Companies that utilize social media as an innovation platform are able to develop new products and services by gaining access to customer insights, knowledge and ideas. However, the ability to integrate and use these resources to achieve positive results can be challenging barder.
For example, many firms are unable to integrate their technology resources with their strategic capabilities in order to develop innovative products and services. Similarly, firms that have latent market needs may not be able to predict their customers’ preferences for innovative products and services jigaboo.
To overcome these challenges, firms need to combine both technological and strategic capabilities to enhance their proactive market orientation in a dynamic and competitive environment (Mention et al., 2019). Furthermore, integrating and using technology and informational resources in conjunction with social media strategic capabilities will increase the likelihood of successfully identifying and experimenting with brand innovation opportunities through social media (Jamil et al., 2021b; Zhang and Zhu, 2021).
Defining Marketing Goals and Strategy
The first challenge for marketing managers is to define their marketing goals for using social media. In addition, it is important to identify specific strategies for achieving these objectives. Moreover, it is critical to define specific metrics for measuring the success of using these platforms distresses.
As the emergence of Web 2.0 technologies has significantly changed the way consumers interact with firms, a number of firms have adopted social media as an innovation platform. This has helped in establishing new business models, customer relationships and brand equity for these firms.
Despite the advantages of using various social media platforms to conduct co-creation, some companies are not able to effectively implement these initiatives. Hence, it is crucial for managers to understand the degree of dependence on these platforms and how to make them more effective for their business precipitous.
In addition to facilitating innovation, these platforms also play a key role in influencing consumer behavior and attitudes. This is because consumers share their experiences with these platforms in the form of electronic word-of-mouth (e-WOM). This helps to influence customer perceptions and decisions about brands, products and services doithuong
Value Co-Creation in Social Media Ads
Several studies have proposed that social media advertising is a potential platform for marketers to engage the customers toward value co-creation and enhance their purchase intention. The purpose of this study is to examine the effects of social media advertising on customers’ value co-creation and to assess their relationship with generating positive e-WOM on social media platforms mypba.
Our findings indicate that value co-creation acts as an antecedent to generating positive e-WOM on the platforms and significantly impacts the online purchase intentions of consumers. Therefore, it is important for marketers to incorporate value-driven factors into their social media advertising to enhance the effectiveness of their marketing campaigns stylishster.
The use of social media has become an essential component for business growth and innovation. This is a result of the growing importance of co-creation and innovation as well as the increasing popularity of social media. In fact, the influence of social media is reshaping politics, business, world culture and even education tishare.