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 […]
As a marketer, it doesn’t take one long to understand the high impact and the potential of the Social Media Networks on your business.
You will also recognize the fact that the content on the Social Networks is not under your control and it is essentially this freedom of expression and uploading of content that gives the Social Network its huge popularity and growth.
Companies engage professional consultants to create and sustain online communities and thus develop a buzz around their new product launches or promotional campaigns. But building reputation for the product as well as for your company calls for sustained involvement and participation in the Social Networks where your existing as well as prospective customers are available.
Discussions and posts on the Social Networks hold a mirror to the promises that the Organization has made and the actual delivery that it has affected.
In other words, the platform highlights the difference between the customer expectation built and the actual experience delivered to them. Companies would do well to listen, see and understand such feedbacks and act on them to ensure the shortfalls are covered.
The feedback from the Social Networks can provide a lot of information and data to the Marketers and Organizations which can be used in product development, effective customer service and all other areas that concern the customers.
To gather the right feedback, one needs to analyze the information gathered from the Network discussions in detail and methodically tabulate the data. You will find the feedback from the customers in several forms including text messages or posts, audio clips, visuals in the form of photos or videos etc. All of these need to be collated, analyzed with reference to the customer feedback.
Before attempting to analyze the customer feedback from the Social Network content, it is important to establish or answer several questions internally.
Based on these two points, the list of objectives can be further developed to include the actual delivery and point of sale experience, communication process with the customer both in terms of during the sale and post sale service.
It would be apt to assign a value for each of the promises made with reference to its relevance to the customers and measure the same. Lastly define the various departments that are likely to gain from the feedback analysis and note down their requirements.
Once the feedback analysis scope and method has been defined, the feedback data may be analyzed and trends identified. Such feedback analysis would be of immense value to Marketing, Advertising, Customer Service as well as the R&D and Product development team besides the Operations departments.
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