Millennials want brands to engage with them on social media and to be part of their product development team; 62% of Millennials say that if a brand engages with them on social networks, they are more likely to become a loyal customer; 43% say that Facebook is the social network that most influences their spending habits, followed by Instagram (22%) and Pinterest (12%). Brands should start, if they have not already, reaching out to Millennial consumers to assist them with development of future product or service; 42% of Millennials said they are interested in helping companies develop future products and services.
Dan had been a social media marketing manager for a little over 6 months. He knew the platforms and how to engage consumers so when a recent post, about a new product, went viral he was very excited to inform management. The excitement was short lived. While Dan was promoting his team’s efforts on social media a senior VP was quick to point out that their brand was still losing market share to competitors. Thus the disconnect…
There is some lopsided thinking out there. There is a “belief” that just because a consumer becomes a customer of your brand that they want to have a relationship with you that extends beyond the 4 P’s. For a lot of brands this just isn’t true. Just because I like pudding doesn’t mean that I want to have a relationship with you on Facebook.
Fred Wilson says “the social media phase of the Internet ended” in 2014. In a post looking back at what happened in 2014, he says social media is pretty much dead. Messaging apps have replaced social media apps, says Wilson. “Messaging is the new social media … Families use WhatsApp groups instead of Facebook. Kids use Snapchat instead of Instagram. Facebook’s acquisition of WhatsApp in February of this year was the transaction that defined this trend.”
Dear social media: You came along and gathered millions of users around the world and shamelessly I thought I could use you as jus another advertising and promotional channel. However, consumers had other ideas. They wanted to use social media to take back the power brands had over them. They wanted to use social media as a channel to voice complaints and tell other consumers why they shouldn’t do business with us. What was I thinking?
When you read an article, online, about the latest trends in marketing and what you “must” do you need to consider the source. Analysts, who have no experience, and journalists, who write from company press releases, are not reliable and credible sources of information and you should not be basing marketing decisions based on their recommendations.