Blog Entry 3
Blog 3
Social media -- do celebrities call all the shots?
Question.1a
Scope：
A social media platform is a unilateral communication tool or a real collaborative environment. On kylie's cosmetics website, customers are encouraged to share photos of themselves using the products, which promotes a good interactive relationship between customers and cosmetics companies. Of course, it also promotes brand awareness and customer engagement (Chaffey et al, 2019).
Culture：
Kylie Jenner uses the modernist social media marketing culture, which is more open, flexible and inclusive. For example, kylie attracted a lot of attention after she posted a photo of her daughter on social media. More importantly, she used her influence on digital social media to build a $400 million cosmetics company in less than two years. It all shows how she uses the modernist social media marketing culture (Chaffey et al, 2019).
Structure
The structure is about how organizations and social media are deployed. Kylie's application subject is decentralized and run by all employees, and she has considerable influence over her followers on social media. And her company has a "network" structure, everyone is responsible for social media marketing in some way (Chaffey et al, 2019).
Governance:
There are many rules in organizations and companies that indicate the responsibility of what employees can and cannot say on social media platforms and how to control the responsibility of social media. One tweet from Kylie cost snapchat $1.5 billion, a measure of the power of what stars say on social media. According to the Instagram profile of kylie cosmetics, the posts are all about kylie cosmetics and kylie herself, and the messages posted by an organization may be related to or beneficial to the organization (Chaffey et al, 2019).
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| Picture 1: Screenshot of Kyliecosmetics Instagram (Phone). |
Question.2a
The financial services industry is risk-averse, and social media was initially a major threat to it. When these companies invest in financial technologies, they not only bring better services but also make extensive use of social media, which is now controllable and a channel to promote user interaction and marketing (Chaffey et al, 2019). Today, many companies are using social media to revolutionize the traditional business models that finance relies on. The first is customer service. More and more Banks and insurance companies are using social media (Facebook, Twitter) as a permanent channel for customer interaction. Second, American Express combines a customer's American Express card with his or her social media profile on platforms such as Facebook and then offers it for trading based on user preferences and other activities. Using facebook to reduce customer service costs and improve efficiency, banks are also using it as an alternative to online banking. In 2013 an Indian multinational banking and financial services companies (ICICI) launched a mobile application, you can use Facebook account login on this mobile applications can also buy the movie tickets and pay the phone bill. (Eldridge, 2017).
Under the SMMF framework, Banks need to implement sophisticated social media policies to protect customers' personal information from being leaked (Eldridge, 2017).
References
Richard Eldridge. (2017). How Social Media Is Shaping Financial Services. Viewed from
Chaffey, D, & Ellis-Chadwick, F 2019, Digital Marketing, Pearson Education Limited, Harlow, United Kingdom. Available from: ProQuest Ebook Central. [30 August 2019].
Good job
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