The unfolding of new documentation and communication technologies, particularly the Internet and social networks, has changed market vigorously, threatening the competitive positions of firms and increasing the power of buyer.
The cyberspace and online-based social media have changed the shoppers expenditure habits by providing them with new ways of looking for being analytical while choosing, and buying goods and services These developments influence how traders operate and affect marketing practices in terms of both procedure and scheme by presenting marketers with new provocations and difficult choices.
According to Mangold and Faulds (2009), social media enables firms to interact with their consumers and also allows them to communicate with each other. Conversations between firms and their consumers help build brand allegiance beyond historical methods ,which allow to the branding of products and services as well as the makeup of online communities of brand followers. Furthermore, communications between consumers provide venture with new means of expanding brand awareness, recognition, and its recall.
Researchers such as Castronovo and Huang (2012) quoted that to maintain those marketing agendas involving its intelligence, brandings, public relations, product and consumer controlling, and marketing conversations should begin exploring and hold social media, not only because there is a increasing interest among customers in cyberspace usage, but also due to the fact that consumers examine information shared on social media as more reliable than information furnished directly by ventures.
According to eMarketer (2013), ventures have increasingly adopted social media for various trading activities such as promoting, market research, consumer relationship management, service provision, and sales branding alongside various studies that are putting forward clues of the positive suggestions of install social media in trading strategies. However, many ventures have yet to include social media into their strategies despite the existence of diverse studies providing factual evidence of the benefits to the firms as well as detailing the means by which social media trading strategies may be enhanced and leveraged.
In 21st century people do not find time to come &communicatewith each other. Social media helps in connecting themselves with social networking sites through which now people can stay far and yet remain connected. Apart from this media like Facebook create a good connection between product and consumer which leads to large branding opportunities. Similarly, other social media like Blogs create a platform to post comment on any event which needs to be promoted and also can be utilized as a branding technique for customer’s adoption as well as for promotions.
Now users are gain followers & subscribers and directing them to your social networking page. These media have a competitive boundaries over other famous public media like Television because there is a time gap between social event happening and the time it is being broadcasted. This research paper highlight on the techniques which can take this viral marketing mode beyond the normal social media at present. As a result it can also help in setting up your community strong enough to make your trading effective & initiate buying.
Social media trading refers to the stages of increasing website traffic or focus through social media sites. Social media marketing techniques usually center our efforts to create content that gains attention and motivates readers to share it with their social networks. Hence, this form of trading is driven by word-of-mouth, meaning it results in earned media rather than paid media.
Social media has become a stage that is easily approachable to anyone with cyberspace access. Increased conversation for venture fosters brand awareness and often, improved consumer service. Additionally, social media serves as a relatively inexpensive platform for organizations to implement trading campaigns.
Social networking websites permits individuals to communicate with one another and build contacts. When products or firms join those sites, people can interact with the product or venture. That communication feels personal to users because of their prior experiences with social networking site communications. Social networking sites like Twitter, Facebook, Google Plus, YouTube, Pinterest and blogs allow individual followers to “retweet” or “repost” comments made by the product being branded. By repeating the message, all of the users connections are able to see the message, therefore reaching more public. Social networking sites act as word of mouth. Because the information about the product is being put out there and is getting repeated, more attention is brought to the product/company. Through social networking sites, products/companies can have communicationsand interactions with followers. This personal conversationcan instill a feeling of loyalty into followers and potential consumers .