Hello guys and welcome back!!! Are ye all ready to learn about the exciting concept of branding your business through social media?? Well of we go….
To begin with, branding is a term that means to create an identifiable entity that makes a promise of value to customers. A company’s brand is its cornerstone as it creates an image and awareness for the company in the minds of customers. In recent years, the internet has up-ended how consumers engage with brands. It is transforming the economics of marketing and making obsolete many of the function’s traditional strategies and structures. For marketers, the old way of doing business is unsustainable (Hbr.org, 2013).
Social networks like Facebook and Twitter are daily destinations for millions of consumers around the world making them a low-cost medium foe you to effectively target customers. This medium is predicted to explode in the next number of years therefore it is imperative for ye’re to get your brands recognized on it immediately.
More than ever before, a company’s brand is influenced by what consumers are saying about it online. Many companies such as giant Walmart uses social media to understand what types of products customers are most interested in purchasing through netnography. One study they carried out was to find out if there was a demand for selling cake pops; therefore they began a listening campaign on twitter. They discovered customers were buzzing about them. In recent years while listening to customers on social media has become imperative with the invention of Web 2.0, brands also need to engage with customers directly to solicit feedback. This is an exceptionally tactic which moves from listening to customers to “How can we enhance this product and make it more appealing to you?”. This is something you really need to consider to make your business profitable. The use of social media and invention of Web 2.0 has allowed company to puts their customers at the centre of its product development, e.g. Frito-Lay, instead of running expensive focus groups.
Two key benefits of companies to use social media are:
- Brand Recognition:
One of the most powerful ways for you to use social media is as a brand-building tool. With social media, you get to decide how to position your company and what you want people to know. With consistent effort and interesting content, you can build a reputation for your brand around your company’s values, beliefs and benefits as a well a credible source for other relevant information which may be of interest to them.
- Brand exposure:
Social media also allows for repeated brand exposure constantly keeping your product in the minds of customers which leads to high brand recall rates.
As many companies and marketers are coming under severe pressure and scrutiny for not effectively justifying their spend measurability has never been more important. Luckily, for you guys social media sites have become keys sites for companies to measure successful of brand exposure, awareness and engagement. These key aspects can be measured through “likes” but more credible “comments and shares”.
I hope this post highlighted how important it is to consider using social media as a tool for branding. I believe the greatest benefits are its low-cost and high customer exposure rates. Again, if anything was unclear or you have questions just write me a quick comment!!
- Business Insider (2013), Why Social Media Advertising Is Set to Explode, [online], Available at: http://www.businessinsider.com/social-media-advertising-set-to-explode-2013-55(accessed 23/03/2014).
- Chandler, S. 2013. The Hidden Benefits of Social Media Marketing: Why Your Strategy May Be Working Better Than You Think ,[online] Availableat: http://www.forbes.com/sites/work-in-progress/2013/03/12/the-hidden-benefits-of-social-media-marketing-why-your-strategy-may-be-working-better-than-you-think/, (accessed 23/03/2014).
- Hayes. D (2014), 3 Social Media Questions Every Brand Should Ask Itself, [online], Avilable at: http://www.fastcompany.com/3014913/leadership-now/3-social-media-questions-every-brand-should-ask-itself (accessed 23/03/2014).
- Hbr.org (2013) Branding in the Digital Age: You’re Spending Your Money in All the Wrong Places. [online] Available at: http://hbr.org/2010/12/branding-in-the-digital-age-youre-spending-your-money-in-all-the-wrong-places/ (accessed 23/03/2014).
- INTA (2013) Branding in the Digital Age. [online] Available at: http://www.inta.org/INTABulletin/Pages/BrandingintheDigitalAgeAnIn-HouseCounselPerspective.aspx(accessed 23/03/2014).