An Altimeter Group report focuses on the 4 P’s of marketing, namely Product, Price, Promotion and Position, to bring businesses closer to success in the world of social commerce.
Brian Solis, a highly recognized new media marketing guru and author of the new book Engage!, has introduced a fifth P in this equation – People. I completely agree with Brian that it is the people dimension which will truly differentiate social media marketing from traditional marketing and commerce strategies. We are moving towards a people driven market where the collective power of the community will drive sales. Brian puts it very succinctly – “It’s your responsibility to not only focus on the aspects of “paying it backward,” i.e. pay me for my goods and services, but also “paying it forward,” the investment in your community so that brands merit resonance through relevance.”
Businesses need to evolve a social media strategy in order to engage the social consumer and convert conversations to commerce. Perhaps, it suffices to say that Businesses need a way to connect the ‘Shopping Gods’ with ‘Newbies’.