Social media is a complex online ecosystem that features many different groups. The main 3 groups are organisations, influences and consumers. The mind-boggling fact is that no matter what your logging on for you will end up consuming media in many different ways!
So how can we better understand the strategic way to use social media for marketing? Felix and colleagues (2016) identified 4 broad features of strategic social media marketing known as the Social Media Marketing Framework (SMMF). The 4 dimensions are:
Scope refers to how social media is used for communication whether that be one-way to convey information or as a collaborative and interactive medium. The culture dimension refers how permeable social media is to marketing and advertising. The 3rd point is structure which focuses on how clear cut the roles of each employee is in regards to social media marketing. The last point is governance, which refers to the guidelines in place for marketing activities.
Kylie Jenner’s Cosmetics
Kylie Jenner has created a massive $400 million dollar business that is still growing thanks to the help of social media (Chaffey & Ellis-Chadwick 2019). In terms of scope; while most of her social media context is one-way there are certain interactive aspects about the cosmetic brand such as the use of the #KylieCosmetics. Some make-up artists even get featured on her kyliecosmetics Instagram account:
Another interactive aspect is the ability for customers to discuss amongst each other in comments etc. Which helps endorse the product to other people (Omar 2014).
Culture is a little more difficult to understand but let’s put it this way – how many other advertisements get 4 million ‘likes’? Kylie is in the best position possible as people ENJOY her promotional content! While with a lot of other online advertisement the consumer is likely to suffer from banner blindness or the avoiding ads (Hervet et al. 2010).
“This flexibility allows us to remain culturally relevant and at the forefront of new trends”Laura Nelson – President of Seed Beauty (Schiffer 2018)
The last 2 factors; structure and governance are more difficult to observe from the outside. Laura Nelson – president of the company behind Kylie Cosmetics has indicated that “The flexibility (of social media) allows us to remain culturally relevant and at the forefront of new trends” (Schiffer 2018).
Financial Service Industry & Social Media
Banks and other financial services were the stragglers to jump on the social media marketing train, due to perceived risk (Chaffey & Ellis-Chadwick 2019). Using the model presented by Felix and colleagues (2016), we can see that the financial service industry originally took a conservatism approach that is focused on risk aversion. The goal for a business with this position is to create a more authentic culture to produce better interaction with social media users. This will in turn make the financial business easier to access, more transparent and customised for each individual.
Felix, R., Rauschnabel, P. and Hinsch, C. (2017). Elements of strategic social media marketing: A holistic framework. Journal of Business Research, [online] 70, pp.118-126. Available at: https://fardapaper.ir/mohavaha/uploads/2017/10/Elements-of-strategic-social-media-marketing.pdf [Accessed 25 Aug. 2019].
Hervet, G., Guérard, K., Tremblay, S. and Chtourou, M. (2010). Is banner blindness genuine? Eye tracking internet text advertising. Applied Cognitive Psychology, [online] 25(5), pp.708-716. Available at: https://onlinelibrary-wiley-com.ezproxy.canberra.edu.au/doi/full/10.1002/acp.1742 [Accessed 25 Aug. 2019].
Hirsch, J. (2017). Motivators and barriers to internal, social media-based open innovation communities in financial services. [online] Available at: https://researchoutput.csu.edu.au/ws/portalfiles/portal/10210352/DBA_thesis_Juergen_Hirsch_final_2017_05_24.pdf [Accessed 25 Aug. 2019].
Omar, J. (2014). Factors Influencing Social Media Marketing In Different Culture Context. School of Business and Law. [online] Available at: https://uia.brage.unit.no/uia-xmlui/bitstream/handle/11250/2349737/BE-501%202014%20spring%20Master%27s%20thesis%20Juwayria%20Omar.pdf?sequence=1&isAllowed=y [Accessed 25 Aug. 2019].
Schiffer, J. (2018). The Secret Company Behind KKW Beauty and Kylie Cosmetics. [online] InStyle. Available at: https://www.instyle.com/news/secret-company-behind-kkw-beauty-and-kylie-cosmetics [Accessed 25 Aug. 2019].