Recently, there’s been a heated discussion based on the premise that social media is a joke. The group is mixed as to whether social media is a valid marketing strategy or a modern version of the Emperors New Clothes.
Has the promise of social network marketing strategy been realized? For an increasingly large number of businesses, the answer is a resounding NO, according to a study by Deloitte.
Much of the week will be taken up reviewing several new tools introduced to help social media marketing efforts. I also have a post prepared to discuss several new social networks being introduced in the coming weeks and what they may mean for those using existing networks for marketing. If you have special topics you’d like to see covered, please contact me.
Pricing is an often ignored component of marketing strategy, yet it is important for its contribution to sales and profitability. Social network marketing strategy requires a subtle re-thinking of pricing and new pricing strategies.
There are lots of metrics out there and using the WRONG metrics can lead you to construct marketing strategies that make your goals more elusive rather than helping your reach your goals. Failure to plan for the long run or using strategies that maximize short run goals at the expense of long term goals.
Customer relationship management (CRM for short) is a marketing strategy whereby firms concentrate on existing customers. Customer relationship management has gained prominence in developing marketing strategies, in part, because existing customers are 5 times more valuable to a business than new customers, according to market research. They are also more likely to be loyal and to spread positive information about your firm to their social network.
Your brand name is a critical starting point in building a brand image for your product. There are 5 key elements in selecting a good brand name: 1) it creates a positive image for consumers; 2) the positive image travels to other countries well; 3) its easy to pronounce, remember, and spell; 4) its legally available and domains are available; 5) it fits into your overall marketing strategy.
Ask a Marketing Expert is hosted every Friday at http://Facebook.com/angela.hausman and is a way of translating academic research into practice (and visa versa). Questions posted on the wall will be answered by anyone in the network. Its FUN… its FREE… its FRIDAY.
Social network marketing can be a powerful tool in your overall marketing strategy, but it also might not be right for you. See the 5 reasons why social media marketing might not be right for you and the questions you need to ask before you embark on a social media marketing odyssey.