Many of the micro trends crossover into some of the other macro trends, such as 'changing business models' and 'enhanced mobile services', which I believe further supports the micro trends that have been identified.
A 'Over the Horizon' opportunity for my industry I believe will be the 'Social Network Culture'. The introduction of Web 2.0 and the growth in tools such as Facebook and Twitter have seen individuals disbursed throughout the globe
united in shared issues, aims, goals or just interests. A quick search on the web here shows just how many different social networking applications currently exist. Companies have been quick to harness these new revenue market streams which have been further reinforced with the huge growth in mobile phone applications. Twitter has now announced that they will be introducing advertising on their site although this may be more of a push than a pull as Twitter were struggling to gain revenue for their business model. I believe that my organisation could create its own social networking site or make use of existing sites in order to take advantage of many of the uses as described below.
According to Marketing Jive there are five uses for social media sites for companies:
- to create brand awareness e.g. new product release
- recruitment
- reputation management tool
- learn about new technologies and competitors
- tool to intercept potential prospects
Organisations could take several approaches to integrate into this new found entrance to market. One way to get their product to market may be to utilise existing sites. Within the Facebook application the use of groups to identify target audiences may be on one route. Creating a group for like-minded individuals for say selling eco-products may be one route. Another popular route is for companies to create applications that link in with the popular networking sites. Swiftcover has created "Stuck" . This app lets you tell people about where you are stuck! This allows people to help you out of a 'jam', what it also does is link into Facebook and Twitter and could be seen as complementary to existing social networking apps. Furthermore, Swiftcover are also collecting valuable customer information which could be used to sell more products.
With recent industry analysis showing that this is not a fad but something that will stay with us, its even more important that organisations embrace the social networking community.
And Another Thing
The growth in applications such as FourSquare and other location based social media sites has resulted in a new growth market for the collecting of prizes and gifts relating to visiting locations regularly. FourSquare have recently joined up with Starbucks to give out coffee for regular visitors. This could be a great area to market your brand, its one way in which social media sites can realise their business model, generating cash and having fun at the same time.
And if your in any doubt read this
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