Social Media Marketing is the new sensation in the new age marketing which has helped brands across the globe connect with audience effectively in an engaging way. In less than a decade, the web sphere has seen a drastic change in the modes of marketing and social media has emerged as an effective tool to measure consumer behavior. This paper provides insights into the social media tools and suggests on how these tools can be leveraged by service marketers to gain market share.
In 60 seconds, 700,000 messages are sent on Facebook, 175,000 tweets are exchanged, more than 7000 search are conducted on LinkedIn, and the new sensation Pinterest has more than 1000 visitors. Welcome to the world of Social Media!!!
Social Media has brought a paradigm shift in the channels of communication and changed the communication process from monologue to dialogue aiding in the way we connect personally and professionally with brands. Over a period Facebook has emerged as 3rd largest continent in the world, and is expected to have 1 billion residents by August 2012 of the 7 billion on Earth. Twitter has more than 250 million messages exchanged every day. LinkedIn has emerged as one of the biggest online professional community with more than 150 million members across the globe. The rapid rise in number of active registered users on social media is an indication of the potential it provides to establish a mutual connection between prospects and organizations.
The stalwarts of social media which have led to the rise of new era in marketing are: Facebook, LinkedIn, Twitter, YouTube, Google+ and Pinterest. There are many more tools in the web-sphere but the significant ones drive the majority of business on internet. The exponential growth in number of active users per month have lured brands around the world to adopt social media marketing as a part of their marketing strategy over a period. 97% of the marketers agree that social media marketing provides benefits and value to their business as confirmed by Socialbakers, Social Media Analytics Company.
Alok Ranjan is a marketing specialist and management consultant based in Mumbai, India. He believes, brands are caught in a maze of technology and economic dynamics, caused by disruptive forces, which are changing the way consumers interact with brands. Alok advises brands to shape consumer centric strategy and assists to develop a roadmap for businesses.