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4349 The World without Bankruptcy Laws

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 […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

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 […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

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 […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

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 […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

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 […]

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Social Media Marketing has rewritten the marketing methods and theories like never before. Technology has enabled online marketing. When we refer to selling online we mean E-Commerce but when we refer to using Social Media Channels for marketing purposes we are essentially referring to advertising and marketing to customers through the different platforms.

Availability of multiple platforms, multi media options as well as various marketing tools makes Social Media Channels highly interactive with the customers.

Use of quantitative tools like Ratings, Reviews and Recommendations as well as other scoring methods like voting etc are highly beneficial in engaging the customers as well as getting to know what they think about you and your products and such feedback can be highly valuable to any marketer.

Recommendations

If you look at the way that we all behave while deciding to buy any product, you will see that invariably we wish to check with friends and family, especially with someone who has the knowledge of the product or has used the product to see what he or she thinks. In marketing language we call them the influencers. If someone you trust or someone who is an authority on the subject happens to recommend you a particular product, you are likely to go ahead and make that choice in favor of the recommended product.

In the case of Social Media Channels too, innovative options of Rating, Voting, writing Reviews and Recommendations are in vogue. Check out the various websites and channels and see the various kinds of options that are available for recommending a product. Popular methods used are very simple systems like clicking on Thumbs Up or Thumbs Down or using options like ‘Digg’ etc. Then there are the Net Promoter Scores too that are employed to show the degree of recommendation.

Recommendations from an already customer or an authority carries a lot of weight. From another view point, the number of recommendations can mean a higher rating too. When people start recommending your product and are ready to make their opinion known, you are building a community of people who are willing to pledge their loyalty to you.

Offering Recommendation option can send out the right message to the customers and those who are watching you online. Allowing the community to speak about you shows well on your part and adds weight age to your online presence as well as reputation. Just like how the referral system works in case of pharmaceuticals and other products, recommendations too add weight age to your product in the particular category.

Now days all product catalogues and online selling sites provide recommendation options as a standard tool while many other sites offer voting options. Voting can be used in lieu of rating or recommending a particular product and one can also use description based voting too. Recommendations can also be qualifying in the form of - Recommend, Highly Recommend and so on.

Those who are learning about Social Media Channels and marketing will also do well to know that there are several agencies and professional content providers who are available for writing reviews and recommendations etc on commercial basis. Using such methods to augment the ratings and reviews will not pay in the long run for the user community is smart enough to realize the same in no time. The paid for content can easily be detected by an experienced blogger or surfer. Such gimmicks will bring down the online reputation of the product and the promoter over a period of time. Social Media Channels are very conscious of the social mannerisms, online behavior as well as ethical and moral standards that are upheld on the various platforms.

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