The following report is based on the organizational approach towards Social media and its impact on the business. Undoubtedly, social media plays a big role in representing the business the in a vast market. Hence, the vast market is referred to the frequency of people using social media on a daily basis. Millions of people around the world are active on social media. This remains as a significant opportunity for the marketers to reach this vast population. The key reason for using media as the new marketing trend is the developed communication channel. Unlike traditional media, the businesses could easily reach the customers through social media channels. Moreover, advancement of internet has helped the marketers to learn the buying pattern of people and based on this investigation, the marketers develop new strategies. However, even though the social media is known as the new trend of placing the business in the market, many organizations have already adopted the strategies of social media. Now, the organizations observe a state of competition in the field of social media marketing. Different organizations based on its size and reach use different strategies. Thus, the learn those approaches and their impact on business, the following report considers the organization Starbucks , UK, which is global beverage firm.
As put forward by Vuori and Okkonen (2012), social media has become the best form of communication for reaching the customers. Everyday people tweet of their desire to have a Starbuck coffee. Many business leaders as well as digital platforms remains as the future and their organizations are adapting this trend to gain the competitive advantage. Nevertheless, very few understand really understand the complex triangular between consumers, product as well as social media. When the organizations could successfully manage these three aspects increase brand’s profile and gain higher revenue. It has been identified that almost 30.07 million Facebook fans as well as 11.8 million Twitter followers. In addition, the brand has 7.3 million Instagram followers and 4.56 million Google + followers (Starbucks 2017). The numeric figure indicates that Starbucks has millions of followers around the world. Thus, any new launch of product and service of Starbucks are is easily communicated through this vast channel. For example, Starbucks social media as the platform where their fans could easily connect with the fans for open discussion to share new ideas, suggestions and comments.
With the help of Instagram, Starbucks interacts with its customers through photo-sharing options. On Instagram, Starbucks has 7313655 followers who keep a close eye on the updates over the platform (Bonsón et al. 2012).
Like Facebook, Twitter is another platform where millions of people from the different region of the world are connected. This big platform for the organizations to access the vast population with one share or update. Presently, Starbucks has 11,172,043 followers over Twitter (Papasolomou and Melanthiou 2012). The brand engages with the followers on daily basis responding the queries as well as re-twitting what others talk about Starbucks. As the marketing strategies, the followers over Twitter could get an e-coupon for a new coffee.
The brand Starbucks YouTube has 87995 people subscribing to its YouTube channel. The videos of Starbucks are related to the Coffee in general instead of emphasizing largely on their brand or products (Starbucks 2017). Starbucks develops the marketing videos besides the informational videos to deliver information as well as make connection with the follower and viewers.
The company uses the above-mentioned social media tools to reach the global customers. However, it has also kept its focus on the quality of products. Starbucks provides its customers with delicious coffee and free, Wi-Fi, and it shares a personal relationship. As put forward by Macnamara and Zerfass (2012), the organization appears to be succeeding with these approaches. In this context, Munar (2012) commented that real strength of social media is that it enables the organizations to deliver new products, new revenue stream through a close observation about how customers interact with the products and listing to their feedbacks. In addition to this, another significant benefit is that agile organizations could use all the elements to reposition brand as commercial social change. Furthermore, it has also been observed that Starbucks has always been on the cutting of edge of embracing digital marketing as well as social media marketing into the business operation. Therefore, eventually it can be added that Starbucks have successfully adopted the social media marketing and effectively reached the wide population.
The social media is largely considered as the economic tool for business due its increasing popularity. Due to the advancement of technology, the people around the world are easily connected to each other (Huy and Shipilov 2012). In traditional media, the organizations would find it difficult to reach the wide market within the expected time. However, in social media, the brand could influence the customers sitting in the foreign country. Due to the increasing use of internet, the marketers before implementing a new strategy of business or launching a new products gives update on the social media. Thus, people are aware of the coming trends. In addition, the organizations before launching a new product create a social media buzz to gain customers attraction. Thereafter, they launch the products. As the result a millions of people who already knew about the products do not wait to buy. Thereby, the implementation of social media strategies has always been successful.
As put forward by Chen and Bryer (2012), when social media was rapidly moving to the forefront of marketer’s mind, people realized that it must be a cost-effect way of spreading the information about the brand due the leanness of their budget. However, the potential of social media as the marketing tool was not particularly understand at that stage. At the initial phase, the decision of using social media that based on the fact that is cost-effect and time effective. Nevertheless, in the present days, the decision of using media as the effective marketing tool could go beyond the economic decisions. The time when the business had less discretionary money, the organizations needed to be highly careful with where, from whom and when they buy products as well as services. Another significant point is that people had lost the feeling of trust in business.
Due to the poor condition of the economy, the business had taken many inappropriate decisions that largely affected the business. The buying heavier of people has negatively been affected during the recession period. Because of this reason, the social media come in. the social media is not only an inexpensive way of advertising the products but it provides significant opportunities for business to present the brands in a manner that is transparent to the customers. In this context, Huy and Shipilov (2012), social media naturally enabled a two-way communication between the brand and the customers. This wide platform enables the customers to react what brands offer. Customers could voice concerns and communicate their customer service issues.
Another significant way of analyzing social media is in the context of competitive force. According to Papasolomou and Melanthiou (2012), the “information revolution” often changes the structure of the industry as well as consequently changes the rules of the organizations. Mergel (2012) suggest that availability of information could result in competitive advantage and could spawn new business. It is identified that usage of social media increases the barriers to entry as well as consequently make it difficult for new organizations to compete. The initiatives of social media initiatives require investments in new infrastructure such as big data, mobile and cloud technologies. In addition to this, the organizations also require sophisticated analytics software. Thus, to implement all these, the organizations must have to make a large investment such as the purchase of hardware and software and human resource. In this context, Macnamara, and Zerfass (2012) commented that the social media influences the buyers and the sellers. The buyers could compare large number of sellers without going out of home with the help of consumer generated feedback and reviews on different sites. Consequently, the customers have the large capabilities of comparison as well as evaluation between different brands.
Figure: Competitive advantage
(Source: Macnamara and Zerfass 2012)
By receiving the feedback quickly through social media platform channels, the organizations could easily make changes to their methods and procedures, which results in new products offer. The organizations could create innovative contacts and implement dynamic pricing on the basis of the feedbacks. For example, Starbucks develops its product Quality and increase the variety of products based on the feedbacks collected through social media channels.
It is worth spending time on social media to think whom marketers need to connect and engage with on social media. Next, the marketers need to think who are those people associated with the social media channels. Thus, to find the right audiences, the organization should start defining the target consumers. To implement these procedures, the organizations provide with the general demographic of the customers to start. This data set helps the marketers to minimize the cost of social media ads while enhancing the relevancy for the audiences. Millions of people on spend a huge time on social media channels like Facebook, Twitter and YouTube (Munar 2012). By developing a page or video on the page, the marketers could focus on the particular people based on their demographics. The demographics can be learnt through Google Analytics tools.
Thereafter, the marketers collect the feedbacks, ideas and comments. Based on the feedbacks further initiatives can be implemented. The best way of focusing on the target audiences is the demographic targeting. As put forward by Kaske, Kugler and Smolnik (2012), demographics are particular aspects shared by a group of people. Thus, while particularly focusing on the social media websites, the most widely used demographic is age. The marketers should have a fair idea of the age of the potential customers. This enables the marketers to generate ads that could appeal to the audience. Another significant thing about social media advertising is that the marketers could select any demographics including the race, gender, location and others attributes. The large varieties of alternatives provides an increasing flexibility and provides the marketers
The scholars have argued that human resource professional are late adopters in the field of technology and social media. However, the possibilities as well as the popularity that social recruitment have brought to corporate sector are forcing HR to notice. Many organizations or the marketers have realized that the popularity of social media will increase in coming years as the technology is being developed rapidly. Besides the developed nations, the under developing nations have widely embraced the technology. Thus, due to availability of technology, the users of internet are rapidly increasing. As put forward by Dabbagh and Kitsantas (2012), almost 80% the respondents have mentioned that they will create more video content if they did not have limitations such as time and resource.
Conclusion
On the completion of the report, it can be added that social media might remain as the significant trend for further developing the business in a large market. Young people grow up being accustomed to social media as the part of their lives. Several social media channels are identifying the demands as well as personalization in their user base. The popular social media tools like YouTube and Facebook are providing the user with the opportunity to change how their news feed runs. Thus, there could be a larger extent of niche segmentation when organizations embrace social media platforms.
Reference
Agnihotri, R., Kothandaraman, P., Kashyap, R. and Singh, R., 2012. Bringing “social” into sales: the impact of salespeople’s social media use on service behaviors and value creation. Journal of Personal Selling & Sales Management, 32(3), pp.333-348.
Bonsón, E., Torres, L., Royo, S. and Flores, F., 2012. Local e-government 2.0: Social media and corporate transparency in municipalities. Government information quarterly, 29(2), pp.123-132.
Chen, B. and Bryer, T., 2012. Investigating instructional strategies for using social media in formal and informal learning. The International Review of Research in Open and Distributed Learning, 13(1), pp.87-104.
Dabbagh, N. and Kitsantas, A., 2012. Personal Learning Environments, social media, and self-regulated learning: A natural formula for connecting formal and informal learning. The Internet and higher education, 15(1), pp.3-8.
Huy, Q. and Shipilov, A., 2012. The key to social media success within organizations. MIT Sloan Management Review, 54(1), p.73.
Kaske, F., Kugler, M. and Smolnik, S., 2012, January. Return on investment in social media–Does the hype pay off? Towards an assessment of the profitability of social media in organizations. In System Science (HICSS), 2012 45th Hawaii International Conference on (pp. 3898-3907). IEEE
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Macnamara, J. and Zerfass, A., 2012. Social media communication in organizations: The challenges of balancing openness, strategy, and management. International Journal of Strategic Communication, 6(4), pp.287-308.
Mergel, I., 2012. The social media innovation challenge in the public sector. Information Polity, 17(3, 4), pp.281-292.
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