Try and think of a brand that does not have a website, a Facebook, a Twitter account or an Instagram account. If you can name more then five brands that are not apart of the digital world then please comment below and tell me how they are surviving!
For millennial’s and generation Y it seems incomprehensible to imagine brands that are not apart of the digital world, let alone the social media world.
Social media has allowed brands to build and maintain relationships with consumers not just in the state or country they are operating in, but it extends and allows them to operate in the global market, increasing competitiveness. Social media creates customer-brand relationships that will result in brand loyalty and profitability.
Tiger Mist have a following of 911k where users get updated daily on new products. Only operating via online, they are just one example, of brands that have embraced and used social media to their advantage.
In the last few years we have even started to see the increase in brands that operate via digital only, whether that be online newspapers and or fashion brands such as ASOS and The Iconic, Tiger Mist and Hustled and Grind, that have become extremely successfully through their up to date marketing and social media approach ensuring they are on every social media platform.
ASOS has presence on all realms of social media
Brands that self-destruct, are brands that according to Schumpeter’s (1950) are those that are in the ‘process of creative destruction’. The free market will continue to develop and be competitive and it is inherent and vital that brands, whether a service brand or a fashion brand, ensure that they are riding the wave of progression, allowing them to grow as a brand and increase their market share and profits. Brands must either ‘adapt or they die out’ (Doyle &Schlesinger, 2014, p.2).