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From Mass Marketing to Social Marketing

  • March 2014
  • -
  • Frost & Sullivan
  • -
  • 16 pages

Summary

Table of Contents

Companies have been expanding their marketing strategies from mass marketing to targeted marketing in order to increase response rates and sales. But with customers now in control of their corporate relationships, companies realize that they also have to engage with their clients on a customized basis—and forward-thinking organizations are doing this by taking full advantage of social media. Social media has emerged as an ideal marketing channel, and it is beginning to help businesses transform their unidirectional marketing approach to a bidirectional customer engagement model.


Introduction

Companies have been expanding their marketing strategies from mass marketing to targeted marketing in order to increase response rates and sales. But with customers now in control of their corporate relationships, companies realize that they also have to engage with their clients on a customized basis—and forward-thinking organizations are doing this by taking full advantage of social media.

Social media has emerged as an ideal marketing channel, and it is beginning to help businesses transform their unidirectional marketing approach to a bidirectional customer engagement model. Social media can certainly serve as a mass marketing channel, by allowing companies to broadcast their messages to wide audiences. And social media also serves as a “communal channel” through its ability to spread word of mouth advertising through customers’ (and fans’) brand advocacy on social sites and in social collaboration communities.
But social media is also a targeted-marketing channel, since it allows companies to gather customers’ self-reported personal information, then use that data in personalized campaigns and customized offers. More importantly, social media acts as a customer engagement channel by allowing companies to directly interact with their clients one-on-one. Companies can now listen to the voice of the customer by detecting, measuring, and analyzing customers’ comments. With this intelligence, companies can change campaigns and messaging “on the fly,” fix problems that customers have identified, and add new, and hopefully popular, features.

Finally, social media has given companies unprecedented (and free) access to competitive market intelligence. Listening to social media comments and asking probing questions helps businesses gain insight into competitors’ strategies, tactics, strengths, and weaknesses. For these reasons, smart companies are developing and executing social marketing strategies. The Direct Marketing Association’s 2013 Statistical Fact Book reports that U.S. social marketing is forecast to grow at a xx percent compound annual growth rate (CAGR) from 2011 to 2016. Social media marketing growth is exceeded only by mobile marketing, at a xx percent CAGR. But social media is also part of
mobile marketing strategies. Companies must stay abreast of developments and adjust their strategies to keep up with the market, and stay ahead of the competition.

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