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MARKETING: The Future of Social Media - Coggle Diagram
MARKETING: The Future of Social Media
IMMEDIATE FUTURE
INDIVIDUALS
OMNI-SOCIAL PRESENCE
this has made social media persuasive and ubiquitous and has extended the ecosystem beyond dedicated platforms
consumers live in a world in which social media intersects with most aspects of their lives through digitally enabled social interactivity in such domains as travel (e.g TripAdvisor), work (e.g LinkedIn), food (e.g. Yelp), music (e.g. Spotify) etc.
social media companies have augmented their platforms to provide a broader array of functionalities and services (e.g., Facebook’s marketplace)
omni-social nature of the present environment suggests that virtually every part of a consumer’s decision-making process is prone to social media influence
need recognition might be activated when a consumer watches a beauty influencer trying a new product on YouTube
a consumer shopping for a car might search for information by asking their Facebook friends what models they recommend
a hungry employee might sift through Yelp reviews to evaluate different lunch options
a traveler might use Airbnb to book future accommodation
a highly dissatisfied (or delighted) airline passenger might rant (rave) about their experience on Twitter
these scenarios show that social media has the propensity to influence the entire consumer decision-making process, from beginning to end
omni-social phenomenon is the manner in which social media appears to be shaping culture itself
YouTube influencers are now cultural icons -> there own TV shows and product lines
these examples suggest that social media's influence is hardly restricted to the "online" world
FIRMS
THE RISE OF INFLUENCES
influences that have a strong following (but not as well known as celebrities) they are usually more targeted, amounting everywhere between a few thousand to hundreds of thousands of followers
influencers are considered to be more trustworthy and authentic than traditional celebrities -> reason influencer marketing has grown appealing to brands
influences are seen as credible 'experts' in what they post about, encouraging others to want to view the content they create and engage with them
-influencers allows the brand via first person narration (compared to ads), which is considered warmer and more personal, and was shown to be more effective in engaging consumers
PUBLIC POLICY
PRIVACY CONCERNS ON SOCIAL MEDIA
considering that social media has become one of the best places for brands to engage with consumers, build relationships, and provide customer service, it’s not only in the best interest of social media platforms to do better in terms of policing content, but the onus of responsibility has been placed on brands to advocate for privacy, trust, and the removal of fake or hateful content
social media plat- forms and brands need to consider three major concerns that are eroding consumer trust: personal information, intellectual property and information security
rands need to establish transparent policies regarding consumer data in a way that recognises the laws, advertising restrictions, and a consumer’s right to privacy
NEAR FUTURE
FIRMS
INTEGRATED CUSTOMER CARE
believe that in the future, companies will be able recognise early indications of problems within customer chatter, behaviour, or even physiological data (e.g., monitoring the sensors in our smart watches) before customers themselves even realise they are experiencing a problem
PUBLIC POLICY
SOCIAL MEDIA AS A POLITICAL TOOL
ability to drive and engage voters on social media
it has helped the rise of fake news is echo chambers. This occurs as the repeated sharing of fake news by group members enhance familiarity and support
INDIVIDUALS
COMBATING LONELINESS AND ISOLATION
users can now check their daily times, set up reminder alerts that pop up when a self- imposed amount of time on the apps is hit, and there is the option to mute notifications for a set period of time
these are designed to try and give people a more positive social media experience -> whether these features will be used is unknown
FAR FUTURE
FIRMS
ONLINE/OFFLINE INTEGRATION AND COMPLETE CONVERGENCE
PUBLIC POLICY
SOCIAL MEDIA BY NON-HUMANS
social bots (computer algorithms that automatically produce content and interact with social media users have inhabited social media platforms for the last decade and have become increasingly pervasive
bots are said to be benign, and even useful (e.g., acting as information aggregators), they have also been shown to disrupt political discourse, steal personal information, and spread misinformation
the existence of bots poses a growing threat to accurate marketing metrics and methods for ROI estimation, such as attribution modelling
INDIVIDUALS
INCREASED SENSORY RICHNESS
allowing users to use social media in a hands-free and eyes-free manner not only allows them to safely interact with social media when multitasking (particularly when driving), but voice is also said to add a certain richness and authenticity that is often missing from mere text-based posts