Social Media has been around since the introduction of the first product/service to consumers by way of Word of Mouth (WOM) communication. There wasn’t an exact name for it and now there is. Social media should be a tool used by every company and marketing team in order to pin-point the exact target market to reach out to; understand the consumers opinion (positive or negative; and reach out to them by way of Social Media ( Twitter, Blogs, Facebook, etc.) to maximize profits and consumer preferences. Social Media has been around without most peoples recognition until recently when it was discovered as a useful tool in today’s technological world of mass internet users. Social media is not only permanent but a wide-spread trend that can only get stronger and lead to even greater results in the future. WOM communication is a huge part of Social Media and our society thrives on it and a speaker on Bizaarvoice.com said “The average consumer mentions specific brands over 90 times per week in conversations with friends, family, and co-workers.” (Keller Fay, WOMMA, 2010). Movie theater and Video store rentals rely on WOM communication and have from the very start of business.
Social Media is so profitable because it subtracts hundreds of thousands of dollars that would have been spent advertising in order to reach the target market when they have more success through Social Media forms like twitter and Facebook. Also, advertising has become obsolete compared to social media, because people choose to avoid the annoying pop ups compared to sharing what they feel about a product/service to their friends and/or family.
According to a survey from US mom internet users says, “Consumer reviews are significantly more trusted -- nearly 12 times more -- than descriptions that come from manufacturers” (eMarketer, February 2010). This statement is powerfully true, because a manufacturer will say whatever they can in order for a consumer to buy their product, and some consumers have been ripped off and left angry. However, Social Media has made it easier for customer complaints so now there is also more of a chance of knowing a company’s dark secrets and on the other hand can check out some new places your friends suggested due to their satisfaction.
Social media will continue to be a major success for marketers and all companies that use it. Technology has risen to great heights and now it’s time to be as advanced with the internet as we are with the television to reach further into the potentially strong customer relationship status. Social media is not only a trend but a step toward the future for greater expectations met by companies due to the information gathered.
Resources:
Keller Fay, WOMMA, 2010
eMarketer, February 2010
