Edited by V. Kumar and Denish Shah
Chapter 17: Stop grouping and start regulating: a new approach to social media marketing
Social media are bringing about a transformation in the world of business and marketing. While this transformation is indeed all-pervasive and does require businesses to realign their consumer outreach strategies and budgets, it has unfortunately also triggered knee-jerk reactions from some businesses that are yet to understand the potent power of social media as a marketing medium, which as a result, have ended up taking a rather myopic approach to social media marketing (SMM). In this chapter, we specifically look at how certain myopic but widely rampant strategies such as ‘group purchase discounts’ have backfired on some businesses and how this can be corrected by using a ‘regulated’ approach in SMM. The growth in SMM has been primarily due to technological innovation and the rapid customer adoption of new technologies. Web 2.0, innovative mobile technologies, and the proliferation of cell phones and tablet computers have been key contributors to this technology rush. It was natural for businesses to try to leverage this fertile playground for business benefit and thus social media marketing was born.
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