This website uses cookies to ensure you have the best experience. Learn more

Social Media Has Been An Important Part Of Many Firms’ Marketing Strategies In The Past Five Years, But Critics Say It Has Yet To Provide Any Mean

1883 words - 8 pages

The importance of social media for business
The potentiality of social media is too important to ignore because of the experience and the possible benefit brought by its functionality to users and firms. An example can be seen from Lay’s potato chip’s case as follows:
Lay’s created a campaign “Do Us A Flavour” through the social media channel and provided a $1 million prize for the winning flavour. Lay’s invited its customers to share ideas about the new potato chip flavour on the Lay’s Facebook page and received 3.8 million submissions across 14 countries (David 2013). Then Lay’s narrowed down the choices to the top three flavours: Cheesy Garlic Bread, Chicken & Waffles and Sriracha. ...view middle of the document...

On the other hand, the campaign also enhanced the correctness of market research by listening and adopting customers’ opinion. It reduced the risk of launching an unfavourable new product and ensured it can achieve customers’ satisfaction. Therefore, based on Lay’s new flavour campaign, it can be induced that the main important functionalities of social media are increasing customer engagement, sharing ideas, building groups, creating or reinforcing brand relationships and enhancing brand awareness.

Measuring the ROI in social media
To avoid any uncertainties, usually managers demand for evidence of potential ROI before allocating budgets to marketing efforts. However, ROI is seems to be an economic term, so they quantify the ROI through traditional approach such as calculating the launching cost and the return on sales. This narrow focus is short-term oriented and ignores the underlying value of social media. According to Hoffman and Fodor (2010), an effective social media measurement should start by emphasizing the returns of customer response by considering customer motivations and evaluating the level of engagement to use social media. This suggests that the ROI will not always be monetary performance, but qualified results. Moreover, Social media is a world that fully controlled by customers through their experience and comments (Kietzmann et al., 2010), firms should focus the feedback from customers’ sides, not only the sales numbers.

According to Owyang, cited by Fisher (2009), to measure the effectiveness of social media effort, companies should first set goals, which will be the benchmarks to judge success, companies should then track on the four main attributes as follows (Benson, cited by Fisher 2009):
1. Attention:
Web traffic, number of followers, fans or subscribers, duration on the sites, search ranking.
2. Interaction:
Number of comments, level of involvement, sphere of impact.
3. Conversation:
Number of user-generated contents and replies, types of opinion.
4. Velocity:
Spread over time, the percentage increase of conversations over time, trackbacks.

After monitoring the aforementioned attributes, companies can start addressing them to measure the ROI of brand awareness, brand engagement and word-of-mouth in social media (Hoffman and Fodor 2010).
1. Brand awareness:
Brand awareness can be measured based on the number of views of photo or video, tweets and re-tweets, followers and posts. Hoffman and Fodor (2010) identify that companies increase exposure of their brands whenever a person uses an application designed about the companies. A paradigm can be seen from Starbucks, which has 1.5 million Facebook fans and 183,000 Twitter followers (Grand Social Central 2013) and exerts this advantage wisely in social media marketing to increase brand exposure and reinforce brand awareness:

Starbucks launched an online/offline campaign in 2009 as they found people tend to share feelings and photos about what they have been doing...

Find Another Essay On Social media has been an important part of many firms’ marketing strategies in the past five years, but critics say it has yet to provide any mean

It has been argued by critics that up until the end of the play, Othello fails to realise his own guilt. Do you agree?

595 words - 2 pages wanted to end up, but had no exact route, and Othello's weak mind didn't make it any harder for paths to open up for him. For instance, Iago didn't actually plan for Othello to kill Desdemona, this came as a bonus. In fact, it was Othello who first thought in terms of murder, when in an emotional outburst he cried, "I'll tear her to all pieces!" when referring to Desdemona being unfaithful.Othello's guilt in the tragedy can be clearly seen by all

It has been claimed that "decision making is important to every aspect of a manager's job."

3073 words - 12 pages . Last but not least, team size also affects team performance, on Daglow's law of team Dynamics "Small teams are informed. Big teams infer" smaller teams demonstrated to have better team-work (Ziller, 1957 p.165-173; Steiner, 1966 p.273-283). Team size is an important determinant of the social loafing phenomenon, whereby individuals decrease their effort as the number of people in the group increases. Team size must be determined with respect to both

A. What has been the most important event in your life, and how has it changed you?

683 words - 3 pages dance to go along with ours. I really love to sing dance, even though I am terrible at it, but before that week I never would have been able to do it in front of so many people. This also really helped me get over my fear of public speaking. Our last major event was the Duck Derby, a tournament between all the Level 1 councils. This was a time when many of the councils got into arguments because we are all leaders who want to take charge. Our

An Examination of how the 'type' of Fujio Mitarai has influenced the performance of Canon in the past ten years

3807 words - 15 pages An Examination of how the 'type' of Fujio Mitarai has influenced the performance of Canon in the past ten years.1. Executive SummaryThis essay examines the impact of management type on the performance of the firm. The case study of Fujio Mitarai, former president of Canon, is used by the authors to determine whether the type of management is influential in the success of a company.2. IntroductionStudies of modern firms indicate that companies

Animation: How it has evolved in the past one hundred plus years

1027 words - 5 pages trilogy. Another studio that is starting its rise to fame is Blue Sky Studio. Although Blue Sky has been in business since 1989 animation is a new feature for it. Movies like Ice Age, Epic, and the Rio movie all have been successful in the box office. Even with computers in use for animation today there are still many new programs being used to improve the look, feel and over all appeal of an animated feature. The world of animation is always

Animation: How It Has Evolved in the Past One Hundred Plus Years

1310 words - 6 pages story of animation is far from their famous kid-friendly fairy tales and colorful worlds, in fact many animated films and short films are too dark or sexual for children to even view. From Mainstream to Avant-Garde, the story is filled with hundreds of companies across the world rising and falling from fame, animators and film directors working years on films then destroying them in their downfall. It may be a bit surprising to find out that this

Media Has Been Corrupting Society for Countless Years

2220 words - 9 pages of a sick idea implanted in someone’s mind from watch TV or a movie or a video on the internet. Critics say that media is essential for entertaining the people and informing them. And that it also helps the community by having a colossal impact on the economy. Show biz is a business with millions to billions of dollars spent and earned often, on mostly series, movies and commercials. But even though media can prove useful to society in certain

Explain why voter turnout has been declining in the past half of the century and why voter turnout in presidential years is higher than that in midterm elections

932 words - 4 pages voters, while at the same time fails to engage citizens in the political process.There has always been a big gap in voter turnouts between presidential and midterm elections. The presidential campaigns are much stronger than the midterm campaigns: much more costly, more influential, and more important. One of the main factors affecting this big gap is the influence of media, which puts a lot of effort and time into the presidential campaign

Quebec Nationalism The question of whether Quebec will secede from Canada to become an independent nation has been a hot topic in the country for several years now

1646 words - 7 pages The question of whether Quebec will secede from Canada to become an independent nation has been a hot topic in the country for several years now. It dates back to the abortive rebellions of 1837-38. In 1980, a referendum to secede was rejected by a 60-40 margin. Since then though, the numbers of Quebeckers that want to become sovereign has significantly increased. There is so many questions of what will happen if this does happen. In this paper

Why has trade union membership shrunk so dramatically in the past twenty five years? Will this continue?

1986 words - 8 pages , pp 123-147).Amalgamation played a role in the declining number if unions where at time two or more unions would join together creating a larger and more powerful group.This is shown in table 6. In the past it had been argued that there were too many trade unions with small memberships, which leads to gross diseconomies of scale. Unions which amalgamated in the mid-1980s contributed greatly to the declining numbers of unions in Australia (G. N

The Story Has Ended, but the Truth is yet to be Told

2436 words - 10 pages ? / Or, if I live, is it not very like, / The horrible conceit of death and night, / Together with the terror of the place,-- / As in a vault, an ancient receptacle, / Where, for these many hundred years, the bones / Of all my buried ancestors are packed: / Where bloody Tybalt, yet but green in earth, / Lies festering in his shroud; where, as they say, / At some hours in the night spirits resort;-- / Alack, alack, is it not like that I, / So early

Similar Essays

Overall, Has The Past Century Of Warfare Been Worth It?

772 words - 3 pages benefits fails to do so. The fact that war has historically been a driving force for all three benefits fails to defend the institution of war. Generally, several technological developments would not have been made if it wasn't for war, as well as some countries would not be in the position they are in economically today and some would still be living under tyranny. Overall, war is never worth it because of the many lives it takes, but to some extent thanks to the wars that have been fought, technology today is remarkable, and several countries' economies were improved and nations have been liberated.

Six Hundred Years A Part…But Has The Writing Changed?

1893 words - 8 pages going to leave for fear of burdening Eumaios, Eumaios replies, “stay with is here. No one is burdened by you, neither myself not any of my hands” (15.412-413). Odysseus is testing him, but the value of hospitality is so strong in the Greek culture that Eumaios cannot be shaken. The Aeneid differs from The Odyssey in that it was commission by and written as a form of propaganda for Emperor Augustus. An obvious example of this promoting comes when

It Has Been Suggested The “Stress Is In The Eyes Of The Beholder?”. What Does This Mean? Do You Agree?

1750 words - 7 pages I strongly agree with the statement, as stress is a fact of daily life. It is been feel when one’s thought of any adjustment in life. In workplace, stresses are the one of the importance as the excessive of it could give an upside down impact in physical and emotional of the workers. Not everything perfect as in workplace, we can’t control everything to be as we wish for, but that doesn’t mean useless. It is better to find a way to managing

It Has Been Suggested That “Stress Is In The Eyes Of The Beholder?”. What Does This Mean? Do You Agree?

2262 words - 10 pages symptoms that affect you will often accumulate until you are forced to take notice of them. It is often the behavioural symptoms that are noticed, as they are more obvious, but by this time stress has been going on for many months, maybe even a year or more. Stress manifests as a physical, psychological or social dysfunction resulting in individuals feeling unable to bridge the gap with the requirements or expectations placed upon them. Those