A business conversation about using Social Media should start with understanding the overall business strategy. Strategy- Long term plan of action designed to achieve a particular goal or set of goals. SOCIAL MEDIA IS NOT A STRATEGY
Four Strategic Options:
Existing Products New Products
Existing Markets Market Penetration Product Development
New Markets Market Development Diversification
We can sell our Existing Products to Existing Customers, that’s Market Penetration. We can develop New Products to sell to Existing Customers that’s Product Development. We can expand our Existing Products into New Market segments, that’s Market Development. Or we can develop New Products for a New Market segments Diversification. But before you can embark on any marketing activity, you need to understand which direction your business is heading. And when you know where you want to be, you can work out the best way to get there.
Existing Products -> Existing Markets/Customer = Market penetration
New Products -> Existing Markets/Customer = Product Development
Existing Products -> New Market = Market Development
New Products -> New Market = Diversification
We need to understand the Big Picture to know where we are heading with our Tactics. And if we understand that big pictire, we will know which Social Media Platforms will be most appropriate for our business needs, and we will also know what we’re aiming to achieve for that individual social media platforms.
BIG PICTURE -> TACTICS -> TWITTER, FACEBOOK, LINKEDIN, INSTAGRAM