How To Create An Economic Advantage Using Social Media Marketing

As we discuss in Digital Forensics, listening to your customers and observing your competitors can give you a big edge when it comes to business marketing using social media and the distributed web. Done right, your will get to the point where you are learning a ton about how you can improve your product, delivery and messaging.

If your at the point where you have a good pulse on your customers from listening and participating in blog and forum discussions, then it may be time to consider embracing this information and taking action to further your brand objectives. By incorporating some of this rich customer information and  feedback into your marketing campaigns or product design or service offering, you can gain brand advocates and improve your brand/business positioning.

Getting started is simple:

1. Figure out the best way to solicit ideas from customers. Where appropriate, use the blogs you are following and participating in to propose ideas/solutions you would like to test and solicit comments. Another great way to do this is using Yahoo Answers, LinkedIn Answers and other sites like them to ask questions directly and get a read on who is asking questions similar to yours. Don’t be afraid that competitors will be getting this information as well. They key is acting on the information, and the next three steps will put you way ahead of them.

2. Vet feedback. Not all information you get back will be good information or necessarily reflect the underline idea you are testing. Spend time sorting through the feedback and continue to clarify and hone the ideas in the communities you are participating in until you feel comfortable that you have a solid idea.

3. Structure internal communication and process to best incorporate these customer ideas. Ideas without follow through will not get your new customers or market share. You now have the knowledge, the key is working this information into your internal workflow so that you incorporate these new ideas into your business.

4. Communicate the changes and improvements you will be making to your communities. Use the communities that your developed your new product or service ideas with to become brand advocates. They are already pre-sold on what your product strategy is…find ways to empower them to let others know.

Implementing this strategy will create huge economic advantages for your business. By identifying and executing new ideas that will expand your customer base, and have them purchase more products from you more frequently, your business can expand margins because capital investment to implement these ideas is not high (in most cases).

Go try it and tell us what you think.