I recently read an article, 'Word of Mouse' from the Economist and it dawned on me how much Web2.0 technology has crept into businesses today and created opportunities like never before. Conversational marketing- marketing by establishing a two way communication between businesses and customers is just one of these latest opportunities seized from the Web 2.0 buzz.
Although, some companies have realized that it is more effective to reach out to their customers by engaging in ‘conversations’ to ensure that they are listening to their customers and meeting their demands; many others are still left out of this whole frenzy.
Just like in any regular conversation, a two way communication of speaking and listening proves to be more effective than one-way in creating mutual benefits for both parties. The conversational approach to marketing is helping to integrate that ‘listening’ section lacking in the conventional approach of TV adverts, billboards, etc.
Being an addict fan of Facebook, I have visited so many business pages with some having fans of over 3 million people. The discussion boards not only help to create a personal relationship with the brand but also help me as a consumer to associate better with these many people with similar interests. Also, just like in relationships where we all desire attention, the recognition from businesses for being affiliated with their brands or products creates a strong attachment. Personally, I have derived so much satisfaction from these experiences which often motivate me to further endorse such products to my friends and family- Word-of-mouth marketing.
In the years to come, I see a lot of opportunities amass for companies as they embrace this approach to marketing. Even the most conservative firms might need to recognize the inefficiencies of the conventional marketing channels of placing advertisements on TV, and pasting information on sites, billboards that do not listen to my opinion or acknowledge my 'presence'!:)
Post MBA - what's changed
14 years ago
I agree with you that there are lots of ways businesses are using social networking and web 2.0 today that I had never really stopped to acknowledge. I think part of this is because I've grown up with the technology, but also because I, too, love it! But what about those who don't?
ReplyDeleteI know way too many people in my past and current experiences that are totally scared of new technology, especially those types that invade privacy--hello, web 2.0. I think most companies are aware of the growing need to be involved in conversational marketing, but I'm weary that these same companies are not taking the appropriate change management steps to really make it a strong, enterprise-wide, lasting efficiency mechanism.
Social networking is a great way for consumers to keep companies on their toes. Consumers have easy access to social networks such as Yelp, Facebook, Blogs, etc. If consumers are unhappy about any aspect of their experience they can voice their concerns/aggravation to the public. Personally I think that this is a great opportunity for both consumers and for companies. Consumers can give each other a heads up about inefficiencies of a companies products/services. And companies, by listening to what consumers have to say on these various sites, will be able to effectively respond to consumer demands.
ReplyDelete