Agility is high on every marketers mind. Be it an FMCG company or an IT services company – the one who gets to the market faster with the right solution to the right customer wins. Gone are the days when marketers would spend time researching markets or analyzing the ‘technology life cycle’ to launch their offerings. As futurologist Alvin Toffler predicted, this is the age for ‘mass customization’ or mass production of highly customized products. With customers making their presence felt regardless of time or location – thanks to digital nativity – marketing (communication) seem to have acquired a new meaning. An increasing number of companies are focusing on established groups, forums across social networks to activate promotional campaigns. The returns are quite promising. Hundreds of groups with thousands of followers are active on these networks. Take for instance the group that go by the name ‘bikers’ on facebook. The one that appears first on the list has over a lakh followers. What does it imply for companies? It enables them create opportunities for cocreation. According to an article in McKinsey, by distributing innovation through the value chain, companies may reduce their costs and usher new products to market faster by eliminating the bottlenecks that come with total control.
It doesn’t take much effort to analyze success of companies that are leveraging social networks. Frito-lay’s engaged their customers in preparing different flavours for the company’s potato chips. A dedicated portal www.yourlaysflavour.com ensures continuous innovation of the product and the company engages customers using various social networks. It’s quite enchanting how the brand tries to establish a strong relationship with its customers and attempts to cocreate. Anybody interested in noodles? Well, there is some hot discussion about shrimp noodles underway in the group - noodles. And then there are very interesting and specific conversations revolving around ‘where to hang out.’ Take for instance a conversation on St. Patrick’s Day celebrations which started with the question, “if you’re attending a St. Patrick’s Day celebration. Where will you be raising your glass of green beer?”
Be it a car manufacturer or an IT company, the social networking buzz is forcing them to listen (to) and engage with their stakeholders. An increasing number of companies, keen on faster innovations to market, are relying on two aspects – people and the way they communicate.
