The marketing processes change in fundamental ways due to the Internet and social media, with consumers gaining more control and power over these channels. So, the question now becomes, how should a company alter its online marketing practices to align with this fundamental change? As a result of how the internet and social media have altered the way people communicate, business philosophies have had to adapt. Brands understand that certain activities require modifications. For instance, because consumer search methods have become more sophisticated,
“It makes sense to have a website and a social media page.”
This extra effort on the part of businesses is because the internet has changed the game. Competition for the same customers is fierce. Now that consumers have multiple alternatives to choose from, they have the power. Businesses realize this and have had to up their ante. This is why brands are now harnessing the power of online marketing practices to bolster their Customer Relationship Management efforts. This adaptation to a customer-oriented business approach means that when companies are searched online, their website and their social media pages will show up in the search. This exposure amounts to increased brand awareness as well as a greater online presence.
A more robust online presence also means developing strategies for dealing with these growing consumer interactions. These methods are necessary to create because today, relationships are the keys to growing profits long term. Companies now have the ability to monitor what customers are saying in real-time discussions and engage with them. Previously this was a weakness of traditional one-way marketing communication. Consumers can now use their voices over the internet and social media channels to have their concerns heard and addressed directly by decision-makers within the company. Customers appreciate brands when they make customer satisfaction a priority. Solid attempts to accommodate the customer and improve their satisfaction level greatly improves the chances of developing loyalty and creating Customer Lifetime Value.
Also, because the internet and social media are viable forms of communications, digital alternatives can replace previous marketing materials. Therefore, previously circulated materials through the mail can now be included in an email offering. This alone will amount to significant savings on the marketing budget.