The significance of social media in developing the Farfalla Jewellery brand is impressive as it provides an easy platform to reach an enormous group of people who are interested in the products of the company. Utilizing social media platforms such as Meta (Facebook), Instagram, Twitter, etc., can quickly and easily help the company share information about its products, brand, and services to a vast audience. In addition, using social media could help build trust and credibility among customers and drive traffic to their websites or related sites. It is widely acknowledged that social media is essential in managing reputation. In actuality, 94% of the people who have been pioneers of social media acknowledge that it impacts the brand’s loyalty (Godey et al., 2016). Social media allows brands to communicate with their audience of users at a personal level, creating genuine, lasting connections that endure both in good times and bad as far as business dealings are concerned.
According to Cao et al. (2018), social media can help a company reach competitive positioning. Gaining an advantage over the competition today can help one make better-informed choices for the business presently and in the future. However, if a company does not use social networks to maintain an eye on what the competition (and their customers) entail, they will likely be left behind. The instant nature of social media provides an unparalleled possibility to analyze and observe competition strategies. Social listening in data allows companies to stay on top of the trends and conversations that impact their groups of customers in real time. These data provide a foundation for more substantial focus on customers’ needs in their business. Social media can make brands stand out through advertising an array that demonstrates an unwavering tempo of credibility and brand loyalty. Social media plays a significant role in the official communications process, providing business leaders who have no opportunities to share the experiences they have had and show off their skills.
However, social media crises could manifest on various levels, regardless of whether it is a heartless public comment made by an angry group of people or a flood of complaints from clients following an oversight in product manufacturing. The most efficient method to manage these risks is to establish an emergency plan for social media. Social media’s role in the emergency management process is twofold. By observing and monitoring social media, the management can monitor unforeseen risks effectively. Additionally, adopting an emergency management method of social media allows brands to tackle issues that have occurred lately before they escalate to become more serious.
Suggesting using Twitter as a social media platform for the company may not be appropriate. From the podcast, Elon Musk concluded his acquisition of Twitter for $44 billion after repeatedly trying to pull out of the deal. Since then, the company has been laying off hundreds of employees, and many others have opted to step out of the company after Musk asked them to take a pledge or oath of loyalty. The most significant thought he has had was expanding a previously untapped membership benefit to accounts with confirmed status with a monthly cost of $8. After a series of fake accounts had paid the bill and, later, imitated big companies, Musk deferred the launch of the idea.
The actions had a broader effect: Eli Lilly’s pharmaceutical company’s stock price fell by almost 4% after an account believed to be Eli Lilly’s official handle announced that “insulin was free” (Smith, 2023). Analysts from the industry are left to consider the method that Musk uses to support his actions or if there is any method in any way. Musk adopted the strategy he had used at Tesla and used it in a different market. The early signs suggest that Musk needs to respect the advertisers’ priorities. Musk decided to lay off the moderation team of Twitter. He has also posted a right-wing scheme theory and an agreement to inform Twitter users how they can vote in the US midterm elections and has been readmitting questionable former clients. Researchers have found a “prompt, obvious and quantifiable spike” in the despise speech in the immediate aftermath of the Twitter takeover.
As a result of the changes to Twitter, many companies do not see advertising on Twitter as a perfect decision; Farfalla Jewellery also thinks so. The most cautious estimates suggest that there has been a 30% reduction in advertising across the platform. Many large companies have stepped forward and announced that they will stop the spending they make on Twitter. For example, Macy’s delayed its Twitter advertising in the weeks of the annual Thanksgiving parade (Landis, 2014). The most potent media buyer in the world, Bunch M, warned its customers that advertising via Twitter could be “high risk.” Brands can put off their investment in Twitter since it will not directly impact their bottom line. This has led to the income from digital media on Twitter needing to be higher compared to rivals like Google or Meta. This is seen in the graph below.
Revenues of Online Businesses 2012-2021. Statista Graph.
We are not able to predict the actions Musk will take next, and since Twitter is currently a privately owned company that is controlled by his whims, his actions will dictate the flow of events. Therefore, the primary advertising target of Twitter could change shortly.
The following are some possible changes: Musk could decide to continue his activities to a semi-logical end. Instead of seeking court advertisers for his short-term venture, Musk may take off the band-aid. In the age of Twitter, it is not an option to search for and build an improved product that can generate members’ revenue. In the sense of a “better product,” we recognize that Musk requires engineers to create an open-source platform that has no restrictions on the distribution of products. This requires a recognition that the needs of promoters do not align with Musk’s ideals for Twitter, even in this tumultuous transitional time. Musk has gone through an enormous process to assert the company’s existence entirely and would prefer not to be restricted to advertisers. To address this, companies may choose to take several actions. They can maintain tight control of the brand discussion. This includes keeping track of brand notices and staying in contact with customers. Another option is to analyze the trends of the audience. Some client segments could shift to different platforms, and the business must meet their requirements quickly. They need to keep an open mind – different groups of individuals could be drawn to Twitter and offer an opportunity to use your existing connections. Looking at all options involves paying attention to emerging platforms that seek to provide the option of the way, as Twitter is changing. This is the best option for our company.
Another possible scenario is that Twitter might try to get the advertisers back. It is widely acknowledged it is the case that Elon Musk does not see the value in advertising. His explanations openly suggest this. Nevertheless, as it happens, Musk’s premise may be more complex than he has led us to believe. In one of his letters addressed to marketers, Musk stated, “Low-relevancy advertisements are spam, but highly-relevant advertisements are content!” few people would argue that Twitter advertisements, with their current format, are the most successful alternative for companies. Twitter is fantastic for client benefits and communicating with customers, but it cannot provide the targeting options that brands use on platforms such as Instagram and Google. Musk is highly skeptical of the effects of promotion based on brand; however, he could have a different view of personalized, performance-driven marketing. In this case, Twitter would update its promotion ads to incorporate non-existent media designs as well as measures of performance. The client must provide more personal information or allow Twitter to collect more reliable customer data as they connect with the site.
To regain trust in sponsors also requires introducing a balance of content. There is much potential to improve Twitter advertising, and brands would be delighted to see a showcasing alternative to the current scenarios. However, it will need a safe brand environment and an essential change of mind for Elon Musk. Based on his recent series of U-turns, this could be easier than it may appear. If this occurs, then it is at this point that huge companies stand to lose by deciding to go “all-in” on an unused stage.
When advertising Farfalla Jewellery’s unique brand, many other social media sites can be used apart from Twitter. Instagram, for instance, is enjoying a considerable amount of popularity due to its visual element that allows for more creative stories and moving forward interactions between customers. Facebook, along with YouTube, are fantastic platforms for promoting a brand’s introduction and separately providing direct information. Besides, LinkedIn is a fabulous platform for establishing and growing partnerships and professional connections. All these social media platforms can enhance the Farfalla Jewellery brand. When combined, they can create a complete advertising strategy that is designed to reach and keep the most appropriate people within the desired market.
In conclusion, deciding to use social media to enhance the Farfalla Jewellery brand is an excellent proposition that can create an enormous and lasting impact on the company. The world is rapidly changing, and social media can provide an enormous platform for reaching out to clients who use the platforms and establishing brand loyalty. Farfalla Jewellery has chosen not to use Twitter to promote itself but instead would choose other platforms, such as Google, Meta (Facebook), and Instagram. Other demographics could be added to and locked in via other channels such as YouTube and LinkedIn. In reality, even if the social media platforms undergo evolution with time, Farfalla Jewellery must conduct thorough research on the people it is most likely to reach in order to make sure that they are constantly sending and receiving the right message.
References
Cao, Y., Ajjan, H., Hong, P., & Le, T. (2018). Using social media for competitive business outcomes: An empirical study of companies in China. Journal of Advances in Management Research, 15(2), 211-235.
Godey, B., Manthiou, A., Pederzoli, D., Rokka, J., Aiello, G., Donvito, R., & Singh, R. (2016). Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of business research, 69(12), 5833-5841.
Landis, A. (2014). MACY’S THANKSGIVING DAY PARADE: PERFORMING FOR AMERICA (Doctoral dissertation, CALIFORNIA STATE UNIVERSITY, NORTHRIDGE).
Smith, G. (2023). Distrust: Big Data, Data-Torturing, and the Assault on Science. Oxford University Press.
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