MANAGING in the

NEW WORLD

About a decade back when social media was at its infancy, few realized its business value. Yet within few years, social media became such a integral part of digital marketing, that brands started pouring in billions of dollars to make it work for the company. Phrases such as viral, buzz and stickiness came to be commonly associated with modern marketing means. Facebook and YouTube have been the giants in this field, yet social media’s grasp to help brands leverage the medium is reducing. In fact brands are becoming way too common to the proliferation of social media marketing. In practice, individual entertainers or sportspersons are connecting well by building their brand on social media but brands are not gaining any leverage. As an example on sports pages, it is Real Madrid and Barcelona that continue to dominate but not a single penny is earned through this exercise to these brands or the master ones like Nike or Adidas. In order to rectify this gap, cultural branding may be recommended. For this the cultural orthodoxy needs to be well understood while locating the opportunity in it. Jack Daniel’s is an example of a brand that has perfected this cultural branding by associating itself with the tough rural region of Tennessee. The power of the crowd-culture also must be exploited. This is how the new ideology will work in the brand’s favour.

Source: https://hbr.org/2016/03/branding-in-the-age-of-social-media

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