New insights into what consumers want

Many forms of social media have become important components in marketing strategies for businesses. Vehicles like Facebook and Twitter enable marketers/businesses to engage consumers in new and unique ways.

This week, Mark Walsh of Online Media Daily discussed the findings of a recent study from Razorfish. In the FEED report, more than 65 percent of consumers reported having a positive or negative digital experience that affected how they viewed a brand (of that 65 percent, 97 percent reported that the experience ultimately determined whether or not they bought a product from that brand).

But, one of the statistics/findings that I found particularly interesting is that 44 percent of Twitter followers and more than 37 percent of Facebook and MySpace followers stated that exclusive offers/deals/promotions as the main reason for subscribing/"friending" a brand via social media. As noted in the research, "it’s not so much about some type of 'shared passion' for a brand’s values. Largely, it’s about deals—pure and simple."

This is great information for businesses who are looking to build their brand via these social media vehicles. By building a fan base/following and actively engaging this group, companies can continue to look for new opportunities to enhance the relationship with consumers (see Walsh's example of Whole Food's use of social media).

The FEED also noted that "brands that use digital to drive awareness also drive sales: 64% of consumers report making a first purchase from a brand because of a digital experience."

The data certainly makes a case for digital marketing. And, based on this research, as well as countless other surveys/data, it is important to blend traditional marketing strategies with digital mediums in order to broaden your reach.

When looking at Hasbro, outlets like Facebook and Twitter offer unique marketing opportunities for the company. Because the audiences, of Facebook in particular, is changing and it is this target audience (the parents and grandparents) that can help the company achieve overall success. By developing a solid "fan" following, Hasbro can develop marketing strategies that offer special discounts, "sneak peaks" and other premium services that will build those relationships.

So, as I move further into developing a new marketing strategy for Hasbro for my class, I will look at opportunities to incorporate more digital/social media vehicles to complement the traditional marketing and advertising that Hasbro is already using.

FEED (2009). Razorfish Digital Brand Experience Report 2009. Retrieved November 9, 2009, from http://feed.razorfish.com/downloads/Razorfish_FEED09.pdf

Walsh, M. (2009, November 8). Online Media Daily News. Razorfish study: special offers drive engagement in social media. Retrieved November 9, 2009, from http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=117008