Recently I’ve been reading various articles on brand building strategies and it has been a good review of the basic principals of marketing. The usual discussions are typically about the importance of planning the best marketing strategy.
One of the hottest topics on the internet today is SMM (Social Media Marketing). Questions are being raised about the role of social media on the infamous 4P’s of marketing. I think we still have to address Product, Price, Place & Promotion; however, there’s a new sheriff in town and Reputation is his middle name. Consumers have participated in surveys for decades, but social media is now defining many product’s brand image.
Many companies are looking for ways to harness the power of social media in hopes of building a positive image for their products. It seems that lack of strategy has been a hindrance for most. We all know that customer reviews and feedback to our company’s website is a good source for ideas to improve our products. It’s no surprise successful companies like Pure Digital and Bose use them to monitor and measure their products’ reputation and improve processes based on these findings.
The majority of today’s major companies are now focusing on the importance of social media marketing trends. It seems that many product manufacturers are also experimenting with ways to exploit it for their own benefit. Are any of them finding ways to measure social media’s strategic impact on brand value? I actually wonder if any of them really understand what to do with any of it.
Does collecting bits of data from what all is being “said” without a plan to convert them into action make it worth the effort? The use of a well developed process to consistently measure your product’s reputation across the consumer market may perhaps prove to be invaluable.
Taking on the challenge with great success, we use raw data from customer reviews and feedback on various social mediums to measure the gap between customer expectations and their actual experiences with specific products. Reflecting on functionality, reliability and product support, these metrics provide crucial information that could allow you to increase profitability as well as develop lucrative niche markets.
Successful marketing involves everything that leads to increased sales. Realizing that social media is defining the reputation (i.e brand/product perception by it’s customer) for nearly every product on today’s market, you should definitely take advantage of this innovative marketing tool.