ROLE OF SOCIAL MEDIA IN MARKETING 3.0

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Available Online at www.ijpret.com 53

INTERNATIONAL JOURNAL OF PURE AND

APPLIED RESEARCH IN ENGINEERING AND

TECHNOLOGY

A PATH FOR HORIZING YOUR INNOVATIVE WORK

ROLE OF SOCIAL MEDIA IN MARKETING 3.0

PRATIK B. WASEKAR

Markets and Markets, Pune

Accepted Date: 05/03/2015; Published Date: 01/05/2015

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Abstract: Social media industry is witnessing the exponential growth since last few years. Irrespective of size, nature and industry in which a business is operating, social media has acquired an important place in many business operations. To remain upbeat in the highly competitive market environment, one has to integrate the traditional marketing practices with social media marketing. Marketers are closely looking to tap different opportunities in social media marketing and trying to reap the benefits over competitors. Today is the era of human centric marketing where marketing is not just fulfilling the needs & wants of customers. The modern days marketing is associated with customers not only by satisfying needs but by connecting them with heart & soul. So the sole goal of marketing is not to increase sales or revenue but to acquire more customers and make long lasting relationship. Marketing 3.0 is based on collaborative participation and value creation by customers. This paper is an attempt to throw light on effectiveness of social media in modern day’s value driven marketing or so called marketing 3.0. In this paper analysis of secondary data is done for different social media marketing campaigns. This paper also answers to the question that how social media adds value to industries like Gov. Dept., banking, education and other.

Keywords: Social Media, Social Media Marketing, Marketing 3.0

Corresponding Author: MR.PRATIK B. WASEKAR

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How to Cite This Article:

Pratik B. Wasekar, IJPRET, 2015; Volume 3 (9): 53-59

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INTRODUCTION

Till the last two decades, industries were focusing on product centric marketing. Mass production was at the centre of any business with the goal of profit maximization.

From the old ages Product centric marketing to the information ages customer centric marketing, marketing philosophies have changed significantly. [1]

Now comes the era of human centric marketing where the role of marketing is not just fulfilling the needs & wants of customers. The modern days marketing is associated with customers not only by satisfying needs but by connecting them with heart & soul. This is the concept of Marketing 3.0 where companies connect & maintain relationship with its customers. Companies are trying to serve value driven services giving importance to collaborative participation from customers.

Technological advances like computers, smart phones & easy availability of internet are playing a major role in modern day’s marketing. Social media is becoming great platform to connect and interact with a vast global audience at a single place.

Global companies have recognized the importance of social media marketing and have already integrated their marketing campaign with social media.

How the song Why this Kolaveri Di became a Overnight sensation on YouTube? How did “Tag a Holi Friend” campaign on Facebook help Asian Paints? How Anna Hazare Used Social Media for Anti-Corruption Campaign in India? Why Volkswagen India Campaign Inspires 2,700 Recommendations in 4 Weeks on LinkedIn? How HDFC Bank listen to customers on Twitter? [2]

All these questions have only one answer – unleashing the power of Social Media Marketing. The list is long and equally varied when it comes to mention campaigns conducted by different corporate houses. Therefore is a need to analyse the impact of social media in Marketing 3.0.

Role of social media can’t be underestimated irrespective of industry and sector. Social media has its role in each kind of business whether it is a small business to a MNC company or govt dept to private firms.

Some facts about Internet Users in India [3]:

 There are 243 Million internet users in India.

 Total users may increase to 500 Million by 2018

 India will become larger than the US in terms of number of Internet users by the year 2015

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 India is predicted to be the top Facebook user by 2015

Facebook is the most widely used and popular platform in India. Facebook is favourite for B2C marketers whereas LinkedIn is used by B2B marketers. Twitter is convenient for microblogging at the same time blogger is more descriptive giving in-depth information. So it becomes important to use these tools with best knowledge according to business goals and target customers.

According to the article published on reuters.com [4] YouTube is planning to launch a kid friendly model called as ‘YouTube Kids’ by March, 2015.

This paper aims to discuss strategies related to collaborative participation of customers which would add values to a business.

II. STUDY OBJECTIVE & METHODOLOGY:

The objective of this study is to focus light on methods and solutions of social media marketing which can bring value to an organization. This study provides significant facts and figures based on relevant research studies and literature. This paper is a work of qualitative research analysing secondary data from various sources. This paper also discusses marketing approaches for industries like banking, retail, education, govt. Institutions.

A. Social Media for Banking Industry:

Social media have made an essential shift in the traditional banking operations. The latest publication [5] of Institute for Development and Research in Banking Technology (IDRBT), suggested some remarkable ideas for banking industry. It changes the ways in which a bank interact with its customers, employees, prospectus & stakeholders.

Now a days, friends and acquaintances are the more trusted source of information before purchasing any product or services.

Therefore the need arises to use social media to catch the changing business scenario. Banks are trying to build relationship with customers. Listening and engaging with customers to know their expectation and allowing them to share their ideas and knowledge is the key for a successful social media campaign.

TABLE I Top 5 Facebook Pages from Banking Industry

Ranking Bank Total Fans

1 Axis Bank 3087744

2 HDFC Bank 2319006

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4 ING Vysya Bank 351965

5 Standard Chartered India 339381

Source: www.socialbakers.com

Social media helps in customer insight, customer education and social CRM. It is also very useful in regular marketing operations including brand building, targeted ad campaigns, word of mouth publicity or viral marketing and better lead generation.

E.g. Pockets App by ICICI [7]

ICICI bank has launched an app of its first kind integrating banking with social media. ICICI bank has made a bold step opening new horizon for social media. Pockets by ICICI app is a unique technological innovation that made banking easier for customers. This app offers transactions such as booking movie tickets, recharge mobile and planning travel integrating Facebook. So it does not require remembering many numbers and passwords.

B. Social Media for Government Institutions:

In the country like India, the world’s largest democracy, Govt and people share symbiotic relationship. Collaborative participation of people in Govt. is a vital process. Then why do we hesitate to use social media in Govt operations? Thanks to the new Govt and its policy for digital India. [6]

TABLE II Top 5 Twitter Profiles of Gov. Institutions

Ranking Govt. Institution Followers

1 @NITIAayog 603334

2 @adgpi-Indian Army 357278

3 @IndianDiplomacy 336295

4 @MIB_India 332452

5 @makeinindia_ 323195

Source: www.socialbakers.com

Social media is helping the society to understand current happening & complex issues with a comfort of a click. The govt information belongs to the people and social media is helping out to spread the information with transparency.

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Available Online at www.ijpret.com 57 Govt organisations are intended to serve the citizens of the country so why not use social media for it? People can upload a photo or write text to pay attention towards local problems in their area. They can create forums or community to discuss local issues.

There is a need to create helpline communities or channels on all social media platforms where a needy person can get quick response during urgency. Associated professionals such as Police, Doctors, Lawyers and Journalist should be connected to these communities.

C. Social Media for Education Industry:

Social media is a two way communication enabling customers and marketers to create values for mutual benefit. Similarly in education sector it helps both students and educational institutions to leverage its features. It creates synergy proving time, place & cost utility for students as well as educational institutions.

TABLE III Top 5 Twitter Profiles of Education Institution

Ranking Education Institution Followers

1 @iitbombay 16302

2 @ISBedu 14142

3 @iimc 13412

4 @IDSAIndia 9998

5 @UPESDehradun 6320

Source: www.socialbakers.com

Social media is not just limited to informal groups & friends having fun all the time. It has presence of many knowledgeable persons from different industries across the globe. Students can connect with experts, [8] follow corporate leaders, and subscribe for blogs & newsletters from experts & industries which they found interested.

Days have gone past when sharing funny photos & videos on social media was the popular activity. By sharing information, views and opinions on a topic, it is spreading at a rapid speed. There are many forums and websites to publish or share individual work. Social media is also helpful for freelancers to grab a project and earn money.

How Institution will benefit?

YouTube is the most used search engine after Google. Next generation students love video as it is more interactive and easy to understand.

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Available Online at www.ijpret.com 58 Twitter can be used to have continuous interaction with teacher and students.

This will make students more connected with their school/college and helps the organization with collaborative approach of marketing 3.0.

Social media can be used for branding & promotion of educational institution. It’s a good platform to tell success stories of a college or university. It is helpful in creating positive image in the mind of students & parents and helps to boost no. of enrolment to institutes.

It proves that social media is such a diverse tool to use in any industry or any business and the basic thing for its success is its ability to interact with customers directly.

III. FUTURE SCOPE:

The world of social media has started booming just a few years ago and it is penetrating every form of business in one or the other way. Rapidly changing technology has put big challenges in front of businesses. Social media has strained many organizations to change their business model to survive in the competition. Therefore there is a need to continuously research on the latest happening in the world of social media.

There are many aspects where future research can be done on social media industry. Studying social media in relation with business laws and Information Technology Act will help organizations to fairly use social media. There is a need to do research to check and spread awareness about do’s & don’t of social media for individuals as well as corporate.

Social media demographic shows varied and complex data so there is need to research on advanced analytics techniques to assist proper segmentation and get an edge over competitors.

The inclusion of buy button or other call to action buttons in social media sites will be going to help customers in hassle free transaction. At the same time, there is a need to check security threats to avoid frauds and fishing attacks.

Quantitative measures like no. of share, impression, comments & like may not be the correct measure for effectiveness of a campaign. There is a need to develop more widely accepted theory to measure qualitative effectiveness of a campaign.

IV. CONCLUSION:

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compared to the values it brings to a company. Customer education, customer insight,

customer relationship, customer service, branding & promotion, lead generation and so on, social media marketing almost tick all the boxes. Social media provides time, place and cost utility to customers. The value which social media marketing adds to a business is immeasurable.

REFERENCES

1 Philip Kotler, (Kellogg School of Management), Hermawan Kartajaya, Marketing 3.0:

Values-Driven Marketing,

2 "25 Indian Social Media Marketing Case Studies" by Sorav Jain

3 10 Important statistics about Digital and Social Media in India- http://blog.digitalinsights.in

4 “YouTube to release kids app next week” -http://www.reuters.com

5 Social Media Framework for Indian Banking Sector http://www.idrbt.ac.in

6

http://www.businessesgrow.com/2011/04/04/five-mega-trends-how-social-media-is-transforming-government/

7 http://www.socialsamosa.com/2013/05/infographic-indian-banks-on-social-media/

8 "How Students Benefit From Using Social Media"-By Joseph Baker- www.edudemic.com

9 KHUSHBU PANDYA, SOCIAL MEDIA MARKETING IN INDIA – CREATING NEW GROUNDWORK

IN MARKETING INNOVATION, May 2012

10 Ms. Sisira Neti, SOCIAL MEDIA AND ITS ROLE IN MARKETING, ISSN (Online): 2230-8849, July

Figure

TABLE I Top 5 Facebook Pages from Banking Industry

TABLE I

Top 5 Facebook Pages from Banking Industry p.3
TABLE II Top 5 Twitter Profiles of Gov. Institutions

TABLE II

Top 5 Twitter Profiles of Gov. Institutions p.4
TABLE III Top 5 Twitter Profiles of Education Institution

TABLE III

Top 5 Twitter Profiles of Education Institution p.5

References