Conventional marketing communications were focused on the 4Ps – Product, promotion, price and placement. The fundamentals of conventional marketing although are used for social marketing as well but there are lot of difference that set them apart. Marketers try to relate social media marketing with conventional marketing every now and then but the stark difference between them can be seen.
Conventional marketing is 2-sided, it focuses on the consumers and suppliers whereas social media marketing is n-sided, and it takes into consideration all the users in the value chain. Social media marketing with its wide reach can cater to everyone on a single platform.
Conventional marketing has supply side emphasis, whereas social media marketing has demand side emphasis. Supply side emphasis makes the marketing product centric, where value creation for the consumer is low, on the other hand demand side emphasis makes marketing consumer centric, consumer is the centre of transaction and hence this ensures value creation for the consumer.
Conventional marketing answer the question why? As in why our product, why us ? whereas social media marketing answers the question why not?, with plethora of users online and utilizing and generating content online, it makes them ponder why not them? I think this is an approach which gives the user surety of purchasing products without any glitch.
Conventional marketing focuses on content creation whereas social media focuses on content aggregation. Also the former has linear returns to scale whereas the latter has profound network effects.
Conventional marketing has prioritized and limited resources to find and convert new prospects. Conventional marketing finds the consumers, converts them and then keeps them. The consumers are hard –earned and keeping them at the bottom of the funnel is a bad signal for the consumers. But social media marketing has changed the game, the funnel is inverted for social media marketing where it gives marketers the opportunity to influence the consumers before and after the sale. Social media marketing is a low cost tool and it is successful in keeping the consumers glued to the brand if done in a right way.
Social media marketing communicates directly with the consumer; it addresses their needs there and then. Consumers can raise their concerns and can get them resolved then and there. Moreover, consumers are aware of current happenings and the updates are very frequent. Conventional marketing is a very methodical approach where the visibility to consumers is quite low.
And not to forget is the cost associated with these marketing techniques, conventional marketing has very high costs.
In US, the average cost of producing a 30-second national TV commercial is nearly $400000 whereas there is very less cost associated with social media marketing. You can create your posts, videos, campaigns online, make them viral and at no cost.
Example: MTV is a popular TV channel known for marketing their brand in very innovative ways. Earlier, MTV used to market themselves through print ads, hoardings and their naïve static website. They generated a fan following but then consumers wanted more, live updates help them stick to their site. MTV is one of the brands that has used social media very creatively. They are prompt in replying to users on social media. Their twitter handles are trending and the reach is now much huge. Live streaming features helps users to stay connected on the go and increase loyalty for the brand. One such campaign is No Sleep Till Brooklyn,
The MTV press team came up with a fun and interesting visual rollout idea and worked closely with the digital and marketing teams to use our social platforms to tell a story of the Moonman’s migration. The concept of the MTV Moonman taking “selfies” of himself, much like our audience does, as he embarked on the #RoadToTheVMAs was easy to follow and relate to and allowed for fans to enter at any given point and quickly catch-up. By creatively utilizing the Moonman, MTV’s symbol for the hottest night in music, and combining it with the rich iconography of New York City and Brooklyn, we were able to announce that the VMAs are heading to Brooklyn and the Barclays Center in a visually appealing way.