Three of the most prominent social media platforms today are Facebook, Twitter, and Groupon. Any start-up company that is trying to break into a market needs to be cognizant of how these platforms can be utilized to maximize the return on their marketing dollar. In reality, even well entrenched companies should be exploring this new area of marketing in order preserve their existing market share.
While Groupon is the smallest of the three platforms – it is the fastest growing company in the world according to Forbes. Essentially this company has taken the Priceline model and expanded it from a website to a robust social media platform covering the web, mobile devices and email. The company procures deals with other businesses based on its sheer user base, then Groupon members benefit by getting savings on products, services, and other goods. From a digital marketing strategy perspective, if you have a product that you are trying to expose and drum up sales – this is your first stop.
3 Tips for Groupon:
- Do not make the mistake of not having the infrastructure to support your “coupon” – as one Japanese restaurant did.
- Make your offer compelling. In today’s world of daily digital coupons your offering needs to stand out. If you’re a restaurant consider a buy-one-get-one entrée deal. The word of mouth publicity generated will offset the loss (if there is one).
- Utilize Groupon’s ability to target demographic groups. If you are a bar targeting college kids, there is no reason to send an offer to the entire city – targeting your desired demographic will prove more cost-effective.
Twitter is a different beast altogether. As a platform it provides very little conventional marketing inventory. Marketers are well advised to think out of the box creatively when planning a campaign involving Twitter. MTV’s Video Music Awards provides a useful case study in how to integrate Twitter in a brilliant marketing campaign.
3 Tips for Twitter:
- Consider their traditional marketing option – sponsored tweets .
- Offer exclusive promotions that are only available to twitter followers. Promoting these deals other media can be an effective way to generate a following on Twitter.
- To more rapidly grow your following, also offer a reward for “re-tweets”. This type of campaign offers users a bonus for recruiting their friends and family and promotes your product in a viral style.
Facebook is the best-known social platform in the world. They offer a myriad of options for marketing as they strive to open revenue streams and grow into a more profitable business model.
3 Tips for Facebook:
- Even the most basic strategy should incorporate a “page”. In addition to user profile pages, Facebook offers “entity” pages that users can then “like”.
- Facebook also offers an advertising engine that can target very narrow specific bands of democratic groups. You can target users based on keywords, geography and a plethora of other options. Your ROI will be much higher if you are a widget company and you can target users who openly proclaim their love for widgets in their profiles.
- Similar to the tip for Twitter, offering exclusive deals through your Facebook page to people who like it can drum up a loyal following as well as brand recognition.
