The Rationale Of Social Media - 908 Words

The Rationale of Social Media Now days, more companies are using social media as a way to collect and analyze data from customers and competitors. Social media rationale responds to the urge of companies to manage their relationships with customers on a strategic way and in order for the social media to be an effective tool, it must be incorporated into the marketing, sales and operations of a company by using a social media platform. A social media platform is the technology that allows a company to centralize in one place all the customers’ interactions by finding out who is talking about the company products and policies. The platform also allows the integration of both â€Å"onboard† communities (sites owned by the company) and â€Å"off board† communities (those that are not owned by the company); the platform receives social media content from many sources as blog posts, Twitter tweets, social networking sites, discussion boards and product reviews sites among others. After the data is collected, software is used to analyze the information and depending on the trends, managers can focus on how to respond to customers by creating strategies. As described by Smith and Wollan, the platform has six main components: 1. Customer services- On board social media channels that include blogs, ratings and reviews, referrals and sharing, forums, user created content management, member profile management, social networking, cross channel synchronization, ideation or idea management. 2.Show MoreRelatedEssay about Mkt 500 Week 1 to Week 11 Discussion1413 Words   |  6 Pagesyou are pitching your favorite social media site to the â€Å"Shark Tank† panel for a possible investment opportunity. Examine the 4P’s (price, product, place, promotion) of your favorite social media Website. Create a brief pitch for the social media site to present to the â€Å"Shark Tank† panel. †¢ Examine the components of a marketing plan. 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