Social media marketing and using social media to connect with customers is going to change the way we do business in the months and years ahead. What I mean by that statement is that there is “a lot” that needs to develop and “a lot” of ramifications based on these developments for social media and marketing.
Social media is no doubt on its way to becoming a new significant force in marketing (much like search did) in the not too distant future. What shape that will take is based on the evolution of the technology ecosystem and customer behavior as it matures in terms of using this new medium. In terms of the ecosystem, we are already seeing significant attention to the ad serving platforms and the presence of third parties to help better track and monitor performance. Google is talking of social search and the potential that brings.
Then there is also the mobile internet which is growing at a phenomenal rate combining the power of social networks with location based services. Add to all of these the fact that at some stage these platforms need to monetize and that will in my opinion drive inevitably convergence with a few global and a couple of local winners. These combined with consumers and businesses defining standards of what is kosher or not in terms of content through a trial and learn phase, which we are in, will result in a very rich form of communication and marketing to customers in dynamic system that will allow us to target, measure and listen to our customers like never before. This transparency and instant feedback will also challenge us to manage brand and marketing together like never before where reputations will be built and occasionally destroyed in real time.
Aman Narain is the Global Head of Remote Banking (Internet & Mobile) for Standard Chartered’s Consumer Bank and is sharing his personal views on Banking and Social Media as a guest blogger with Asian Correspondent.
