Last week on 19th November I was invited at Great Lakes Institute of Management chennai) to give a guest lecture on Virtual Marketing Ecosystems with detailed insight on Research, Social Media and Search Engine ecossytem. Here is the presentation (students version) of the same:
What is Digital Ecosystem?
1. Rapidly expanding online environment made up of search engines, social media, peer advocacy and customer reviews.
2. A living, breathing entity in and of itself that grows more elaborated and sophisticated day to day.
3. It is an virtual environment in which businesses will thrive, stagnate or meet their ultimate demise.
What is Digital / Virtual Marketing Ecosystem?
1. Consists of processes that link the business components or real world to the components of online world.
2. Processes include: Research, social media marketing, social business solutions, search engine optimization, email marketing, , e-commerce integration, content development, ad serving, edesign and digital audit.
3. Each individual component of ecosystem is surrounded by elements of its own meeting different purposes. These individual components unite together to complete virtual marketing ecosystems.
4. The businesses that enters digital ecosystem and adapts to virtual marketing ecosystem model in the right way will not meet death, will neither stagnate, will thrive and only thrive.
Why Virtual Marketing Ecosystem?
1. With companies shifting to virtual world the competition is increasing day to day. One solution such as a website and email marketing, or just social media marketing & search engine optimization won’t suffice for reaching out different consumers. Integration of online marketing possibilities is necessary.
2. Hiring different resources and vendors for individual services increases the expense. Also, the hassles of managing different vendors is difficult.
Benefits of using VME model:
1. Assists in integrated approach to the marketing
2. Helps in Identifying internet trends, Best practices, Target audience, Consumer behavior ,Web opportunities, Meet innovation (if any)
3. Helps in making a road map to reach consumers, interact & engage consumers, fulfill their search needs subjecting to different geographies and industries.
4. Makes a company feel complete as it approaches the strategic way of digital marketing involving all the possible elements.
5. Frugal Solution.