Leveraging Social Media to Gain Market Share in Services Marketing
Dr. Pradeep K. Mukherji & Alok Ranjan
Social Media Marketing is a new phenomena in the new age marketing which has helped brands across the globe connect with audience effectively, in an engaging manner. In less than a decade, the web sphere has seen a drastic change in the modes of marketing and social media has emerged as an effective tool to measure consumer behavior. This paper provides insights into the social media tools and suggests on how these tools can be leveraged by service marketers to gain market share.
Social Media has brought a paradigm shift in the channels of communication and changed the communication process from monologue to dialogue aiding in the way we connect personally and professionally with brands. Over a period of time, Facebook has emerged as 3rd largest continent in the world, and is expected to have 1 billion residents by August 2012 of the 7 billion on Earth. Twitter has more than 250 million messages exchanged every day. LinkedIn has emerged as one of the biggest online professional community with more than 150 million members across the globe. The rapid rise in number of active registered users on social media is an indication of the potential it provides to establish a mutual connection between prospects and organizations.