INTER RELATIONSHIP BETWEEN SOCIAL MEDIA AND CUSTOMER EXPERIENCE IN THE HYPER-COMPETITIVE BUSINESS ENVIRONMENT

INTER RELATIONSHIP BETWEEN SOCIAL MEDIA AND CUSTOMER EXPERIENCE IN THE HYPER-COMPETITIVE BUSINESS ENVIRONMENT

 

INTRODUCTION

We are entering into a new century of business where people want everything different, even the way they feel, express and act has tremendously changed. But the basic human nature remains the same and that is the only evidence that we still possess emotions with which we react and affect. Nothing can change the possession of emotions, but the way it is expressed has been changing from time to time. And this is the time where people started sharing everything digitally. The role played by humans, decades back, is no more alive and there is less space for human interactions which included tactile senses. Social media have occupied most of the spaces of humans, and the emotions and feelings have become illusory in nature. Imagination acts as the driving force for perceiving anything as emotions are understood only with texts, pictures, and clippings or snipping. 

SOCIAL MEDIA AND BUSINESS

For a business, social media play a vital role for promoting the product or service offerings. Most of the business concerns are highly considering and concentrating on social media while developing marketing strategies and even started allocating resource to be alive in social medias. From the stage of taking a brand to people (promotional activities) and getting feedback after consumption is no more a hectic job as it is highly possible through social media. Grabbing the attention of people is much easier through social media, but at the same time social media also act as a severe dose for those who do not understand it before getting inside it.

                                                               

 The communicator: Social media platforms are merely the substitutes for word of mouth as it is growing rapidly in developing countries. Ideas and opinions once shared through social media are viewed by casual participation of people who are connected on a global scale and no doubt that suggestions and replies can be received from any part of the globe.

The decision maker: Millions of people review products and services through social media which are mostly trusted by million others. And the consequence is, millions of people started looking at social media for reviews before buying any product or service. Hence social media immensely enhance the buying decisions of public.

The influencer: Nevertheless of customers, there are people who just carry on the message to the entire world called as “potential messengers”. These potential messengers are active people on social media who share information most frequently. They are the most trusted people online. They are people who have interest in specific fields and they talk about their field to all those who are connected with them.

Clear market insight: The true habit of any person can be viewed in social media as they share their favourites and past experience they had with a product or services. So the likes and dislikes of people become transparent for business. Targeting becomes easier and high reachability turns simpler.

Lead generator: Social media generally have high impact on the community who use it most frequently. When people are highly comfortable with a business which is inside the social media circle may turn into customers sooner or later. Lead generation becomes possible when people trust a business only when they receive positive comments and suggestions. Social media is such a platform through which business concerns can generate customers.

SOCIAL MEDIA METRICS

Social media metrics is the most modern method used to determine the impact of social media in a business. The variables and parameters to be considered depends upon the nature of business and the nature of product and service offerings.

 It analyses items like,

·         Number of Participants in a particular network.

·         Time spent on a particular network.

·         Total number of interactions made with other participants.

·         Level or frequency of engagement.

·         Volume of suggestions, comments etc.

·         Source of reference.

·         Rate of interaction.

Table showing the Frequency of Social Media Metrics Used by Companies

*Source : Forbes / CMO Network

CUSTOMER EXPERIENCE

It involves the sum of all experiences the customer has with a business concern over a period of time.  For a business, customer experience is the process of engaging the customers and making them feel the brand through interactive sensory connections and activities. This in turn will create emotional connection with the brand. Emotions are the greatest influencers which make every human to act, react and affect. If a person is emotionally connected with something it will be very hard to forget and get rid of it.  So if a marketer is smart enough to capture the emotional elements of the target customers it will be easier to connect the brand with them. And if the brand is tied up emotionally with the people there is a high chance for the brand to capture a place in their minds. The process of connecting the brand with the target customers is called as experiential marketing.

Modern business concerns focus much on customer experience rather than customer satisfaction or customer delight. As the consequence customers are emotionally connected with the brand. It starts with attraction till usage of a product or service and continues till sharing the experience with others. So, there is a strong bond between “Emotion, Experience and sharing the experience”. If there is a positive perception on the shared views, then end result will be better in terms of sales and revenue generation and vice versa.

CUSTOMER EXPERIENCE AND SOCIAL MEDIA

During the early 90’s, a customer who had bad experience with a product or service will share the experience with the family or friends who are near. So, it is obvious that the chance of spreading of the experience to a huge number of people will be 0.5%. But, in the contemporary business world the emergence of social media have made the possibility of reachability of bad experience to more than 75% of social media users. So there is a chance of telling the experience to everybody the customer knows. How is this possible?

• ·         There are more than 3 Billion Google searches a day.

• ·         More than 145 Million tweets posted and shared per day.

• ·         There are more than 800 Million active Facebook users.

• ·         70% of online consumers trust opinion of people who are online.

• ·         90% of online consumers trust recommendations from people they know through product or service reviews after usage.

• ·         86% of customers quit doing business with the company because of bad customer experience. And most of them quit because they frequently receive updates about bad experience of the people who are in social media.

*Source: Harris interactive, Customer experience impact report.

A repeatedly delighted customer will surely feel great and will probably never forget the experience and eventually an unsatisfied customer will also never forget the experience he/she had with the brand or concern. And social media has become the most trusted avenue to share and receive opinion from the known and unknown people. Now the business concern has to seriously consider taking advantage over the “Online experience sharing habit” of people or there is a chance to get blown out of the competition. Social medias may distress a business when,

·         There is no solution for customer feedback – posting the snapshots of the conversation.

·         The customer shares the experience (Positive and Negative) in social media –Writing a post.

·         Receiving suggestions from active social media participants.

·         Sharing of a friend’s experience with all the others present in social media.

·         Commenting for a shared experience.

·         Posting pictures or videos of experience.

·         There is no or no timely reply from the business.

SOCIAL DIMENSION FOR A BUSINESS

Adopting and using social media for business is a great way to make customers feel friendlier and the direct way to maintain great relationship. Direct interaction becomes possible through posting useful and most interesting contents. Instant feedback and solution turns easy. The company can frequently update the customers with latest news and events. Hence it is vital for a company to enter into the social media platform.

Inside the social media platform

·         Being active – Frequently interact with the customers and followers. Ensure that the company is always available for its people. Do not just open a page in Facebook or create an account in Twitter and be omnipresent but idle. Move on for the paid facilities in social media and avail the promotional facilities to reach the mass.

·          Being really social – Do never talk only about the business of a company or the features or benefits offered. Share information more than that. Try to make them feel that the company is not only focusing to do business with them.

·         Interaction – Do not only promote products and services, instead share useful information with the customers. Create a sense that the company really cares for the customers. Have casual interactions so that the customers may come closer to our business. Respect the emotional elements of people while interacting, as it is the driving force to attract them towards our business.

·          Educate visitors – Always educate the visitors about things the company knows. No matter if it is beyond the company’s products or services. This will ensure customers that the company survives to create value.

·         Always be available - Never stay away for a long period of time or never be idle. Immediate response and reply will surely create a better customer experience.

·         Consider comments – Always look for bad comments in social media as there arise a chance to understand the real expectations of the people. Reply to comments as immediately as possible in a positive way. And do not forget to compliment the good or positive comments.

Social media as strategy

·         Social media metrics – The Company should create the social media metrics more effectively and update it frequently. This will help the company to analyze the current performance of the company. 

·         Online team – A separate team of professionals who are good in customer relation and social media may be assigned to be active in social media with. This team should possess the knowledge of the social media interaction, company’s offerings and the customer base. This team should be responsible for publicity spread and controlling of publicity spread.

·         Social media marketing team – An exclusive set of professionals who are good in promotional activities may be engaged to create content for marketing through social media. Sales pitches should be noted down and communicated to the marketing team. This team should also plan for social media campaigns which is properly scheduled and implemented.

·         Control over contents – One of the greatest characteristics of social media is that, multiple users will interact with single piece of content. Reposts, Likes, Comments are the form of interactions which frames the social media success. People respond to content in either ways “Positive or Negative”, so it is very important to create contents and materials very carefully with the objective of receiving positive response.

·         Separate sales chart – Create separate sales chart for sales done through social media leads so that it will be easy for the company to measure the effectiveness of the performance of the social media team.

·         Customer experience analytics – This is done to measure the customer experience through journey mapping and blueprinting. Journey mapping helps to track the beginning and end point of the customers’ interactions. Blueprinting helps to identify the checkpoints where customers had bad experience.