Social networking is a very powerful medium and competes with the most populous nations in the world for the number one position in population terms. The moot point is as to how the marketing teams of leading MNCs can leverage this powerful medium and get a first mover advantage.
People on social networking sites like facebook and twitter talk among the other things about the products consumed by them, their experiences starting from the first interaction with the product company and ending with the product experience post purchase. The entire experience of the customers and the thought processes that they followed throughout the product purchase life cycle and even post purchase is there for the entire world to see via social networking sites. Satisfied customers become evangelists of the product and spread good words about the products and vice versa. Since other consumers on the internet trust the experiences of their co-netizens much more than any of the marketing campaigns unleashed by the product companies the views of their compatriots on the internet may make or mar a product’s future.
It becomes very important for the marketing teams of the MNCs selling products in various countries across the world to keep in touch with the customer pulse by tuning into the conversations of their customers on the social media. They can infact use social media effectively for presenting the company’s point of view and influence conversations happening on the social media to their advantage. A lot of companies have already formed discussion forums on the Internet and the conversations happening in these forums help the companies understand the pain points of their customers much better and will help in bridging the crucial product deficiencies which if filled can add substantial value to their customers.
MNCs need to have a CXO level officer ( e.g, CMO or Chief of Corporate Communications) keeping abreast of the conversations happening in the social media and assess the impact this will have on the company and also initiate corrective actions to nip the potential problems in the bud. Forbes magazine advocates the role of a “Chief Conversation Officer” as being quintessential for the continued success of the organizations in the digitally connected world.
Co-Creation is yet another strategic initiative that can be fulfilled by leveraging the social media. The joint product development by a joint team consisting of the company’s experts and customers can be extended to a larger canvas of customers by making use of social media. The term “prosumer” ( a combination of a producer and consumer all rolled into one) has indeed become a reality in today’s world.
Several leading management experts are strongly in favour of the companies adopting social media and having a presence in the world of social networking. Kotler in his latest book “Marketing 3.0” extols the virtues of social media and collaboration and talks in detail about how the 4Ps of marketing should be re-aligned keeping in view the changes happening in today’s world. Several leading journals including the most recent edition of Harvard Business Review talk about the impact of Social media on the brand and how to leverage this new kid on the block to gain a competitive advantage.
In summary the potential offered by “Social Networking” needs to be harnessed by the companies to be successful in today’s age by doing the following:
ü Have a strong presence on Social Networks
ü Leverage the customer social networks not only to co-create and but also to build stronger brands
ü Use social media for a 2 way conversations with customers that provide valuable insights into the customer minds
