Understanding consumers & communities; Digital business models
I must admit, I am an avid user of social media myself. I spend up to a good 3 hours each day just scrolling through my Instagram feed. I use Facebook and Instagram the moment I get up from the bed and I also use these applications just before I hit the sack. Can anyone relate? Or is it just me?
I do very much agree on with the reason why people participate in social media - it is a form of emotional gratification, a sense of validation that you get when people acknowledge or engage with the content that you have uploaded with just a simple click of a button. Check out the number of social media users in Singapore (our population is approximately 5.64 million) and a whopping 83% of the nation is on social media!
With internet access so readily available almost everywhere we go, it is no surprise that we are ranked #4 in the world in terms of social media penetration.
Needless to say, as the years go by, there has been a shift in terms of marketing. More companies are switching over from traditional marketing methods to digital marketing. Moreover, studies have also shown that mobile usage in Singapore has been steadily increasing over the years. I foresee the future of marketing to be highly reliant on social media if their target audiences are Millennials and Gen Z consumers as a result of that.
According to the Facebook engagement framework, I am more of an 'Entertainment Chaser' as I am not heavily involved in content creation as I am on Instagram. I enjoy looking through my feed, watching and sharing funny videos/food recommendations which my friends have posted. Facebook would be my go-to stress-reliever application for me after a long day at work or school. What about you guys? Are you a fellow Entertainment Chaser on Facebook as well? :)
I do very much agree on with the reason why people participate in social media - it is a form of emotional gratification, a sense of validation that you get when people acknowledge or engage with the content that you have uploaded with just a simple click of a button. Check out the number of social media users in Singapore (our population is approximately 5.64 million) and a whopping 83% of the nation is on social media!
With internet access so readily available almost everywhere we go, it is no surprise that we are ranked #4 in the world in terms of social media penetration.
Needless to say, as the years go by, there has been a shift in terms of marketing. More companies are switching over from traditional marketing methods to digital marketing. Moreover, studies have also shown that mobile usage in Singapore has been steadily increasing over the years. I foresee the future of marketing to be highly reliant on social media if their target audiences are Millennials and Gen Z consumers as a result of that.
Moving on, I strongly believe that values have to be co-created between businesses and consumers. With co-creation, consumers get exactly what they want and have a hand in making it happen. Lego is an excellent example of customer-centric innovation. Imagine having your creation sold worldwide, how cool is that?!
Overall, there are many digital business models out there in the market and one will to decide which particular type fits their business best. For instance, in Singapore, 38% of Singaporeans do not feel that their needs are understood. Hence, companies are adopting the 'Enterprise Agile' model that supports customer-centricity, allowing businesses to innovate and service customers effectively.
I would like to end my post on a light-hearted note with some school appropriate memes that I found online. Enjoy!
Overall, there are many digital business models out there in the market and one will to decide which particular type fits their business best. For instance, in Singapore, 38% of Singaporeans do not feel that their needs are understood. Hence, companies are adopting the 'Enterprise Agile' model that supports customer-centricity, allowing businesses to innovate and service customers effectively.
I would like to end my post on a light-hearted note with some school appropriate memes that I found online. Enjoy!
That's all for today, have a great week ahead folks!
Cheers,
Grace
A very informative and helpful read! What really caught me was the fact that we're ranked 4th in penetration despite our relatively small population. Do you think that this has anything to do with the ranking though? And also, despite the trend of seemingly almost the entire world engaging in digital platform, do you feel that traditional platforms have any value?
ReplyDeleteHere’s an article that I found which stated why Singapore is so technologically advanced despite our teeny tiny population: https://www.straitstimes.com/business/spore-among-top-seven-tech-ready-economies-wef We are “blessed” to be thriving the right environment for business and innovation! The government has given Singapore the support and commitment in order for us to become such a tech savvy economy and we are well on our way to becoming a smart nation.
DeleteWell, with regards to your second question, I feel that the answer lies within who the brands wish to target. If it’s the aging population, I’m sure that advertising on traditional platforms would work better on them. It can be easily understood by most people because they are already exposed to this kind of strategy. For example, promotional flyers can be kept for future reference but advertisements on Instagram might be gone forever the moment you swipe it away and if they have no knowledge on how to take a ‘screen capture’.
In my opinion, rather than taking an all or nothing approach, utilising a multi-channel approach that leverages the unique benefits of paper with the convenience and accessibility of digital will perform best! :)
I can definitely relate with the scrolling, guilty as charged! While I admit that social media is an integral part of my life, I sometimes do wonder if this makes us very disconnected with what's happening around us instead. We've just become social technology zombies and that's becoming a sad truth.
ReplyDeleteIs technology a boon or bane? Or perhaps the better question to ask is "How can I use social media for good?" Ultimately, I think it all boils down to how we use technology and whether we allow it to erode or enhance our humanity is a choice we all have to make, what do you think?
DeleteI agree with your points on the importance of value co-creation between businesses and consumers. Through the use of social media, it is easier for businesses to interact with consumers nowadays. This definitely opens up a lot of new possibilities as it helps them to explore any new unarticulated needs that consumers themselves may not know about.However, this also raise new issues such as spamming and it is up to the business way of managing it to pick out relevant comments. Overall great read!:) Looking forward to your next post.
ReplyDeleteYes indeed, social media for business is a double-edged sword. It can damage your reputation much more quickly than it can raise your profile, and it’s also increasingly being exploited by hackers and those with malicious intent. Have you seen what happened to Food Panda’s Instagram account recently? It was hacked resulting in “inappropriate” messages sent to its followers. That aside, here’s a great article that I would like to share which covers on the importance of service recovery: https://www.sgsme.sg/resources/service-recovery-companys-saving-grace
DeleteInsightful post! I definitely am one of those that that spends a good few hours on social media before bed! Great application of the targeted marketing strategies model and how each segment is characterized. Social media definitely is taking over the lives of us consumers and I especially agree the part on the co-creation between businesses and consumers, having a customer-centric business is one of the key values to having a successful business! Great read :)
ReplyDeleteHello Dylan! Here’s a tip that I would recommend to limit screen time on the internet: Set yourself a daily time limit on Facebook/Instagram/YouTube e.g. 30 mins max to restrict yourself from scrolling too much before bedtime. A reminder will pop up on your screen once you’ve completed the stipulated time signalling that it's time to put your mobile aside and head to bed! Personally, I’ve set myself a 3 hour limit for the day to keep this ‘addiction’ of mine in check. Do give it a try and let me know how it goes! :)
DeleteI’m glad you've enjoyed the content that I’ve written. Be sure to stay tune for more engaging topics that I’ll be putting up in the weeks to come! :)
ReplyDeleteAdapted from this article: https://www.smartinsights.com/social-media-marketing/social-media-strategy/new-global-social-media-research/ To my surprise, I’d thought Singapore would be one of the top few countries with the largest internet penetration. As it turns out, Asian countries aren’t ranked very highly on the scale. But instead, countries in the Northern, Western and South Europe and North America have the largest internet penetration with between 88%-95% internet users compared to the total population. Thank you Kylynn for bringing up this lovely suggestion which allowed me to uncover deeper insights on the usage of social media channel penetration!