What is the impact of Social Media?
For branding to succeed, there are many ways to expose the product’s name and benefits. Social media can no longer be ignored or considered a communications stepchild. Facebook and twitter in particular have gained staggeringly high daily usage around the world. Though not necessarily representative of offline discussions and actions, online word of mouth or buzz can nevertheless have a significant impact on the success or failure of a brand.
- Do your customers talk about your brand?
- Where do these conversations mostly take place?
- How frequently?
- Do they, or would they, recommend your product to friends, colleagues or family members?
- Knowing the Net Promoter Score (NPS) for your brand provides a quick snapshot of how it is performing.
Online mentions of your product, as well as significant market trends that may be correlated with sales of your products, should be monitored, captured and analyzed along with other market research findings.
Whether positive or negative in nature, comments about your brand (and competitors) may be tracked over time to determine the impact of your marketing efforts.