What is Right Business Strategy? Think Hard About; Pros-Cons of Being– First, Fast, Late

Innovation is usually equated to being ‘first’– first to market, first to offer a product, first to employ a process… However, it might just be that the best innovation strategy is to spot the great ideas of others and rapidly replicate and improve them… According to Ruud Gal; as a generic statement one cannot say what is better; ‘being first’ or ‘being a fast follower’… There are many parameters that influence the decision, e.g.: value proposition, business model, barrier to entry, culture change… so, it basically becomes an individual company decision or reality. Although being first mover can create an overwhelming social media marketing course advantage, in many cases the products, services… that are first to market often do not succeed. They become victims of ‘first mover disadvantages’. Much of the problem with the concept of first mover advantage is that they may be hard to define, e.g.; should a first mover advantage apply to just firms entering an existing market with technological discontinuity or should it solely be new markets? The definition vagueness has certainly named undeserving firms as pioneers in certain industries, and that has led to some debate over the real meaning of the concept of first mover advantage. Although firms that first enter a market with a new product, service… can often gain substantial market share due to lack of competition… Whereas, a second mover or fast follower advantage b2b social media marketing occurs when a firm that follows the first-mover is actually able to capture greater market share despite having entered later… According to McGee; the image of ‘fast follower’ is intended to evoke a NASCAR driver drafting behind the leader, carefully waiting for the right moment to streak past and across the finish line. It’s deeply rooted in a notion that strategic success is a function of execution.

Social media marketing should be part of your strategy.

Social networking is the most popular online activity, so it makes sense for businesses to try to engage that audience in an attempt to increase sales. Marketers place a very high value on social media: according to a study by Social Media Examiner, 92% of them report that social media is important for their business, up from 86% in 2013. But even large corporations with top-notch marketing departments make mistakes when it comes to leveraging social media marketing plans social media. Simply setting up an account or sending out some tweets is not enough to make social media marketing a viable part of your marketing strategy. You can create more opportunities from social media accounts and increase ROI by avoiding some basic missteps. Jumping in the deep end and blindly posting marketing messages on social media will get you nowhere fast. You need a well-planned social media marketing strategy in order to succeed. Read this post about how to create a clear, goal-oriented social media marketing plan to get started. It’s great to have hundreds of followers, but they’re not very useful if they aren’t interested in your products or services. A majority of Facebook users share product posts, so it’s important to identify people who are brand ambassadors and devise social media marketing podcast strategies to reach them. Conversions are vital for businesses. It’s wonderful when thousands of people share your posts, but you don’t benefit unless they purchase something from you. Only a minority of people who see advertised products on social media will take the next step and buy. This is why it’s important to create posts that are engaging and capture the attention of the people your products will benefit.

Publishing the same message across all of your channels

It’s important to mix things up. Sure, you want to promote the same product on all of your social media marketing accounts, but many people follow you on multiple channels. This means that they are receiving duplicate content and getting the impression that you aren’t very original, which will decrease their willingness to share your message or buy your products. Posting all of your updates manually is very time-consuming. There are many real estate social media marketing tools that will enable you to manage all of your activities from a dashboard. You can schedule posts, engage with users, and track metrics more easily from one central location. Check out this post for a look at platforms that can manage, measure, and analyze your social media marketing initiatives. If you post too many updates that are only about selling your products, people will get the impression that you are spamming them and will stop following you. It’s best to serve up a mixture of content to your followers and fans that answers their questions and addresses the problems they are trying to solve, but not just content that you have created — it’s vital to share information from many sources to avoid being labeled as a spammer. Your brand’s voice both embodies and expresses your brand’s personality social media marketing blogs and values. To build trust and influence, it should be distinctive and unique. All of your updates should communicate in the same voice to build engagement. Make sure you publish content that is in a cohesive and consistent brand voice, or you risk confusing your most loyal fans or deterring would-be customers.