Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies
February 7, 2025
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
If internet has affected the lives of millions of people across the world and brought them together through social media networks, the same technology and tools have reinvented the marketing and media campaign strategies for the marketing companies too.
No big time business can ignore the social web today. By virtue of the fact that the individuals present and participating in the social web are talking about the product or services relevant to each one’s business, the companies have got to be present to be able to address the prospective buyers who are also present and are listening to the reviews, comments, ratings and feedback of those who have purchased and use the products.
Every Marketing professional would need to include the social media into his marketing campaign and integrate the same with the rest of the media channels that he is currently using. The starting point of this journey would be to understand the technology, the platform, the various channels and all about how social web works. Secondly one needs to understand and watch what happens on the social web when individuals and groups are talking to one another across the network.
Understanding of the behavior of the participants across the social web channels is very important for it is this audience that the marketing companies are concerned about and it is this group of people that consist of the existing customers and would be customers of the company.
Social media has been used effectively by all kinds of businesses including the Hollywood movies for their premier releases to the Home Store Depots.
Social web channels like SMS, Youtube and Facebook etc have been harnessed effectively for building instant awareness about the product or service.
Thus marketers have realized the huge potential that exists in being able to reach out to a large customer base at negligible cost. Understanding of this aspect of the consumer behavior on the social web is a must for any marketing professional wishing to design social media campaign for his company. The awareness factor can be positive or result in negative publicity too.
Therefore one needs to be able to influence if not directly control the audience reaction through well designed and orchestrated participation in the events and discussions on the web.
One other factor that stands out amongst the users and participants of social media is the element of trust. Those who are discussing and are participating in the discussions implicitly trust the words of all the others who ever is involved. Therefore when a Company is participating in the discussions and influencing the discussion, it is assumed by one and all that what is being said is true one hundred percent. Therefore it becomes important on the part of the Organization to ensure that what is being said is true and that it delivers what it promises.
One must always remember that the existing customers would make up their mind about the product or service depending upon the extent and level of satisfaction derived out of the product or service in relation to their expectation from such product or service.
Thus it is important for the Marketing professional to first understand how the social web audience’s discussions works as an effective feedback to the prospective customers and builds their awareness as well as influences their decision to purchase.
Secondly there is a need to be able to synchronize the media campaign on the social web with the operations so that whatever is committed is delivered.
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