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Impact of Social Media Marketing Strategies used by Micro Small and Medium…
Impact of Social Media Marketing Strategies used by Micro Small and Medium Enterprises (MSMEs) on Customer acquisition and retention
Goals
Objective
Study and understand the concept of social media marketing and its role in the Micro Small and Medium Enterprise (MSME) sector
Study the correlation between the sales obtained by a successful marketer and the time spent on social media marketing
Information
Second, social media provides a real-time resource regarding market trends and consumer needs. Companies can use these resources to modify advertising messages and develop special targeted features for future products
First, companies can obtain vast amounts of feedback regarding their products and brands by monitoring consumers‟ online conversations, thus enabling them to resolve problems quickly and work to improve future brand performance (Madupu, 2006)
Social Media and online communities allow people to gather together on the Internet for various reasons, including searching for and sharing information, discussing communal issues, and making inquiries (Wang & Fesenmaier, 2004).
The Internet has revolutionized communication, allowing individuals and organizations to overcome geographical and time constraints, which in turn allows consumers and companies to connect around the world at any time (Harris & Rae, 2009).
Methodology
Exploratory research is used to study the social media marketing strategies used by these MSMEs for customer acquisition and retention.
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Third, companies can observe whether their brands are truly suited to consumers‟ lifestyles and can learn which features of their products make them special or unique in consumers‟ eyes (Kozinets, 1999).
Through social media, companies allow consumers to become involved, directly or indirectly, in creating new products and brands (Sawhney & Prandelli, 2000).
While large corporations all over the world are leading their countries forward with rapid innovation and expansion, small businesses are playing a vital role in grassroots economic development. Small businesses provide a platform for wider employment and economic opportunity at the local level.
One of the most recent innovations to emerge is web 2.0, „a collection of web services which facilitate certain behaviors online, such as community participation and user-generated content‟ (Chaffey and Smith, 2008: 499).
Small firms are generally at an advantage because their small size makes it easier to get close to customers and obtain valuable feedback (Gilmore et al., 1999).
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Concludes that a company-specific website should be complemented by social media tools to drive traffic to the company-controlled portal (Kirby, 2010).
Through the use of social media sites, managers can find out what is being said about a brand and they can also connect with consumers (Reyneke, Pitt, & Berthon,
Kirby (2010: 40) underplays the significance of financial measures by suggesting „return on investment is only one way to gauge the success of a campaign‟, and advises complementing return on investment with other measures such as return on engagement. Mount, Matthew (2014)