Question

develop a product service idea.

A. Describe the product/service including the benefits of using the product/service

B. Discuss the potential customers for this product/service

2.  Based on the nature of the product/service, recommend at least 3 possible social media to use in marketing the product/service. Describe your recommendations and discuss the advantages and disadvantages of each.

Answer 1

The product is a business intelligence platform that can be sold to the customers as a service. This product can help the companies in making better business decisions based on the data analysis. The product can gather data from different sources and then be visualized to see how the business is performing in different departments. The companies can visualize the data they have in their databases in the form of attractive graphs, charts, and tables. The platform will come with pre-defined performance indicators and the companies can make use of them to measure the performance of the company.

The potential customers for this product are any company across the domains and industries. The company can be small, medium or large. Any company that is willing to make use of the data they have in their database can buy the product and make use of the technology.

We can make use of LinkedIn, Twitter, and Facebook in marketing the product.

LinkedIn:

It is the best platform to promote the product as it is a professional networking platform. Most of the top-level executives of the companies can be contacted here and we can introduce the product to them. We can use this to generate leads for the sales team as well. The company does not have to invest a lot to market the product on this platform.

It is not very effective as it is free of cost and all the companies make use of this. It is not easy to identify the right prospect because the network is huge. The company needs to create content every day to promote the product here. The visibility obtained will be less here compared to other platforms.

Twitter:

It is very simple to use and very efficient as well. The company can make use of the infographics to attract the potential customers. The content can be shared with others and also in different social media channels. A large number of young professionals are active on this platform.

Twitter has the limitation on the content that can be posted. The company needs to identify the prospects and follow them in order to create the visibility. The platform does not offer a very professional network and there can be a lot of fake profiles.

Facebook:

A large number of audience available at the same place. The company can do marketing both in a fun and serious way on this platform. The company can interact with their customers easily and keep them informed. Easy to create content for Facebook and also to make it go viral very easily.

The company has to invest money to gain the visibility and also to analyze the efficiency of the campaign. Too many people on the platform and the campaign might be irrelevant for most of them. People do not consider the Ads on this platform seriously because they use it for fun. Lack of professional crowd and behavior on this platform.