Social media developments allow brands to better reach & pinpoint consumers
Implications - Although the privacy debate concerning social media is still going strong, most consumers tend to choose personalized discounts and rewards over keeping their personal information from brands. Thus, new developments in social media that tap into consumer preferences are allowing for more focused targeting of consumer groups. These augmented functions enable brands to zero in on specific consumers to reach those people who are most likely to buy their products and services; in the end, extreme targeting benefits both groups.
Trend Themes
1. Hyper Targeting - New developments in social media that tap into consumer preferences are allowing for more focused targeting of consumer groups, taking advantage of the fact that most consumers tend to choose personalized discounts and rewards over keeping their personal information from brands.
2. Facial Recognition Technology - Facial recognition technology is paving the way for innovations like Facedeals that offers facial-scanning camera that can scan a person's face and then check them into the business via Facebook.
3. Personalized Discounts - Personalized discounts like Kroger Rewards provides customers with discounts based on their shopping history by enlisting the help of consumer research companies that analyze shopping data amassed from their customer's loyalty cards.
Industry Implications
1. Retail Industry - Retailers should invest in personalized pricing methods like Kroger Rewards to entice and retain shoppers.
2. Marketing Industry - With hyper-targeting options and facial recognition technology, social media platforms like Facebook and Foursquare should be leveraged to help brands connect with their customers and better focus their advertising efforts.
3. Entertainment Industry - Auditions for movies can be done through social media apps like Mobli, showing the changing landscape of the movie industry and how new media forms play a role in their development.
