Technology is evolving at an exponential pace. Google+ took 16 days to reach 10 million users as compared to Twitter which took 780 days and Facebook took 852 days. It took 10 years for the internet to become an essential part of daily life.
With so many social networking sites like Facebook, Twitter, Foursquare, LinkedIn, Pinterest etc, one barely has any time to participate in each of them every single day. As all-encompassing as social media seems, it’s still early days and there have already been shake-outs. Every individual can only contribute a certain amount of time to social media yet the space is getting increasingly crowded.
The performance graph of the new players in social media is tapering down while the established players seem to be impregnable. Users are so habituated to platforms like Facebook and Twitter – they have also created their own network which is not portable to other platforms.
Just like our users, even brands are challenged to make social channel choices. Brands are also trying to be omnipresent across all the social platforms, however, the need of the hour is to supply parallel content and the ability to listen and respond to earned media in multiple social channels.
Brands now need to work on an ‘end-to-end’ response basis. To be at the top in the digital world, brands need to embrace ‘innovation’ and identify strategies to engage with the users and demonstrate the new business models as well. This requires grasping the existing traditional methods prevalent in the markets and analyzing tools that will help to differentiate between the suppliers and the lifestyle partners of digital age.
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