Trust Economy – The Route to Success via Social Media Marketing
07 Feb. 2011 Enterprise Tech News
Social Media Marketing is the new buzzword in marketing circles. Even if an individual is least interested in marketing, surely he knows about it, or has knowingly or unknowingly come across its wide spread grasp. So, what’s so special about this whole Social Media Marketing world? If, everyone is still striving for ‘Attention’ then the same can be and is done through television, print media, hoardings, mobile messages, etc. As it is, the Golden Rule of Marketing Communication has always been “Out of Sight is Out of Mind!”
|Image source:: FreeDigitalPhotos
For starters, Social Media Marketing is a different from of ‘Attention seeking’ marketing. This difference lies in the uncontrollable nature of the medium. For example, Nestle’s India office Marketing experts sitting in Mumbai cannot control what Mrs. Patel sitting in Bhavnagar is tweeting about here awful or awesome experience about the Cerelac she fed her infant. This is the main reason why all companies especially in the Business to Business domain are excited and equally worried about since advent of Social Media Marketing.
So, what exactly is fuelling the Social Media Marketing tornado? It’s the age-old word of TRUST. This new economy is called as the ‘Trust Economy’. Though in absolute nascent stage, where research scholars are struggling to come to terms with its dynamics, Trust Economy or simply, ‘The economics of Trust’ is gaining popularity in Social Media Marketing circles.
Let’s try and make it simple, whom do you Trust? Friends, family, ‘known-people’… right? The degree of advice that people take from these ‘Known-people’ obviously varies on the severity or complexity of the ‘Decision’. If it is an issue as critical as marriage advice you may trust your family more than friends, generally! If you are buying clothes, Friends call the shots. This is where the worrying factor arrives. The new generation on the NET has a surprisingly sudden and swift change in their ‘Known-People’ group. The definition of a ‘Critical Decision’, which previously required advice, has also changed drastically.
Concentrated communities in virtual world are now Trust Centers for New Generation or the eAge. But, one thing is for sure, Trust needs to be earned. If the ‘Experience’ is Trustworthy’, the Trust brigade is bound to rally around you and vice versa. It’s a collaborative world out there and as a consumer, we have loads of information flowing around all over the place. The micro networks available in Social Medias are the ‘Go To’ places for the net savvy audience. These micro networks or Groups or Trust Communities when integrated form a Trust Economy.
Skeptics are still doubtful about Social Media Marketing and its applicability to India, but believe me, this will hurt the firms taking a reactive approach than the proactive ones. As we all know, in Social networks as in life, Trust takes a long time to build! Each elapsed day will drive companies away from vantage points in the Trust Economy, and hence the consumer mind-frame!
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