Social Media Marketing - the new power consumers haveSocial networking is the fastest growing part of the Internet. There are 70 million active users on Facebook which is the 8th most popular site in the world, and more than 14 million photos are uploaded daily. Social media doesn't just include Facebook, it includes:
Potential buyers are communicating, comparing and, reviewing your products and services on-line. To stay competitive you must get involved! The Price For Not Getting Involved - A Story!You might think that is a luxury to invest in, let me give you an example how it destroyed one company in 7 days. Kryptonite, a US company, produces supposedly super strong bike locks. In 2004, on a fairly popular bike forum called bikeforums.net, a consumer posted an article saying that he could break the lock using a pen. Within minutes, the message had been viewed by thousands; in hours hundreds of thousands had seen it; and then videos were posted on how to unlock it. Kryptonite remained unmoved and took its time in responding despite being urged by its consumers to respond. They responded after a week, too late the damage was done. Not only was the story picked up by CNN and other major news channels, there were lawsuits by aggrieved customers. The irony behind the whole story is that if the company had used on-line forums to address the problem some of the flak could have been deflected. The strange thing was, the story was old itself having first been published in 1992 in bicycle magazine. Even though this is an extreme example, don’t underestimate the new power consumers have!
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