Web 2 0 As A Marketing Tool

Web 2 0 As A Marketing Tool



Web 2.0 can be used effectively to​ raise the​ levels of​ customer engagement,​ which,​ in​ turn,​ is​ known to​ help increase loyalty. There are sufficient statistics available to​ prove that retaining customer loyalty is​ imperative for any brand.

The following should help to​ illustrate this further:

1. an​ increase of​ customer loyalty of​ 1 percent is​ equivalent to​ a​ 10 percent cost reduction (source: Bain & Co.)

2. the​ probability of​ selling to​ a​ new prospect is​ only 5 percent to​ 20 percent while the​ probability of​ selling to​ an​ existing customer is​ 60 percent to​ 70 percent (source: Marketing Metrics)

3. Customer loyalty accounts for 38 percent of​ margin,​ 40 percent of​ revenue growth and 38 percent of​ shareholder value (source: Accenture Research).

Employing Web 2.0 to​ gain greater loyalty from customers:

Increasing the​ degree of​ engagement with the​ customer can lead to​ an​ increase in​ customer loyalty. Among the​ ways and means that are available in​ this day and age,​ for engaging successfully with the​ customer,​ Web 2.0 is​ among the​ most effective ones. So,​ the​ marketers who build their strategies around it,​ along with other marketing tools,​ are likely to​ reap substantial benefits in​ terms of​ customer loyalty. These technologies are moving fast towards the​ mainstream and those who do not incorporate these into their arsenal are likely to​ have to​ rely mainly on​ price-competition in​ order to​ increase sales.

The Web 2.0 technologies enable marketers to​ reach out to​ potential customers or​ clients in​ ways that are more interactive and through which they can contact a​ larger number of​ people than methods that are more traditional in​ nature,​ besides being able to​ analyze the​ results effectively.

This has made it​ easier for businesses that are midsized or​ small to​ compete with larger ones,​ more than ever before. Online videos,​ wikis,​ blogs and other such applications allow them to​ interact with existing and prospective clients or​ customers,​ in​ more ways than before and more economically,​ as​ well,​ as​ these are less expensive than methods used traditionally. Some of​ the​ ways in​ which marketing can be done through Web 2.0,​ while making the​ best use of​ the​ funds allocated for the​ purpose,​ are as​ follows:

Sites for social networking:

As the​ average Internet user tends to​ use social networks more and more often,​ it​ has become possible for companies to​ benefit from the​ creation of​ user-groups centered around their services and products and try and have existing as​ well as​ prospective clients or​ customers join these. Through such networks or​ groups,​ not only can the​ users ask questions from company representatives or​ from each other,​ but also invite those known to​ them to​ join. Information regarding new service or​ product offerings can also be posted there,​ in​ addition to​ making announcements in​ real time.

In addition to​ that,​ a​ younger target group that often does not take sufficient notice of​ services and products that are advertised traditionally can be reached out to​ through sites like MySpace,​ Facebook,​ YouTube,​ etc. However,​ even as​ it​ is​ fairly simple to​ create content on​ any of​ these sites,​ it​ is​ essential to​ refresh the​ concept periodically,​ in​ order to​ retain interest.

Blogging:

Blogs not only help customers differentiate a​ company’s products and services from the​ alternatives available,​ but also to​ do so at​ a​ negligible cost for the​ company. This enhances their appeal as​ tools for a​ company’s marketing effort to​ reach out to​ prospective clients or​ customers and to​ begin to​ establish relationships with them.

Therefore,​ blogs have the​ potential to​ provide an​ advantage to​ those businesses that make use of​ the​ medium of​ communication that these provide,​ over those that do not.

Here,​ too,​ fresh content has to​ be provided regularly,​ in​ order to​ retain interest.

Press releases:

Press releases have become a​ marketing tool for communicating directly with consumers,​ as​ news websites,​ among which Google news and Yahoo news are quite prominent,​ have caused the​ syndication of​ news to​ become much simpler and more prevalent. These sites carry huge amounts of​ content in​ terms of​ press releases. Since substantial results are unlikely to​ be attained through news that is​ boring,​ even if​ it​ is​ optimized quite well,​ it​ is​ important to​ announce something that is​ newsworthy. Also,​ the​ message might get diluted if​ the​ keywords being focused upon are too many and the​ information being provided is​ too much.




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