Social Media Marketing in 3 Minutes
After watching the above video on Annie’s blog, I am excited to share similar contents/materials the IBC (International Business Conference) speakers talked about in regards to social media in today’s businesses
Social media is a marketing “tool” used in websites, such as facebook, twitter, blogs, online forums, etc. It is the lever to give and recive messages through an onging e-commerce conversation. It’s a mean to develop trust with consumers and build long term relationship. Social media mainly serves on a B2C (business to consumers) basis, reaching out to the ultimate consumers.
One interesting fact Nancy Richardson, the Lululemon athletica innovation director, brought up was that, the ads on facebook has induced an average of $4.58 cents in revenue for Lululemon, which is beyond the research finding of $3.00.
Social media only acts as a force, thus only a small percentage should be concentrated toward ads on facebook. In other words, face to face interaction is still crucial, as real business happens with real voice conversation, hand shaking, and real connection with people. To emphasize again, social media only acts as a tool, which should never be measured as a replacement over live communication. In this manner, Lululemon utilized facebook as a tool in understanding the market trend, but would never use these information for redesign purpose or product innovation. Lululemon believes in giving real experience to consumers while in store, not through an “earned channel”, but via “own branded channel”.