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Social Media Marketing

An entrepreneur is someone who decides to either create a new product or improve a product with the purpose of filling a need in the market that is not being met. The entrepreneur assumes the risk of marketing this new product or service but also benefits from revenues earned. There are other benefits as well. The entrepreneur is their own boss and can embrace creative freedom. Entrepreneurs take pride in what they are doing and are passionate about their venture. They are also responsible for getting the word out about their new product to build brand awareness. One of the most powerful tools to accomplish this in the digital world is through social media platforms.

Watch the following video that introduces the role of social media marketing: Social Media Marketing in 5 Minutes | What Is Social Media Marketing?

As an entrepreneur launching a new brand of snack mix, you have determined that social media is going to be an inexpensive, expansive method to promote your new product.

Using what you have learned, use the following questions to guide your response:

Which 2 social media platforms are going to provide the most exposure for your brand, and why?
Which social media platform will not be appropriate for your brand, and why?
What is 1 way you can optimize your product description?

Sample Answer

Data analytics is a powerful tool for companies to understand their customers and optimize marketing strategies. Let’s break down how structured, unstructured, and semi-structured data contribute to this process:

Structured Data: This is the workhorse of analytics, easily categorized and processed. Here’s how companies use it:

Personalization: E-commerce sites use demographics like age, gender, and purchase history to recommend products or create targeted advertising.
Segmentation: Companies can group customers based on structured data to tailor marketing campaigns. For example, a video game company might segment players based on age and genre preferences.

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Performance tracking: Companies track metrics like website visits, clicks, and sales to gauge the effectiveness of marketing efforts.

Unstructured Data: This rich data requires complex analysis but offers valuable insights:

Customer sentiment: Social media posts, emails, and reviews can be analyzed to understand customer satisfaction, brand perception, and emerging trends. For instance, a video game company can analyze player forum posts to identify frustrations and areas for improvement.
Market research: Unstructured data provides insights into customer behavior and preferences. Companies can use text analytics to understand what players are talking about online and identify potential areas of interest for new games.

Semi-structured Data: This bridge between structured and unstructured holds valuable details:

Targeted advertising: Email marketing leverages data within emails (structured) and the body content (unstructured) to personalize messages and offers.
Customer service improvement: Analyzing customer service interactions (emails, chat logs) reveals pain points and areas where service can be enhanced.

The Ethical Tightrope Walk

While data analytics is a boon, it raises ethical concerns:

Privacy Concerns:
- Example: Tracking a customer’s online browsing history to build a detailed profile can be intrusive. Companies must balance personalization with respect for user privacy.
Data Bias and Discrimination:
- Example: Algorithms used to analyze data may perpetuate biases based on race, gender, or other factors. This can lead to discriminatory marketing practices, like excluding certain demographics from seeing certain ads.

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Social Media Marketing

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