Marketers love matrix. It let us to explain the complexity of markets in a simple way. Maybe, the most popular is BCG.
Talking about social media, the most representative matrix we know is the Engagement DB research with the clasification of four types of companies: Wallflowers, Butterflies, Selectives and Mavens.
Today, I found a useful matrix representing the risk and reward of using social media for business.
By this way, maybe we can ad on the benefits participating axis, the possibility of increasing sales. Nevertheless, not every social media marketer agree on this point. Personally, I think increasing sales is quite difficult only using social media. In my opinion, social media and buzz can increase sales taking part of a global web interactive strategy. But, the most important benefit is that they are gonna help us to reduce the gap existing betwen notoriety and adoption.
– Notoriety grows faster than adoption. Moreover, adoption slows down because of excessive choice (death by excessive choice)
– Word of mouth informs and reassures prospects, reducing the time to make a purchase decision.
If you are marketing matrix passionated, feel free to visit this excellent post category from the Jeremiah Owyan blog. I’m sure you are gonna find many insights you can use for your daily work.
Hi to all marketing passionated…