Social media has offered a way for consumers and peers to take charge of their lives, the people in it, and the products that they use. The takeover of social media has shifted marketing and caused managers to completely reconsider the focus of their jobs. Consumers are so actively involved in every process and all the 4 Ps now, and are every bit more knowledgeable. Information no longer has to be searched for manually or physically, now it is so readily available all in one place and infinitely helpful or harmful.
Product, Price, Placement and Promotion are the fundamental mix in marketing but however now I think that a few more Ps can probably be added to that mix due to social media. The first P that we can add is people; this is the most essential part of the marketing mix now because people are in control. People know that they can be heard now through reviews, blogs, and any form of media over the Internet and they are determined to get their opinion out. This isn’t a bad thing, however, because now those opinions are instantly available to marketers and product producers and more than likely its only going to help. I think it is so important to utilize this aspect and analyze what is being said and find ways to change the negative and enhance the positive. Allow people to be your research and development team with social media.
The second P I would add is Platform. Platform can most directly be related to your target market. Twitter and Facebook are your initial thought when you hear the words social media, but there are many more platforms that can advance your product or service. The solution is to find out where your target market is hanging out at, just because you upload a video to YouTube, or start a Facebook account doesn’t mean that people will check it out. There is more than that, it has to be interactive and there has to be synergy with other forms of media such as basic forms like television ads, email, billboards etc.
The last P would have to be participation. People are telling you their opinions and their problems and it is just as important to communicate back and let them know what your doing to fix problems and that you appreciate their feedback. Be actively involved, post blogs, update statuses, reply to forums etc. Engage in the social media community, participate and create relationships and trust with the customer. Give customers rewards for posting reviews or ‘liking’ your page, create a good campaign that will give consumers something to do and talk about.
Social media is a great thing and very powerful if used correctly. Marketing managers often don’t dedicate enough time and energy into social media and it will be a mistake that could seriously hurt a business. The future holds this type of interactive relationship marketing and it is important to learn about it and engage!
sources: Engage! by Brian Solis
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