Whether you like it or not, Social Media has become a prevalent part of today’s society. Just look at the most recent Super Bowl commercials for example – at the end of each clip, there was almost always a hashtag for the commercial. For those who do not know, a hashtag is a word or phase preceded by the pound sign (#) and is used to identify messages on a particular topic. If there was a commercial that consumers really liked, for example – the adorable clip of the puppy and Budweiser horse, people could go onto social media and talk about this commercial by using the hashtag #bestbuds. In return, if anyone wants to see who else is talking about the commercial, they can click the #bestbuds link and you will be transported to a plethora of conversations about the same topic.
The face of marketing has changed dramatically in the recent years. Having a good marketing plan is no longer about simply placing the right advertisement or right commercial. Now more than ever, social proof plays a large role in acquiring customers.
With the world becoming more social and connected through the internet, customers aren’t simply going to the nearest place of business. The average customer today first does online research about a company by examining their website, checking reviews on google, yelp, etc and checks for feedback on facebook and twitter.
Michael Luca, assistant professor at Harvard Business School, performed a study that showed