I want to begin by saying THANK YOU for the incredible feedback from the last post. It is what happens when I cannot fall asleep + a whole day of editing. It received over 500 views in the first few hours (for my very inactive blog is a lot), I had people calling me and talking to me about it in person. The personal messages I received, thanking me for bringing up the subject brought me to tears. Thank you all!
Something entirely different:
I've been reading and writing a lot about social media, and its value in marketing. I just find it super interesting, and can't wait to start putting it to use professionally. I'm writing an essay now, where I decided to explain its value in a PEST analysis (google it). I don't even know if it's appropriate for a phenomenon as apposed to a business or an organisation. Well, too late now I suppose.
I came up with this bad boy. What do you think? Am I missing something, completely in the wrong or getting there? As always, I would love to hear your thoughts, opinions, suggestions, comments or recommendations.*
Political factors:
- Marketing is changing from assuming attention from the consumer to a ‘bottom-up’ marketing, leveraging the communication already taking place on online platforms
(Hanna, Rohm and Crittenden, 2011)
- Social media creates engagement while traditional marketing strategies provide reach. The importance of each complimenting the other cannot be stretched enough. One cannot replace the other
(Hanna, Rohm and Crittenden, 2011)
- Not a means of increasing sales directly, its value is enhances brand’s equity
(CRM Management Editors, 2010)
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Economical factors:
- Does not require elaborate budget (Hanna, Rohm and Crittenden, 2011)
- Social media provides both the platform for regular content (free of charge) and ‘featured’ content, where businesses pay for their message to appear on networks of a chosen audience, generally based on demographic or location
(Hanna, Rohm and Crittenden, 2011)
- Strong presence on social network sites does not translate directly to sales of goods or services. The value of social media is not direct profit
(CRM Management Editors, 2010)
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Sociological factors:
- The importance for corporations to be active on social media is widely recognised
(Hannah, Rohm and Crittenden, 2011)
- Social media has revolutionised marketing: consumers are no longer passive but engaged and even influential
(Hannah, Rohm and Crittenden, 2011)
- Facebook is the most visited website in the world. Other social networks, LinkedIn, Twitter, Blogger, Flickr and WordPress follow suit
(Alexa - the web information website, 2013)
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Technological factors:
- Social media technology and the platforms it provides for potential marketing influence is radically increasing. They include all social media, text messages, videos, blogs, wikis, forums and more.
(Hanna, Rohm and Crittenden, 2011)
- The importance of mobile devices and tablets cannot be overlooked, as the increased means of reaching the aforementioned platforms. This particularly applies in a location based communication between the consumer and businesses
(Hanna, Rohm and Crittenden, 2011)
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A point I find interesting: it has to be specially noted that social media presence does not equal sales. Marketing has never equalled sales (closely related and sometimes overlapping, yes, but not interchangeable). That's why there is marketing AND sales. Right?
For those interested, the references I used are listed below. I highly recommend the bottom one, it is really good.
Best,
Habbi
PS. If this is of value to anyone feel free to use it, referencing back to me would be appreciated.
*My twitter handle is in the top left corner, comment section below and if we know each other personally you can PM me on facebook.
Alexa - The Web Information Company [online]. (2013). Available from: <http://www.alexa.com/topsites>.
CRM Management Editors (2010). Strong social media presence does not translate to sales. Survey by ECHOVME [online]. Available from: <http://enterpriseinnovation.net/article/strong-social-media-presence-does-not-translate-sales>.
Hanna, R., Rohm, A. and Crittenden, V.L. (2011). We’re all connected: The power of the social media ecosystem.Business Horizon [online]. 54, p.265–273. Available from: <http://www.connectsmm.ca/Newsroom_files/Were all connected The power of the social media ecosystem.pdf>.