Marketing strategy is defined as an organization’s strategy to combine its marketing goals into one comprehensive plan (BusinessDictionary.com). With today’s world moving at rapid speeds, it is necessary for business professionals to closely analyze how every marketing strategy implemented directly effects current trends in the marketplace.
In an article published by the Financial Times, Rupert Murdoch singles out the Facebook owner and CEO Mark Zuckerberg to begin paying news publishers fees in order to eliminate the amount of fake news present on Facebook’s site. By doing this, news source credibility will become more trustworthy and users will not need to second guess if the information presented is reliable. Additionally, Murdoch adds that publishers are not being compensated fairly for their services that are being provided to Facebook’s users. If publishers are not being compensated fairly, it results in diminished motivation in wanting to provide this type of service to Facebook. After reading this article, it can be noted that it is imperative for Facebook to not only reward its publishers fairly but to make sure that the content generated for Facebook through its publishers are dependable and will not cause user traffic to decrease.
Relating Facebook’s marketing strategy to the current trends in the marketplace, reveals several successful strategies that Facebook has achieved in correlation to the current market trends. The several strategies that Facebook has applied include video with the capabilities to add captions, the use of live video, tailoring the content exposed to a more defined target market group. Analyzing each of the strategies mentioned above, starting with the video feature Facebook offers, uncovers that videos with the capabilities to add captions directly onto the video boosts the amount of sharing because users find that it is easier to understand. This trend assists marketers in having a better understanding as to how brands are perceived by their target market and if it will elicit a future purchase.
Moreover, live videos on Facebook exposes that users are more likely to buy the product because they will see in real-time how the product in use and therefore creates an instant connection. This trend helps marketers engage directly with the audience to build a lasting relationship that from an early point. Lastly, personalization makes members of a particular target audience feel valued as a customer. The feature of Facebook allowing for more custom-made posts intended for a particular audience, shows the underlying value that a company takes in wanting to better understand their market. Marketers use this approach as a way to navigate through the plethora of different market segments and consider every need and meet it fully. From the strategies that Facebook has applied, it can be noted that these strategies were designed around current market trends primarily based on the voices of Facebook’s users.