It's A Social-Media Frenzy

Social-Media Frenzy

By David McCann – CFO Magazine

http://www.cfo.com/article.cfm/14550777/1/c_14551704

This article talks about company’s use of social-media, such as facebook, twitter, and YouTube as a way of marketing to today’s society.  In the article he quotes “A 2010 study by communications firm Burson-Marsteller found that 65% of the largest global companies had Twitter accounts, 54% had Facebook fan pages, and 50% had YouTube video channels. And research firm Gartner predicts that by 2014, social media will have surpassed e-mail as the primary communication vehicle for a fifth of business users.”

Being a college student with accounts in most of these social media outlets I have to agree with what McCann was trying to convey. I have ‘liked’ many businesses, both local and national, to follow the trends as well as learn about sales and promotions. I have more than once purchased an item because of an ad on facebook.

YouTube is also a big place to market. In my MGT 301 class we watched advertising clips through YouTube. Although I do not use Twitter, I know many people who do. My friend once told me she had horrible customer service at a Starbucks and instead of filling out a comment card she tweeted her experience. Later that day she got a tweet back offering an apology and a free shot of espresso in her next coffee. Companies seem to be using Twitter to gain insight to their customer’s preferences and inform their fans on what is to come.

With TiVo and online T.V. viewing, do you think marketing is going to become more social-media driven?

In response to Cory Secore. . .

Cory brought up the fact that companies spend far too much money getting celebrities to advertise their product instead of creating a product that will sell itself. He questions, “Is this method of using celebrities really selling the product?”

I don’t think that celebrities really make an impact on sales. When I see a commercial with Peyton Manning in it, for example, I try to avoid what’s trying to be sold to me because I hate the Colts. I think choosing a celebrity could be detrimental to the company’s image, like when Tiger Wood received all that bad publicity over his affairs. I like Cory’s idea about giving away free samples to create customer loyalty and wish companies would take this approach more often.

That question led me to thinking about celebrity clothes lines and fragrances. In today’s market more celebrities are coming out with their own product and in my mind the prices are extremely steep. For instance, Vera Wang’s new fragrance is $70 for a tiny bottle.

Have you ever purchased from a celebrities clothing because just because you liked the celebrity?

If I Were the Product . . .

In my marketing class we discussed marketing principles such as the marketing mix. I was asked, "If I were the 'product' trying to obtain a position at a company, how would I sell myself?" Initially I would create a resume to demonstrate what I have to offer the company and the experience I can bring to the working culture. Here I would put my past jobs, my school degrees, and the extra curricular activities I participate in (like community service). Assuming my resume fits the criteria the company was looking for I would be called in for an interview. Here I would promote myself as a good fit to their organization by carefully choosing what I wear and how early I show up. I could show the interviewer some examples that I have done relating to the position, like a portfolio. I could bring up the fact that I live close to the company and own a car to assure them that if there was ever an emergency I could make it to the establishment quickly. Once they offered me the position [because you know they will ;) ] we would determine the price. I could offer to work on a trail period of 3 months on a lesser salary to insure they hired the right person or I could argue that because of my experience I should be paid a higher starting salary. There are a lot factors involved when trying to market yourself to a company and the marketing mix starts to break down what you need to do to obtain your dream job.

What do you think is the most important component of the marketing mix when you are interviewing for a position?

Marketing, Advertising, and Propaganda. OH MY!!

Marketing, advertising, and propaganda are closely related because they all help promote and sell a product or service for a target market. Marketing, to me, is the process of promoting and selling a product or service. When considering how to market a product a company has to consider the labels, packaging and logo to represent the company and the new product. Advertising is a way to allow a company to sway its target group into purchasing their product. Advertising can take on many forms from TV and radio commercials, sponsoring teams or charities, or billboards. Propaganda generally has a negative connotation, but in my opinion propaganda is an opinion of someone outside the company. If a food critique writes an article singing praises about the new bistro that opened up in your town then the new bistro is receiving positive propaganda. Negative propaganda tends to be synonymous with slander. An example of negative propaganda would be the commercials during election season where they bash their opponents to make them seem better.

Marketing, advertising, and ‘positive’ propaganda play a large roll in a product or services success. Likewise, with poor marketing, advertising, and ‘negative’ propaganda will hinder the companies ability to be profitable. Am I on the right track?