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Social media is a communications and commercial channel, with ever-changing content-rich public and semi-public conversations in virtualized global communities. These interactions often are about social customers’ experiences with companies’ products, services, and service. As such, they point to market trends both immediate, in hot new products, and longer-term, as in product and channel purchase preference shifts.
For these reasons companies are turning to social media marketing in order to identify, segment, promote to, and engage customers and prospects. This includes integrating with other channels in order to obtain and share degree customer views. In essence, social media marketing is virtualized word-of-mouth, and as such has the power to influence, customer lifetime value (CLV). But increased customer social savvy, a rapid pace of change, and stiff competition are forcing companies to further innovate the social space.
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