Abstract
A social enterprise needs to determine about how social media fits into the digital architecture of the enterprise and how social media transforms the social enterprise. Through effective use of social media, companies have captured substantial efficiencies in customer care with reductions in handling time and cost per case of more than 30%. Enterprises have been able to increase their participation in collaboration by more than 200% and increased revenue by more than 100% through social business strategy implementation. These enterprises have been able to attain this by building and implementing a digital social collaboration platform in less than three months.
TopIntroduction
According to Accenture Digital (2018), social media has come of age for business. Ninety per cent of American companies with at least 100 employees makes use social media for purposes of marketing (Emarketer, 2014). Social media is no longer a complementary tool to communicate with or a pleasantry to marketing communication (Poll, 2014). As a matter of fact, eighty-eight percent of executives are of the opinion that, a company’s use of social media is crucial to sustainable competitive advantage (Poll, 2014). Further to this eighty-four percent of executives were of the opinion that social media enhances relationships with stakeholders (Poll, 2014).
A social enterprise needs to determine about how social media fits into the digital architecture of the enterprise and how social media transforms the social enterprise (Accenture Digital, 2018). Through effective use of social media, companies have captured substantial efficiencies in customer care with reductions in handling time and cost per case of more than 30 percent (Accenture, 2018). Enterprises have been able to increase their participation in collaboration by more than 200% and increased revenue by more than 100% through social business strategy implementation (Accenture, 2018). These enterprises have been able to attain this by building and implementing a digital social collaboration platform in less than three months (Accenture, 2018).
According to Emergent Digital (2018), social enterprises face the challenge of access to adequate financial resources and therefore need to adopt a lean digital marketing strategy in a competitive marketplace.
Digital marketing through social media is one of the most cost-effective ways for a social enterprise to make an impact on the digital community (Emergent Digital, 2018). There are no inherent costs associated with setting up a social media account on any of the most popular social media networks such, but you do need to consider the resources required to undertake the work (Emergent Digital, 2018). Furthermore, there is a massive and active following on major social media channels with figures well into the billions (Emergent Digital, 2018).
Perspective of Chapter
Aim of Chapter
The chapter offers guidance for social enterprise owners on how to adopt digital marketing through social media and the use of digital marketing as a complementary tool to traditional advertising. A concise review and synthesis of research on digital marketing in two of the leading South African academic journals is conducted. The chapter provides a descriptive and qualitative strategic guide to social enterprises. This chapter also reveals a knowledge gap in terms of social media marketing for a social enterprise, from a South African context.
Chapter Objectives
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To explore the extent of Social Entrepreneurship and Social Media Marketing coverage in two South African high impact factor journals
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To explore the characteristics Social Media Marketing in South African high impact factor journals
Key Terms in this Chapter
Social Media Platform: Technology which allows the sharing and interaction of users who form an online community.
Social Media Marketing: The use of social media platforms to build or grow an online presence for a brand, product or cause.
Digital Marketing Strategy: A predetermined plan with the aim of maximizing the value derived from the use of digital mediums.
Purpose: The reason for existence.
Entrepreneurial Marketing: A type of marketing integrated with the discipline of entrepreneurship. This type of marketing has an emphasis on the use of opportunities when comparing with traditional marketing.
Value: Something of desired importance to an individual/s, could be tangible or intangible.
Digital Marketing: The use of technology as a means of advertising, promoting, or building an awareness.
Virtual Community: A grouping of users who interact with each other predominantly online.