Consumer, the end-user is a game-changer in the growth of any business. Today, as we tend to abide by the universal truth “Consumer is the KING” each business looks forward to the style, nature, health and prosperity of the customer. Every day is a day to do something new for the customer. In this step, the businesses take care of Five W-One H concept “What, Why, Where, When, and How”.Business ownerswork close association with the consumer market, and follow the promotional measures that offer a competitive advantage. Knowing your customer is the buzzword to run the sustainable business under three factors i.e consumer health Score, consumer Average Life & Promotional internet score.
Role of Social Media in Consumer behavior and Customer Market
Social media is changing the consumer behavior and business expectations. Social media quickly discovers business trends, structured insights in the marketplace and quantifies perceptions of products and services. Product information is easily accessed via social networks, blogs, tweets, videos, pictures, and numerous other digital tools. Customers, after perceiving the positive information move for purchase, finally benefitting the business with new growth in sales rather than suffer from negative information. This blog defines social media; discusses why it’s important to develop a social media plan towards business growth embedded in the strategic fiber of the JIMS Academic development program. It presents how business graduates from BBA and other management programs envision a strategic plan and implement this plan on small and medium enterprises.
Social Media setup for Strategic Growth in Business and Sales
Magazine from Advertising Age stated that “Marketing world leaders have declared that it’s time to convey management and settle for buyers/consumers currently managing their brands” (Creamer, 2007). Miller explains “Three out of 5 consumers continuously use search engines once searching on-line, coupon sites, retail merchant emails, reviews, or comparison sites.” Before the buyer purchases a product or service they use a range of social media tools to envision what others say regarding the product. This is consumer centric empowerment of Social Media . Michael Stelzner (Launch,2011) social media expert, regularly reinforces the concepts that social media plans (SMPs) don’t seem to be simply a promoting platform, “People wish valuable insight, individuals connect, and recognition for product and services. Your consistent observation on individuals and their needs makes the task done before you start.” David Silver in his book, The Social Network Business set up (2009) states, “People feel the necessity to create review, rate, and suggest communities so as to seek out the reality regarding merchandise and services, their costs, and effectually, the vendor’s after-sale support, the simplest model and the worst one, and also the expertise that others have with them.” The king of consumer brands Amazon and Zappos devoted years in making a culture round the consumer and their desires. The commitment of delivering consumer prices is real – really, Zappos is happy to fire workers if they do not match among their consumer-centric culture! This article is an endeavor towards skill based learning from digital platforms(social media) and compatibility of consumer-centric innovation towards Business growth. JIMS VK2, we make sure that our students look at things from a customer’s point of view.
Survey and Feedback system in Social Media
Survey stats show that digital media has become a consumer hub for each business at a large scale, and competitive advantage of business owners has created cat & rat fights within the customer market. Firms and business agencies believe customers as their soul. They process out the system around the customer axis and initiate consumer-centric merchandise. Rather social media has outlined promotional platforms for innovative product lines and services. Linkedin provides professional networks for internal hiring and consumption of talent in various sectors. Youtube channels and video promotion craves the individuals towards impulse buying. This implies digital innovation is driven by consumer feedback, and organizations look towards placing consumer desires in the between of what they are doing. Various social media platforms have interpreted that buyers derive the kind of system consumer want. As per “The previous statistics: A glad client can tell 2-3 individuals regarding their positive experience with an organization whereas a digital client can tell 8-10 in real time. Platforms like Facebook and Twitter wherever a post or tweet is shared thousands of times have amplified those numbers exponentially. From the organization’s perspective they are given insight into the issues of concern as feedback to their current and potential customers.
Social media has effectively turned customers into broadcasters! Thus higher watch out! Not paying attention to customers will have an enormous impact.”Tools like Facebook, Twitter, etc. accelerate and stabilize innovation in business completely- quicker than ever before. Forrester’s analysis visualized the ability of WOMM (Word of Mouth marketing) and explicitly that “71% of internet buyers scan reviews,make it the most widely read consumer generated content”. A continuous, sustained and centered effort towards consumer-centric innovation is needed from the corporate to attain positive and property growth. The need of an hour is that an organization ought to break through existing company mindsets, and specialise in consumer satisfaction rather than work for profit. As per the Global Nielson survey of 26,486 internet users in 47 markets 78 % respondents felt that consumers’ recommendations are the most credible form of advertising compared to Bizrate.com almost two-thirds of their users considered customer reviews more valuable than those of experts.
In this move, JIMS has a planned academic structure of industry exposure towards consumer centric and sustainable business growth. JIMS enhances the skills of its graduates with Social Media & Digital marketing workshops to be future ready for global business responsibilities. A fine balance between theory and practice is the pedagogy being followed in experiential learning approach at JIMS-VK-2.Students from JIMS are a complete package of multitasking and confidence .
Dr.Nilima Thakur
Assistant Professor –JIMS-VK-2
Department of Management Studies
