Social Media and Market Invention
Most businesses are still struggling with how social media strategy has changed the marketing landscape. Honestly, so are most marketing firms. If you look at the average company’s social media presence, they aren’t employing this new technology nearly as well as they could be. Sure, they might use influencers or live streaming. They may even closely follow analytics.
But these things, while they are absolutely parts of a good social media strategy, do not guarantee any impact on customers. They aren’t a checklist that, if completed, will perfect your social media presence. That’s because social media users, more than users of any other channel, expect your campaign to be driven by an authentic vision. Look around at any of the most successful social media campaigns and you’ll find a consistent voice that casts products in a different light.
They are leveraging the psychology of market invention.
Market invention doesn’t necessarily mean a new product. Many leaders invent a new market by taking an angle no one else did. Social media, with its interactive, democratic nature, is a great place to show people a product in a way they had never imagined before. That’s real market invention.
“Okay, okay,” you may be thinking. “This all sounds grand, but is anyone actually doing this?”
Deciem skincare has used social media to cast themselves as “The Abnormal Beauty Company” with super transparent business practices, simple products, and an eccentric owner. Siggi’s has used social media to disrupt the healthy yogurt market with their Icelandic skyr. Celsius drinks are gaining on traditional energy drinks by presenting themselves as low calorie, fat-burning, and full of vitamins – the obvious choice for health-conscious consumers
What do all of these examples have in common? With very little traditional advertising, they have become the fastest growing brands in their industries, thanks in large part to stellar social media tactics. Specifically, they are using social media to show the world how they have reimagined an everyday product (makeup, yogurt, energy drinks) as something exciting and authentically new. They don’t need to focus on “the top social strategies of 2018” because they are already operating at a much deeper level: social media as an exposition of purpose.
Still think social media is all about influencers? Didn’t think so. You can read more about market invention here.