Question

This week, your assignment is to go out into the real world and find a product or service of your choosing, then using the components of the 4E framework listed above, outline how an entrepreneur marketing this product or service can augment or enhance his or her marketing mix efforts via social media.

Answer 1

The process of improvement of marketing mix via social media comprises of following steps.

(a) Engage - The customers need to be engaged via different platforms by providing them with value adding inputs time to time through social media and engaging them to share their opinions about the product and participate in various discussions online. These inputs will not only help to gain the vital customer opinions and perceptions about the product, but also lead to creation of an online rapport of the company through these loyal brand advocates.

(b) Excite - There should always be a sense of curiosity and excitement among the members engaged with you on social media, so much so, they should wait for the next post, promotional scheme or value adding service. This is possible by conducting an analysis as to what attracts the customers the most. The novelty will keep them coming back regularly to the webpage and sustain the relationship. It will also lead to greater return on investment in terms of enhanced sales

(c) Experience - The social media can be used to invite the customers to touch and try the products. If it is a intangible product like an educational course, the visitors can be directly engaged into a free trial, which can materialise into a full fledged sale, if customer likes it. For tangible product like a flavoured tea, the customers can be handed over a free e -coupon to get their sachet from nearby store. The social media can be used to prospect and convert greater number of users to try the item than the conventional ones

(d) Educate - This is the second step after engagement. Once the customer has shown interest in the page, it is time to establish a feeling of trust in him /her so that your word can be taken seriously and deemed as worth listening to. These visitors need to be educated about the product and different issues related to it. The objective is to bust the myths if any, and gradually form a positive opinion of product in his / her mind by engaging through credible and knowledge enhancing blogs, articles, webinars, surveys and opinion polls, recent developments in the field and future prospects of the product. The most important fact is that the person must know how the product can add value to his /her life at present or in the time to come.