PART B ANAYLSIS Essay Example
Social Media Marketing Plan
This report looks into the social media marketing plan of a firm and is divided into three parts. The first part is an evaluation of social media Impact on traditional Marketing strategy of companies. The second and final part include the evaluation of a social media marketing strategy of a firm in a competitive market place and the initiation and monitoring of a social media marketing platform for Sony Play station.
Evaluation of Social Media impact on Traditional Marketing Strategy
Through the social media, a firm can enhance the impact of its traditional marketing approaches by intergrating the social media strategy as noted by Bean in the book ‘application of technology to marketing’. For instance this can be achieved through posting links to the radio and TV interviews on the company’s Facebook page, LinkedIn or even Twitter. Many people today still read the print media; however, they do this from their computers or iPads. By posting the links to the articles where the company is featured in the print media on the social network sites enables the business to reach out to its customers or target audience. For instance with Microsoft Xbox or the Sony play station social marketing strategies, there is more interaction with customers since most of them are mostly in the social media. Links to print advertisements and radio promotions are accessed by individuals at the comfort of their homes through their computers and iPads without having to buy newspapers or listen to radio.
Social media has become integral in building brand awareness and engagement with customers. This is because majority of individuals in the modern day participate in social networking and often log into their accounts to connect with the world and friends. This way the company’s advertisements and promotions are visible by many people hence enhancing brand awareness.
Evaluation of a Firm’s Social Media Strategy in a Competitive Market Place
In implementing a social media marketing strategy, a firm needs to consider a number of important factors. This is important in assessing the success of the Endeavour. For instance, it is important to have a good understanding of the impact of implementing social media marketing and what the firm aims at achieving through implementing the strategy. According to Bean in the book ‘application of technology to marketing’, it becomes easier to define success if the goals are clearly clarified. This is as seen from the marketing strategy of Microsoft Xbox which is aimed at interacting with customers at a personal level through Twitter. Sony play station on the other hand aims at enhancing customer loyalty through their Facebook page.
Social media marketing calls for a well worked out strategy for it to achieve the desired results and hence success of the company. There is need to implement a well worked out strategy for a company to get the best out of this powerful and influential marketing tool. This way, the company can be in a position to have a competitive edge against its competitors who are increasingly competing for the attention of social media user’s. The following factors indicate what the company needs to take into consideration in developing this strategy.
A good marketing media strategy should have goals to be achieved. This could range from raising brand awareness, enhancing customer loyalty or increasing sales. It is important to clearly define the goal and stay focused towards achieving it. The goals however should be measurable, specific, attainable and realistic. A firm should also establish who its target audiences are. This is because social media is basically about connecting and interacting with other individuals. It is important for a business or marketer to identify who he is targeting and study them. This helps to understand how they use the social media and through which channels one can easily reach them. By studying and learning about the target audience, one is in a position to better understand the customer needs and wants.
After identifying the target market and setting the goals, the marketing plan can then be implemented. To effectively enhance the social media strategy, one should also use a variety of marketing tools as noted by Bean in the book ‘application of technology to marketing’. This can be done by adding social media plug-ins on the company’s website and on other pages. The company should as well conduct an in-depth evaluation to determine whether the strategy is achieving its objectives or not. To ensure the strategy is successful, it is important to review the whole process again. A new plan can be put in place with new objectives according to the assessment made.
Initiation and Monitoring of a Social Media Platform for Sony Play Station
Through the social media, Sony play station can compliment its other marketing strategies so as to increase its market share and profitability as well as enhance quality service delivery and customer satisfaction. In this part we are going to initiate a social marketing strategy for Sony play station by setting up a marketing plan on Twitter.
First of all, there is need to establish the target market for the Sony play station and set goals that needs to be achieved. This will be followed by a careful analysis of the target audience so as to understand them and choose the best channel to market to them. Sony should continuously review and evaluate its marketing strategy so as to upgrade or make any improvements to better enhance its marketing capabilities. It is however important to consider the following factors.
Original user content development
It is important for the company to actively collect and utilize original user generated content. This comprises of unique terminology, opinions and images that users propose voluntarily to an entity through the social media. Marketers perceive user submitted content as of importance as it’s free and it has more influence to the target audience. Immense user generated-content carries social proof and it can extend the company’s exposure to the networks of the designer which would be significant for the company in enhancing its brand awareness and sharing of its social media channels. User content development can be done through various ways, these include asking for content from clients and customers, offering them incentives to show appreciation of their submissions or run a contest for instance on Facebook. If the prize is big the company will generate loads of user generated content among other methods.
Use of Relevant Social Media Platforms
It is important for the company to ascertain what works and what does not work for it with regard to social media marketing. This can be achieved through auditing the marketing mediums that are used by the company and choose the optimal social media activities in line with the company’s goals. Before a consumer thinks of purchasing or visiting a store, company or restaurant, they first seek information online. This way companies have to avail such information to the customers through the right channels. A company should first of all ensure it has in place a great and appealing website as most of the traffic generated from the social media is directed to the company’s website. From there the company should then enhance and facilitate a user’s multichannel experience by ensuring information is available and in a consistent manner across all social media channels that it deems relevant to its strategy and goals. These includes Facebook, My space, Youtube, LinkedIn and Instagram among others. By evaluating the social media platforms that best work for the company, the company is able to engage with its customers on a platform where its target audience can easily be reached. For instance with the gaming consoles such as the Sony play station, most of its consumers tend to be the young and enthusiastic individuals. The best platform to engage and interact with such a target audience is Twitter, You tube and Facebook. This is due to their popularity among the young individuals. To optimize the use of social media marketing, the company should create content that is sharable in terms of relevance and make it easy to share by not limiting the means of sharing.
Intergration of social media marketing with existing marketing initiatives
It is important for the company to integrate the social media marketing plan to its marketing strategy due to the increasing pressures from individual customers and vendors to put in place social media tools, analytics, commitment and lead creation platforms. Therefore there is need for the company to integrate social media marketing in addition to its existing marketing strategies. However, there is a need to implement social media marketing with a well worked out strategy for it to be successful. This is because with the social media marketing platform, there is need for close monitoring of activities, continuous communication and interaction with consumers at all times. This is attained through posting advertisements, promotional messages, status update, responding to customer queries, monitoring what others are saying about the company and its products among other undertakings. For this reason, companies need to separate its social media marketing from the larger company marketing strategy by putting in place a team or individual to be responsible for social media marketing and clearly define their roles.
Through the social media, the company can as well use links that would direct customers to their other marketing initiatives such as the company’s newsletter, radio interviews, advertisement in the print media among others. Through a simple link on the social media such as Facebook or twitter the customers can access other promotional items of the company at their convenience through their computers and iPads.
Measurement of Social Media Marketing Impact
Many companies find it hard and tricky to ascertain the impact or return brought by the social media. It is easy to judge it through the number of fans and twitter followers or the number of retweets and likes. Although these components are important to track and monitor, an approach based on measuring goals tends to better understand their marketing initiatives. Due to the lack of widespread rules to ascertain the returns on social media marketing, the return should be based on the goals set for the marketing strategy. This is as shown by most companies whose main objectives are to enhance brand awareness, generate sales and enhance customer loyalty. The return on the social media marketing can be measured with regard to the goals achieved.
Social Media Activation
Social media activation is the last bit of the social media marketing strategy. It evaluates the practicality and effectiveness of the social media marketing plan. It is the final part in initiation of the marketing strategy or concept to the intended target audience. A company might have a very creative and engaging social media marketing techniques, but without availing or this information reaching the targeted audience the strategy would not be effective. It is therefore important for the company to enhance the discovery of its marketing messages by the target audience. To achieve this, the company needs to set out links and contents to be distributed through updates or postings to the company’s Twitter and Facebook accounts. This could range from videos or even links to the company’s other traditional marketing activities such as radio, TV and print media advertisements. Social media marketing entails sharing of content by users hence for it to achieve this, there is need to get noticed by the customers. This underlines the importance of having a concrete Activation plan.
To enhance and attain a competitive edge, we need to have in place multiple channels or medium for our marketing. This includes opening accounts or pages for our product other sites and mediums so as to reach as many people as possible for instance, LinkedIn, My space among others. This is due to the diversified use of the different social media sites by different users. By using multiple channels there is a high chance of reaching out to many new and potential customers.
Bean, R. The Application of Technology to Marketing, A twenty year Perspective. New York: School of Business Studies, 2001. Print.
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