“Why this Kolaveri Di?” No four words in the history of known lexicon, are simultaneously meaningless but nonetheless highlight the powerful role social media plays in our daily lives. By the time “Gangnam Style” gained immense popularity throughout the globe, viral marketing was now a science where each company aimed to increase their brand’s awareness and recall. The world surely has changed. Facebook, Twitter, YouTube, etc. are no longer looked upon as the weapons of mass distraction but are strategic tools for company, society and the government alike. Let’s discuss the significance of social media marketing in each of these three walks of life for building a sustainable value creation.
Organizations have realised the potential of social media to access and identify the influencers and opinion leaders so as to promote its offerings. Influencer marketing has arrived as one of the fastest-growing social media marketing practices, as brand managers look to connect with their customers in meaningful ways through the collective voice of active bloggers that are passionate and vocal about the brands they love. Some industries like entertainment, services, etc. thrive on such influencers who promote or give favourable reviews to their offerings, thereby defining the essence of social media – the word of mouth marketing.
Internally, the employees are able to stay connected with seniors in the organization who act as a mentor even while they are not in offices. Recruitments via sites like LinkedIn, internal company referrals over social media have gained popularity among many employers and employees alike while providing an opportunity to connect with acquaintances and business partners. Video resume has been another important precedent in recent times where senior professionals post their CVs on the companies they would want to work.
In synergy with a new form of sophisticated capitalism, the social media platforms itself have been able to benefit and profit out of the marketing tactics adopted by the companies. The concept of shared value is thus created where the consumers are able to connect with their desired brands, the companies get benefits of brand activation initiatives and the social media platforms are able to reap benefits through these transactions via the means of advertisements (Facebook) and subscription based revenue models (LinkedIn).
Social media marketing has also helped in bringing a new transformation on how Crowd funding works. Firms like Ketto partnered MTV to raise awareness among the youth in helping to raise funds for girl child via the hitherto discussed platforms.
On another note, the arrests of two girls who passed disrespectful remarks over Bal Thackeray’s death and Section 66A of IT act pointed out the highly intolerant and still archaic views of the government which puts India in juxtapose with freedom of speech. With the recent troubling news of U.S’s National Security Agency (NSA), spying over Indian online platforms, the need of the hour is to augment the infrastructure to protect the interests of all stakeholders and ensure the sustainability of value created by the power of social media.