Understanding Social Media's Role in Transforming Brand Management Social media is moreover being considered as a collection of delivery devices or more specifically as promising channels that are being employed by marketers to reach existing as well as potential customers. Social media is actually a natural marketing instinct that improves the reach of our messages. Being marketers, it may never be possible to exercise control over the manner in which customers engage with these social media channels. However, it is very much in our control to influence their behavior. We can definitely learn from these social activities on a daily basis. Brand managers may consider social media to be an enormous data repository. Also, there are few ways using which brand managers can make use of social media analysis for the purpose of driving decision making and transforming brand management. Let's take a look at these ways in detail-
1. Aggregate View of Conversations & Trends – For a social media Analytics company, social data is the fundamental raw material and this data keeps on changing every second. A person tweeting about lunch with friends will definitely tweet something else later in the day. All of such interpretations can be scaled accurately with the help of some Analytic tools. In the above example, if the person mentions the brand stating whether he prefers Mac Donald or Burger King, it would be easier to figure out the exact preferences. 2. Cross Promotion - Understanding the psychographic composition of the social audiences of different brands reveals interesting information. A research done on Panasonic revealed that the maximum affinity of customers that tweeted about the company since January 2014 was the coffeemaker Keurig. Isn't that interesting ? The brand managers of Panasonic and Keurig may consider going for some form of joint marketing after this unanticipated connection came into light. It simply indicates the possibility of uncovering large amount of white space by making a deep analysis of the social media data for different brands or the topics that are in relevance to your business.
3. Preemptive Positioning – You can also analyze social data for crafting successful positioning strategies with help of brand management. By going deep into the online conversation between users, you can get crucial info about the demographics, key discussion topics and psychographic of the participants at that moment and over a given time period. Also, when you have the right brand management plans, you can have a better analysis of the competitors products and get further guidance at the time of launching your own new product.
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