A need arises
The time is completely recession proof, but the
business is not – for being a reeler through the financial meltdown. In this
scenario, the best possible solution or in fact a challenge for any
organization was cutting down the costs and expenditure; operational and personnel
as well. During these unexpected doldrums, putting up oneself against the
changing market conditions, either adapting new technologies or embracing the
competitive efficiency, has also been an immediate requirement to safeguard one’s
business targets. How cost-effective companies confronted this situation is our
discussion here.
A marketing tool evolves
Within a tight budget that too targeting a
technologically advanced target audience, though it took a little momentum get
on with new improvements, marketers have started being with audience round the
clock not at their door fronts but on their fingertips. With the social
networking on rise (thanks to Facebook, Twitter, Linkedin), marketers eyed the
target’s digital personal space. Availing all search based recognition
techniques, profile (age, gender, and demography) based targeting methods they
have stormed into customer’s personal digital space. Eventually the process is
named as a new marketing tool called Social Media Marketing. To the
organizations’ delight, the new tool has turned out to be cost-effective in
reaching the customers with in a specific budget and within very short time making
it a best deal to salvage the businesses from financial meltdown.
How cost-effective is this
new marketing tool vs digital marketing?
That said, how cost-effective is a social media
marketing plan when compared to digital marketing could be your query. In brief,
we can say SMM reduces the cost of employing more number of personnel than in
direct marketing, it encourages cost-effective online discussions than high-spend
focus group gatherings, and with analytics’ fact assessment social media marketing
proven to be faster in gathering response/feedback thus can roll back a failed
product or process in time and be damage preventive. Let us dig more deep into
these cost-effective factors.
The Buzz
Word within the pocket range
Gone were the days, where we had to knock every
door, literally, to let the prospects aware of our products/services. The time is
not the same, so are the prospect’s preferences. With a 3G enabled smartphone
in almost every hand, the well-versed (online) gen Z generation are more
responsive digitally than in direct.
No one is interested in entertaining a
personal conversation specifically sales oriented (exceptions include
corporates). The
reason might be anything but the influencer is one - the ever-changing technology.
The new-age consumer prefers to turn dynamic than being victimized to lagging
sales discussion at gunpoint.
With social media has become a need in every
part of the world, it should not be any big task for an organization to create
the buzz.
Thus, instead of shelling out more on 10
traditional marketers, it is, indeed, a better idea to employ a few digital/social
media marketers to get the business done. All you need is a better-contented web
portal –properly optimized, adequately informative and with regular product/service
updates. However, an informative web portal in coordination with social media marketing
plan might not bring-in exceptional results overnight, but, for sure, could
reduce the promotional costs of an organization, helpful in come off unnecessary
allocation of working capital.
Virtual
discussions Vs Focus Groups
On the same lines of Ernest Dichter's idea of
organizing focus groups for a
qualitative research in order to conclude people's perceptions, ideas,
beliefs and attitude towards a product, Social Media Marketing plan too
equipped with user polls, discussions and many such online activities to keep
track of the end-user’s respectful opinions on the brand and the product.
While the age-old focus groups could cost you
much in finding out accommodation for mass gatherings, the new age Social Media
Marketing needs just a Facebook/Twitter account to get the job done cost
effectively. To the betterment of the market as a whole, making it is easier for
organizations digitalised-behavioural-targeting has also been introduced in
making focus groups online a success and cost-effective social media marketing
plan.
One such successful and effective social media
marketing campaign is Fastrack’s which has kept its
character ‘Move On’ with their Facebook page going in the new-age
marketing way-generating more discussions among its fans-publishing/updating
the line of products every day triggering a virtual likeness towards the
product.
Analytics
Surfacing the Facts
I still wonder how one’s admiration towards a
product could be quantitatively calculated without even, them, buying, or
experiencing the product. With the old techniques like wait and watch till it breaks out and guess the go methods, the
business would lag in time to build up competitor analyses and to come up with
a combative business strategy.
With numerous fan page likes and shares clubbed
with instant responses pouring in through list posts, social media has it all to
assess the facts in real-time and gets the job done within no time paving a way ahead to compete with rivals. Taking
clue from that the social marketers bounce in no time to fine-tune the
processes in case of backfires. It not only helps in safeguarding the goodwill
of the organization but also cuts down the extra spend.
For better reach, extended brand/product
discussions, and for real-time feedback within very less cost, social media
marketing plan has many a successful campaigns since its inception. However, though
SMM proven to be cost-effective, a traditional marketer–if at all he is
properly been incentivised- would always be an asset to the company is
what we strongly believe in. Our opinion on how cost effective is a social
media marketing plan Vs direct marketing might differ with yours. If yes,
kindly let us learn.