Innovation through Social Media Marketing
Social media is increasingly prominent in our day to day lives. However, social media is a constant changing landscape. With some even claiming that social media is the “death of democracy through manipulation.”
However, social media marketing was lagging behind for many years as a majority of companies were run by an older generation, less involved in the constant updates of social media. However, recently there has been a boom in social media as young entrepreneurs have taken marketing and social media into their own hands. This is because we are the first generation who have grown up with social media, with no guidance or coaching from the generation older than us. This new tool therefore has been hard to conquest with frequent updates.
Yet, Carlos Dominguez, the President of Sprinklr, who consults companies such as Nike and McDonalds, has cornered the market for social media marketing. Dominguez has realized that social media is constantly changing and puts in a lot of work to support 24 different channels worldwide. His tip to staying current; asking the younger generation. Rather than leaving the unknown, Dominguez’s average company age is probably 27. This youthfulness in his company allows software to be built to help companies to be holistic and “help companies do social better.”
Dominguez reassured us that each channel – such as snapchat, twitter, LinkedIn – is very protective of its users and by default the use of a channel is protected. However, there is a fine line between social media marketing and invasion of privacy and value exchange comes into play. Therefore, the better the services delivered to the customers, the more users will allow access to more sensitive data, yet this balancing act has only been mastered by a few, such as Sprinklr.
Social media constantly challenges us to use our voice and opinions which can hurt or help the marketing sector. For example, Twitter is a media channel for public broadcast (except for direct messaging). Whereas Facebook holds the best monetization 35-40% quarter, yet currently faces challenges regarding Russia and due to a lot of pressure, Facebook has already shutdown a couple of analytic services, and some believe that regulation of social media is not far around the corner with the increasing manipulation and “fake news.”
Dominguez has recently shed light on this issue of manipulation and warned that the sole purpose of education is to tell the difference between truth and lie, and we should be clamping down which is terrible for free speech but good for “fake news” which again could help or hurt the future of social media marketing.