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Postgraduate student: Shapovalova E.,
Scientific supervisor: Yerysh
L
Donetsk National University of Tugan-Baranovsky, Ukraine
The global management and marketing consultancy industry
recorded almost 6% growth in 2010 to reach $270 billion, reports MarketLine.
The market is expected to reach almost $388 billion in 2015, representing
nearly 44% expansion over five years. Operations management represents the
leading segment, accounting for close to 30% of the overall global management
and marketing consultancy market. The Americas holds over 50% of total market
share.
The rapid expansion of the global social media sphere
has been changing the landscape of the marketing industry over recent years.
Industry players are eager to avail of social media as a marketing channel to
take advantage of access to an almost limitless potential customer base. The
medium also allows companies to gather information vital to product
development, gain insight into customer motivation, better understand the
purchasing process and facilitate consumer feedback.
Key Market Segments. Social media
marketing is highly effective due to it scope and capacity to engage consumers.
Datamonitor estimates close to 40% of consumers would be interested in
receiving product information through social media marketing. Inbound marketing
engages the consumer more, encouraging them to research companies and products
of their own initiative. Obstacles to social media within the financial
services industry concern regulation and ROI. The latter is a problem that can
be solved through best practice guidelines and proper regulation of marketing
through this medium.
Social media platforms such as Twitter, YouTube and
Facebook are proving to be increasingly attractive marketing channels for the
pharmaceuticals industry. According to research from Markets and Markets,
pharmaceutical companies use these platforms not only for marketing purposes,
but also to strengthen consumer relationships and streamline brand management
using market intelligence gleaned by examining user-generated content.
Companies already using social media marketing include
Novartis, which is availing of Facebook and Youtube to boost OTC sales of drugs
including Bufferin, Orofar, and Comtrax. Pharmaceutical players using social
media for purposes other than marketing include J&J, which used social
media for crisis management purposes following the recall of Benadryl tablets
and Tylenol. The company was able to reach its consumers to apologize after the
FDA uncovered manufacturing plant discrepancies, which led to the product
recall.
The rise of social media across the BRIC countries
(Brazil, India, Russia and China) makes it an ideal channel for marketing.
BRICDATA notes companies are increasingly incorporating social media into their
marketing strategies. Social media marketing is used to develop products for
specific consumer groups, survey brand image perception and launch new products
on the market. Accessing customers through social media can prove difficult due
to industry fragmentation, underdeveloped mobile infrastructure and relatively
lower literacy rates.
The world enterprise marketing management software
industry is expected to record yearly expansion of almost 16% between 2010 and
2014, reports TechNavio. Market growth will be fuelled by demand for quality
marketing management software. Obstacles to market growth include the
implementation of software across the different levels of the organization.
Leading players operating in the market include Teradata, SAS Institute, Unica
and Oracle.
Sports sponsorship marketing in the UK is divided
according to the type of sport sponsored or in line with the sponsor’s relevant
industry sector. Formula 1 racing and football represent over 50% of overall
sports sponsorship spending in the UK, according to Key Note. The UK sports
sponsorship market is forecast to exceed $3 billion by 2015, up from over $2.5
billion in 2010. The leading contributors to the market are traditionally
alcoholic drinks brands and financial services, for example the Guinness
Championship and the Heineken Cup for rugby, or the Barclays Premier League for
soccer.
Market Outlook. BRICDATA estimates more than half of companies in
India grew their customer base by way of digital media campaigns in 2010.
Rising adoption of mobile internet across China is likely to encourage
marketing initiatives. Companies will increase budget allocations for mobile
phone and social media ads as the country’s mobile penetration increases and 3G
and 4G services are launched.
Berg Insight points to the importance for companies to
streamline marketing strategies to optimize mobile channel marketing benefits.
Companies need to remain informed concerning the mobile landscape to predict
future trends. While SMS and coupons hold strong potential as marketing tools,
a wide range of advertising formats are proving popular such as applications
and the mobile web.
Leading Industry Associations: French Marketing Association, American Marketing
Association, Canadian Marketing Association The Marketing Association (New
Zealand), Belgian Management and Marketing Association
How will marketers change their future social media
activities? Some people asked marketers to indicate how they will change their
social media use in the near future. Respondents were asked to indicate whether
they will increase, decrease, remain
the same or not utilize various social media networks and tools.
Marketers plan on increasing their use of YouTube (69%), Facebook (66%),
blogging (66%), LinkedIn (65%) and Twitter (64%), in that order. A significant
80% said they have no plans to utilize daily deals or will reduce their
efforts. Sixty five percent have no plans to utilize geolocation.
Here is a breakdown by social media channel:
#1: YouTube. For the third year in a row, YouTube is
the top area where marketers plan on increasing their social media efforts. A
significant 69% of marketers plan on
increasing their YouTube marketing.
This is down from 2012 (76%).
#2: Facebook. Facebook is clearly a top choice. Ninety
-two percent of marketers are using Facebook and 66% plan on increasing their
activities.Only 4% of marketers surveyed do not plan to utilize Facebook.
Second only to YouTube, Facebook is an area where marketers feel they can
achieve substantial results.Seventy percent of B2C plan on increasing Facebook
efforts. Social media newcomers (77%) were more likely to increase their use of
Facebook.
#3: Blogs. Blogs remain a strong area of focus for
social media marketers, with 66% indicating they'll increase their blogging activities. Note: blogging came in
just a hair below Facebook (#2). Blogging jumped from #4 in 2012 to #3 this
year. B2B marketers are more likely (71%) to increase blogging activity
compared to B2C marketers (62%). At least 70% of small businesses are looking
to increase blogging,compared to 58% of large businesses. The last few years
have seen a decline in these numbers.In 2012, 68% were increasing activities,
75% in 2011 and in 2010, 81% of marketers planned on increasing their blogging.
#4: LinkedIn. Jumping from #6 in 2012, a significant
65% of marketers plan on increasing their use of LinkedIn.As expected, B2B
marketers are significantly more likely to plan on increasing their use of
LinkedIn (78% of B2B vs.54% of B2C). Social media newcomers (75%) were more
likely to increase their use of LinkedIn. Enterprise level businesses were
least likely to increase their use (69%).
#5: Twitter. A majority of marketers (64%) will
increase their activities on Twitter, slightly down from 69% in 2012 and 73% in
2011.Large businesses are about 10%more likely to increase Twitter activities
than small businesses.
#6: Google+. Google+ is on the radar for many
marketers. Most businesses (53%) plan on increasing their Google+ activities
(down from 67% in 2012), while more than 1in 4 have no plans to use
Google+.Fifty- seven percentof B2B marketers will increase Google+
activities,compared to 50% of B2C.Male marketers (58%) are more likely to
increase their Google+ use than female marketers (51%).
#7: Pinterest. More than half of marketers plan to
increase their use of Pinterest.Considering how new the social network is,
these numbers are impressive.B2C marketers are significantly Pinterest
activities (57%) versus 44% of B2B. Female marketers (54%) are also more likely
to increase their use than male marketers (47%).
#8: Photo Sharing Sites. Thirty-eight percent of
marketers plan to increase their use of photo sharing sites like Instagram.B2C
marketers are significantlymore likely (44%) to increase activities than B2B
marketers (29%).Younger marketers are far more likely to use this form of
marketing (48% of 20 to 29-year-olds vs. no more than 33% of those over the age
of 40).Marketers with 5 or more years of experience are more likely to increase
activities here (45%).
#9: Forums. Only 29% of businesses will increase their
forum activities, while nearly half of marketers have no plans to use forums.In
2012, 40% of marketers had no plans for using forums. Now that number has
jumped to 47%.
#10: Podcasting. While only 5% of marketers are
currently involved with podcasting, a significant 24% plan on getting involved
this year—a nearly five-foldincrease!This is a significant finding and likely
fueled by (1) more than 1 billion smartphone users, (2) Apple's introduction of
a dedicated podcasting mobile app and (3) major auto manufacturers like BMW and
Ford integrating podcasting into new cars.Thirty-one percentof marketers with
five or more years of experience plan on increasing podcasting activities.B2B
marketers are more likely to increase activities (27%) compared to B2C
marketers (21%).
#11: Social Bookmarking. A mere 17% of businesses plan
on increasing their social bookmarking activities with sites like StumbleUpon (down
from 30% in 2012), while 65% have no plans to use social bookmarking.
#12: Geo-location. Only 16% of marketers plan on
increasing their use of geo-location services like Foursquare, down from 23%in
2012.Male marketers (19%) are more likely to use geo-location than female
marketers (13%).
#13: Q&A Sites. A significant 74% of marketers
have noplans to use Q&A sites (like Quora).Indeed only 14% of marketers
plan on increasing their activities with these types of platforms.
#14: Daily Deals . At the bottom of the list are daily
deal sites like Groupon and LivingSocial. A significant 80% of marketers have
noplans to use these types of sites, down from 72% in 2012.Only 7% of marketers
plan on increasing their marketing efforts here (down from 12% in 2012).
Bibliography:
1.
http://www.marketsandmarkets.com/
2.
http://www.strategyr.com/
3.
http://www.reportlinker.com/p01930466/Foresight-Report-Digital-Marketing-in-Financial-Services.html