Case Study: Best Buy’s CEO on Learning to Love Social Media Question 1: Brian Dunn, CEO of Best Buy, is correct in his belief that social media is an important tool for companies to interact with their stakeholders. Social Media outlets like Facebook and Twitter are powerful tools in which companies should embrace in their effort to build relationships with their potential customers and employees. Currently 98% of Best Buy’s 18 to 24 year old customer base is actively using social media. Over 58% of Best Buy’s entire potential customer base uses a social network of one form or another (Social Networking Statistics). Companies, specifically companies that target individual consumers, cannot ignore this marketing channel, despite the risk associated.
The company was also able to advertise their product using various approaches such as emotional settings; this is where types of adverts catches the consumer feelings allowing them to be involved or allowing them to purchase a product based on emotions. Social media is another flexible advertisement because it is used based on the internet, where their consumers are able to browse anywhere to get information about the campaign. Also using social networks used by their consumers to promote the company’s
Online marketing helps add potential customers and the number of quality leads to a website as well. In fact, most organizations can adopt Internet advertising strategies to generate better business. Online marketing is split into different types; Affiliate marketing – refers to the banners seen on other websites or blogs to boost traffic to that web page, and effectively increases product awareness. Email marketing – this is the marketing process that involves getting to customers via email. Inbound marketing – this type of internet marketing involves sharing valuable content to customers to help convince them to become your loyal customer.
The information available from tracking website visits also provides data for planning cross-selling campaigns so that you can increase the value of sales by customer. 5. Relationships- the Internet provides an important platform for building relationships with customers and increasing customer retention levels. When a customer has purchased a product from your online store, you can begin the relationship by sending a follow-up email to confirm the
The Prince Sports company twenty first century success is social media and technological. The company has kept up with the growing social media such as Facebook, twitter and international social websites. Improving their equipment technologically in order to match their customer’s power is the main key to their success. The growing competition and the declining economy is what is working against the Prince Sports Company. The competition is the greatest threat, however listening to their customers and staying ahead of technology the company is thriving.
What are the advantages and disadvantages of social media? Some advantages of social media are being able to keep in touch with family, friends, and classmates. You are able to communicate, upload videos, upload pictures and instant message someone without having the expense of long distance calling fees. Someone’s family can be able to know what’s going on in their family member’s lives. People can show off their children or the birth of a new born baby.
Also, by having the website divided into different sections, users will be able to quickly find the desired product on the website which they are looking for. This will allow the customer to purchase the products from the website speedily and this process will allow ‘Fashion House’ to move closer to achieving their goal. Furthermore, the payment process on the website is also very efficient and will allow the business to achieve their purpose of generating sales as the website accepts all major credit and debit cards. This is very convenient for customers as it will speed up the payment process which will contribute to the business getting closer to achieving their goal. How the website’s design meets the needs of the targeted audience: My website for ‘Fashion House’ has been designed in a simple, yet professional format to meet the needs of the businesses targeted audience.
Diversity permits skills and experience from other cultures to assist in the continued success of the company. Diversity continues through the vendors or known as the advertisers that provide the revenue for Facebook to continue operating. It is important for Facebook to stay well rounded and the way to accomplish this is to ensure the advertisements endorsed through Facebook are well diverse. Important in the success of the company to offer advertisements geared to different areas of nationalities, race, sex, age, etc. Also the advertisers need to offer the same diversity with his or her own company.
Hubspot Case Study Analysis Inbound Marketing- an innovative marketing strategy founded by the Hubspot creators, was developed on the concept that to get customers to be interested in your product, “pulling” them in by use of Web 2.0 technology was much more effective than using traditional methods of marketing that pushed products and services to target audience who may be unwilling or uninterested in the offer at the particular time. Hubspot created software products that enabled its customers to market their products/services with the use of new age tools like Search Engine Optimization(SEO), Social Media, Blogs, Podcasts and social networking websites like Twitter, Facebook etc. This effectively replaced the traditional marketing strategies used by them. Hubspot is challenging the Marketing world by implementing new rules through a new age platform. And this is not without achieving results.
In this analysis it will tell the importance of mission statements with in the networking field. Synopsis of the Situation First we will start with Facebook’s mission statement which is “Facebook’s mission is to give people the power to share and make the world more open and connected.” Their mission statement is clear, short and to the point. Twitters mission statement is “To instantly connect people everywhere to what’s most important to them.” Twitters mission statement seems to be vague and generic. Key Issues There are many differences between both of these sites and some are key to their successes and issues. One key issue is the ease of finding people on these sites, on Facebook it is so much easier to locate someone you are looking for.