Abstract
This work results from an internship of two months at a new company of digital media, to evaluate its ‘maturity' in terms of social media performance. For pursuing this objective, it is compared with its main competitors in the area as a panel of experts. Two methods of analysis addressed two main research issues: I1) which key performance indicators are mostly used in a sample of main firms in the area in Portugal; and I2) which new strategies came from their assessment in those firms? In the period considered, the company revealed a more adaptive strategy, missing some key indicators in the area. Its efforts may not be being directed at the greatest potential of social media. It can improve the performance of its social media by monitoring engagement what helps to preserve its reputation and give followers the answers they really want. A common aspect in the compared companies is the absence of outsourcing to digital influencers. However, this practice is growing because, with the demand and speed of response currently required, in-house digital marketing lacks the resources.
TopIntroduction
Today there is an increased use of online platforms for purchasing products/services, and also answering to new preferences (Cardoso, 2020). To catch this wave, digital marketing has created innovative communication channels, providing customers with high interactivity and personalization. Thus, it is imperative to manage and integrate the various channels (or touchpoints) the customers are using today (Youtube, Google Play, Instagram, etc.). Besides a company’s website, social networks (SN) are key elements of its digital marketing strategy (DMS). Companies should base their DMS on the content of their business goals, aligned with the needs of target market.
Using SN, companies can approach their customers in a more natural and informal way, for a more authentic branding (Sormaz et al., 2019). Entrepreneurs are increasingly aware of this role in order to gain as much economic value as possible. The latest trends in digital marketing and business communication indicate that the impact of SN is continuous. For example, if an ad is placed in a newspaper, it is difficult to estimate how many people really turned to a page and paid attention to it. However, digital marketing helps to know the reach of a product/service as it engages the customers with the firm/brand in a personalized way.
After considering these issues, the question is how to use SN to take advantage of their whole potential. It is important to consider their future, as they are a vital channel of marketing and communication for organizations. They are increasingly significant since they have become, for many, the primary domain where to receive and share important information to reach the world. This is due to the continuous innovation that occurs, both on the technological side (platforms that add new features and services), as well as on the consumer side (people and brands that find new uses of SN).
Key Terms in this Chapter
Change: It is the process that can alter the factors that highly influence an enterprise in terms of its offers, strategy, and innovation. The continual improvement of processes and/or technologies, and their diffusion, can nurture or stimulate a higher level of change.
Digital Business: It is a business model which keeps up with the latest updates and facts regarding digitalization. Some of the technologies that mostly support it are: Artificial Intelligence, Virtual Reality, Augmented Reality, Blockchain, Internet of Things (IoT), etc.
Digital Marketing: It is the field of marketing whose works evolve around the web (with website creation, social media, online ads, etc.). The transition to the online world has started this way of promoting brands’ products and services.
KPI (Key Performance Indicators): These are the critical indicators of progress toward an intended result. They have a focus on what matters most in terms of improvement and create an analytical basis for decision making.
Value Creation: It is the process of turning resources into something that meets the needs/ interests of others (customers, investors, employees, etc.). In today’s world, it is more related with intangible assets such as brands, ideas, people, and innovation. Therefore, it is a better management tool than mere financial measures.
Social Network: It is a website that allows people to come together and share information, photos, videos, etc. Some engage on social networking as a personal endeavor to interact or discuss their lives/interests. Other use it for business purposes, especially marketing.
Social media: It is the set of online communication channels dedicated to community-based interactions, content sharing, and collaboration. It is considered one of the most important ways for companies to achieve a high level of brand awareness and succeed with their customers.