshops.
For more information on upcoming events, visit the website.
comments powered by Disqus