Globalization has created opportunities as well as challenges for global companies. Although globalization has enabled organizations to expand their business in various شراء متابعين تيك توك to generate additional revenue, companies often lack the intelligence about the new market. Companies need to keep track of competition offerings and customer needs before investing in new offerings.
For success of new offerings in an alien market, it’s very important to understand the culture, customer needs and shortfalls in already present products. Also due to globalization, companies are forced to introduce new product/services in quick succession because if they don’t, competition will eat their market share.
Customers’ unmet needs
Customers’ unmet needs are key inputs in the first step of new product development process, i.e. idea generation. Since success of the product in a target market depends upon how new product meets the customer expectations, assessing customer needs in a realistic manner becomes critical. Understanding how features of new offerings would be desirable, how customer is going to use it and how it would provide better customer experience helps companies to develop new offerings to meet market needs thereby insuring success in the market.
Entry Timing
Before starting the product development, companies should assess what is the right time to introduce the product/services in a specific target market. For success and adoption of products in a designated target market, companies need to understand competitions’ new product development programs who are developing products/ services to meet the same market need. This helps companies to better understand the entry barriers thereby reducing the risk of product failure.
Market Potential
Traditionally, companies do market research to understand the market potential of certain products/ services in the target market. Many times companies outsource this activity to expert market research companies. Output of such survey is based on audience sample selected from the pool of customer data. Authenticity of inputs provided by the sample population cannot be validated as companies don’t have control over the behavior of the survey participants and findings could be misleading.
The wrong combination will simply reduce the traffic from targeted customers rather than attract them. If you devise your social media strategies such as social media optimization on the basis of current trends, you can increase profits and use social networking sites effectively for marketing. Here are the recent trends highlighted in an article published by Forbes based on the 2013 Social Media Marketing Industry Report.
Low Usage of Social Bookmarking Sites
According to the research reports, the use of social bookmarking sites has decreased to 10 percent from 26 percent in 2011. This considerable drop of usage clearly indicates the fall of bookmarking sites. Even though the sites including Twitter, StumbleUpon, Reddit and Pinterest are still popular among marketers, majority of sites (e.g. DIGG, Friendfeed) are almost dying. Therefore, it is not a good practice to trust a bookmarking site blindly for marketing purposes in the current scenario. Instead, check for the sites that are most popular and perform the bookmarking very cautiously.
Decline of Daily Deal Sites
Daily deal features or simply daily offerings of deals are regarded as a powerful way to attract a large number of targeted customers at a time. The research report says that around 80 percent of marketers are not interested in using the most popular daily deal sites including Groupon or Living Social for their campaigns in the near future.
Now people concentrate more on the considerable amount of returns that they receive from their purchases over time. Hence, it is advisable to use social networking sites for long term marketing goals rather than daily goals.
Top Sites for Social Media Campaigns
Marketers who use social media for marketing will obviously carry out social media campaigns (using social networking sites for promotion) for their products or services to attract targeted customers. The campaigns will be successful only if the relevant site is popular among the customers.
The research report indicates that marketers who spend more than 40 hours a week for social media marketing carry out their campaigns more intensely through Google+, You Tube, Pinterest and Instagram compared to those who spend six hours or less a week on social media marketing. Also, around 92 percent of marketers who have five or more years of experience prefer LinkedIn than 70 percent of marketers having less than five years of experience. Forum marketing has also decreased to 16 percent this year from 24 percent in 2011.
Around 67 percent of marketers are planning to increase campaigns through Twitter even though it is a slight decrease from 69 percent last year. Young marketers, more than older ones prefer photo sharing sites including Instagram for launching campaigns. 62% chose blogging as most suitable platform to master, which is the highest one followed by Google + (61%) and Facebook (59%).
Trends of B2C and B2B Marketers
Business to Consumer (B2C) Marketers use Facebook at a higher rate of 67% than other platforms. In the case of Business to Business (B2B) marketers, both Facebook and LinkedIn have equal majority of 29% each. Given below is the pie chart showing usage statistics for each platform with regard to B2C and B2B marketers.
B2B marketers use a more diverse array of platforms compared to B2C marketers. Both of them do not completely utilize blogging and have minimal You Tube usage.
If you are a B2B or B2C marketer, try to encourage blogs as they are regarded as the most popular social media platform. YouTube being the second largest search engine, you can enjoy the benefits it offers by posting low-cost videos. Orabrush (B2C Company) and Blentec (B2B Company) have become strong brands by making use of low cost YouTube videos.
As B2B marketers increasingly use LinkedIn, they have an opportunity to utilize SlideShare (owned by LinkedIn). This social media entity can be used for generating leads for B2B organizations.
Fewer Check-ins Online
As per the research reports, there is a decrease in the usage of geo-location services including Foursquare from 17% in 2011 to 11% this year. These services allow check-in to your locations automatically online. The decline in these kinds of services indicates that people are now concerned more about privacy and safety. Marketers can tackle this situation by introducing contests and rewards. This will encourage people to check-in more.
