Renovation and Incorporation of Strategies †Myassignmenthelp.Com

Question: Discuss About The Renovation And Incorporation Of Strategies? Answer: Introduction In present scenario, there is an extensive need of renovation and incorporation of innovative strategise for having a long-term sustainability in such a competing business environment. There are several renowned organisations which have faced a significant downturn in their market share and customer base because of the rigidity in the marketing strategies and innovation approach. One of such example is Twitter (Stelzner, 2012). It is one of the most popular and recognized social networking site in the social media platforms which have attained huge customer base at the time of its launch. But with the passage of time, the attention of the people has been switched to other social networking sites instead of Twitter. The following essay will highlight the growth, saturation and declining of the customers base and the popularity of the social network. The essay will analyse the impact of changing consumer behaviour, need of innovation and the balance between growth and innovation in an organisation. Analysis of Marketing Twitter Competing as a Social Media Platform (Source: Steve, 2011) In the past decade, Twitter has gained huge market share and the revenues of the company market an extensive height. There was exceptional growth of the number of individuals having accounts on Twitter and who posts tweets every day (Madrigal, 2014). The company ahs growth because of several factors such as the company takes use of real time marketing as its primary strategy for attracting people. The social media offered a platform to the individual across the world to share their views opinions and thoughts on a common and shared platform. It became prominent and high used social site because of the fact that it involved the general public across the globe. In the past decade, the organisation has become a channel that offers the advantage of doing business by the use of this social media (Barnes and Mattson, 2009). Twitter has developed a marketing platform which was not presented before, a platform which permits anyone or the marketers to exploit in the real time marketing, the m oments which are entirely unplanned and the expected one. From the case it can be identified that Twitter has become one of the fastest source for fetching information on various events and news. As swell as there is complete information from where the news has been fetched. All these things and factors offered potential growth and success to Twitter in its past decade. But the growth rate of twitter has already started declining in last few years. There are numerous factors which are responsible for this decline (Archambault and Grudin, 2012). The biggest challenging factor for Twitter was to attract the non-users. There are still thousands of groups of people who are not at all aware of the social networking platform. Twitter remains ineffective in grabbing the attention of these groups of people. And because of incompetency in assessing the potential of the emerging markets, the company has restricted its growth and development. The company still works upon the old and traditiona l revenue model of social media and digital advertising and this resulted in stagnant growth opportunities for the business in the rapidly globalising and developing world. The second challenging factor for Twitter which has slow down the growth rate was to develop ways by which the current users can stay on this platform only instead of switching to other various platforms of social media (Bauckhage and Kersting, 2014). (Source: Dawson, 2014) The numbers of social media platforms are increasing with a snowballing rate and the increased competition has distributed the total number of customers among the various social channels. There are other platforms such as Facebook, Instagram, etc. which are giving striving and tough competition to Twitter and its existence. The data reveals that in the past decade there has b en a vast difference among the number of users of Facebook and the number of followers of Twitter. Such a vast differenced questions the marketing strategy of Twitter and its approach towards innovation. By comparing to other social media platforms, it can be analysed that other social platforms are way ahead from Twitter. The other social media and networking platforms have developed and innovate them in such a manner that they attract the potential users as well as current user to stay on theses platforms such as by having continuous updates and innovations in these platforms so that the users do not get fed u p with the old ways of interaction and communication (Greer and Ferguson, 2011). There are several factors which have their vital impact upon the growth and sustainability of these social media platforms such as the changing consumer behaviour, branding, market targeting, positioning and targeting and the value creation perspective. All these other renowned and famous social platform have efficiently recognized the changing needs of the markets and con summers and have served them with the most innovative and improved channels and services. There is an extensive need of having continuous innovations in the business operations whether being a business organisation or a social media platform (Banbersta, 2011). The innovations are helpful in maintain the interest of the users and as a result the existing users stay connected to the social platform as well as the other new and potential users also get connected because of continuous use of pioneering technologies. There is strong connection between growth and innovation. The rigid business operations which are depriv e d of innovations are lacked if growth and success whereas the organisations that incorporate innovations in its business operations have a high probability of achieving growth. Therefore, it is essential for the social media platforms as well as all other business organisation to maintain a balance between the innovation and growth for achieving long-term sustainability and success (Dickey and Lewis, 2010). There is a significant need that Twitter must have changes in its marketing strategies and approaches. Being the CMO i.e. Chief Marketing Officer of Twitter, Leslie Berland, it is the core responsibility of her to restructure and renovate the business practices and marketing strategies of Twitter for having sustainable market share in the upcoming future. It is advice to Berland that there must be laid emphasis upon the potential of the emerging markets for extending the reach of Twitter. The social platform should develop strategies which can gather the attention of the non-users so that people can know about Twitter and start using it. It is also recommended to Berland that there must be use of newly developed business models so that there can be use of improved practices and which can lead to increased generation of revenues (Dempster, Williams and Lee, 2015). It is essential to analyse and evaluate the changing behaviour of the consumers as these diversifying behaviour as a direc t impact upon the financial performance of the organisation. Twitter should have an in-depth insight of the users needs and demands so that it can have relevant modifications in its strategies. There is another recommendation for Berland that there must also have equal focus and concentration upon the significance of market targeting, positioning and segmenting. Twitter ahs nota able to segment the markets appropriately. Thus it is difficult for the social network to attract the adequate set of customers groups. The young generation are the primary targets, thus, Twitter must incorporate strategise which can gather the interest of these user group. By having an appropriate market segmentation and development of positioning and targeting strategies, Twitter can once again increase its growth rate. The last advice or recommendation to the marketing office of Twitter is that it should emphasize on value propositions and value creation. Twitter should not only emerge and develop as a sp ecial networking platform instead it should have development plans by which it can cater the needs of the businesses and the marketers for having their business operations on Twitter. This will increase the user group of Twitter as it offers the individuals a platform to have value creation as well as it will also provide more brand recognition to Twitter in diverse areas (Britto, 2011). Conclusion With the huge impacts of globalisation and innovate technologies, it is necessary for the companies to have rapid innovations and development in the business and marketing strategies. The essay highlights the case of Twitter and its marketing aspects. From the essay, it can be concluded that, every organisation requires efforts of innovation and pioneering marketing strategies for maintaining its growth and sustainability in the future. Without having new business models, improved business practices, evaluation of the changing needs of the users and development of innovative strategies, the decline in the growth rate is most probable. The same has happened with Twitter as it has not able to have implementation of pioneering practices and marketing techniques. Thus the interest of the users is declining rapidly. There has been offered few trecoimmendatiosn to the CMO of Twitter for achieving significant growth by the means of innovation and effective marketing strategies. References Archambault, A. and Grudin, J., 2012, May. A longitudinal study of facebook, linkedin, twitter use. InProceedings of the SIGCHI Conference on Human Factors in Computing Systems(pp. 2741-2750). ACM. Banbersta, M., 2010. 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