Social Media is rapidlybecoming a depository of voice of people and their opinions about numerousproducts, services, events, ideas, other’s opinions and so on, basically anythingand everything. The level of convenience offered by such platforms has allowedthe customers/users to share their feelings, emotions, likings, dis-likings orany type of comment about any product or service they consume on such platformsrather than other feedback mechanisms. This is where the opportunity exists toco-innovate and co-create new product/service offerings since many customersare keen on participating in such discussions.Social Media Marketing: Organizations are now realizing the merit in using social media as acommunication tool to build strong relationship with the customers 1.Marketers and consumers can utilize this platform as a medium to interact witheach other 2. There has been an addition of 5th ‘P’ in4 P’s of marketing which is ‘Participation’ and it has been introduced with theadvent of social media 3. Brand satisfaction is found to beincreased by participation of consumers in such community forums created bymarketers on social media 4. The use of social media is found moreprominent for sales promotions and short term engagements with consumers.
Thiscreates a need for usage of this technology for long term engagements andsustainable business gains 5. The type of industry influences theadoption of type of social media and social networking sites. Another findingwas that the global brands prefer global social networking sites rather thanlocal ones 6.Social media has become akey component of the marketing budget for many companies these days, whichmakes this investment decision a critical one. Companies are redefining theirtraditional budgets to incorporate digital advertisement and social mediamarketing 7. But still the companies are not utilizing the socialmedia effectively and not allocating appropriate resources required for socialmedia marketing.
Companies are treating it as their ‘stepchild’ 8.