Social Business Marketing
However, at the same time the speed of the digitalisation of society – the ‘social’ adoption and of the social/digital reality outpaces the pace at which businesses can adapt. The sooner managers begin to understand social business and social media the better as the era of digitization, digital transformation, consumerization and real-time connected business moves on.
Social media engagement through the many tools available offers businesses the lure of marketing to large numbers of potential customers at a time. Unfortunately, due to the increased digitalisation of our world and our businesses, many in the online audience are not going to be listening to what any individual business has to say. The key is to find a good brand and begin to cultivate a customer base based on that.
According to Forbes “A five-year study published by the Harvard Business Review, involving over 500 marketers and customers across a variety of businesses, found that the traditional 4Ps approach to marketing affected marketing teams’ focus and leads to a real disconnect between what they believe matters and what their customers really want.
In the 20th century, marketers depended on academic thinkers like McCarthy to help create the models they’d put into practice. But in the fast moving world of the now, forward-thinking companies are at the forefront of change: They’re seeing first-hand the transitions in their target markets.”
Social business marketing seems to revolve more fully around social media than most forms of marketing, so it could easily be said that this form of marketing is the most customer oriented marketing out there right now. Companies which take to this form of marketing may find themselves at a loss, due to the change from more traditional forms of marketing – forms which tend to emphasise what the company can do for the potential customer, rather than emphasising what the customers can gain from the company (a subtle difference, but one which turns the traditional paradigm on its head).
This new phenomenon may be due to the fact that businesses of all sizes are looking to find new ways to connect with their customers that don’t simply translate into spending more money on advertising. This can cause a change in the company, where they begin to turn into more social companies. The modern definition of a social business is one where the profit motive that drives a company is expanded to include additional benefits to its customers and community and becomes more of an asset than simply a faceless, anonymous entity which provides good or services to the community which it resides in.
Social business marketing seems set to change the face of business yet again to ensure that businesses take full advantage of the latest advancements in social media and technology.