KAMIST

Twitter enters the Elon Musk Era

Hello, OptiMIST People!

Back at it again with KaMIST! Your weekly dose of insights into the latest marketing trends. In this week’s KaMIST we’ll dive into Elon Musk’s Twitter takeover. 

Whether it’s from his wealth, making space rockets or Teslas, you obviously know the name Elon Musk. The world’s richest man recently announced his $44bn (£38.1bn) takeover of Twitter through his tweet “the bird is freed”. Musk declared in a tweet that his aim of purchasing Twitter was not to make more money but to help humanity. 

It didn’t take long for Elon Musk to implement significant changes in Twitter. It was reported that Elon Musk fired several top executives including Twitter’s CEO Parag Agrawal, chief financial officer Ned Segal and Twitter’s head of legal policy Vijaya Gadde. The dismissal of Twitter’s executives is mainly due to Musk’s goal to cut-costs.

Elon Musk also wanted to lessen the platform’s reliance on advertising. Based on his tweet on April 9th, 2022, he tweeted, “And no Ads. The power of corporations to dictate policy is greatly enhanced if Twitter depends on advertising money to survive”. As stated, Musk aims to remove ads from Twitter which would impact the marketing approaches by many brands. However, Musk has said, “I also very much believe that advertising, when done right, can delight, entertain and inform you”. Hence, regardless of removing ad spaces, he still believes advertising is important for the platform when it’s done right. It is still unclear how exactly Elon Musk will modify how advertising works on twitter.

Lastly, Musk then tweeted “free-for-all-hellscape where anything can be said with no consequences”. Musk doesn’t want any content to be restricted. Thus, he wants to reverse the permanent bans of controversial accounts such as former president Donald Trump. This could prevent brands from marketing on the platform, as they may not want their products on the same page as controversy. On the flip side, controversy tends to spark debates and buzz which could allow brands to reach more potential customers, or better known as shock advertising.

Wanna get more insights on marketing? Tune in every Thursday for more KaMIST!

You can reach us at:

LINE: @mistfebui

Instagram: @mistfebui

Twitter: @mistfebui

Facebook: MIST FEB UI

#optiMIST

General Info:
publication@mist-febui.com

Partnership:
partnership@mist-febui.com

Location:

Management Student Society Office, Student Center Building, 2nd Floor Faculty of Economics and Business, University of Indonesia. Depok, Indonesia

The idea of delivering the most value for the consumer has evolved over the years. As we know, the best marketing strategy is cetera desunt for adaptive future-leader mindset that uncertainly evolved over decades. Companies began to use various promises in effort to persuade and attract customers. The fiercely increasing conditions of competition added the popularity of the concept of “brand” and “advertisement” by adopting the concept of neo-marketing and elaborate them with psychological terms. Albeit, all emotion influences consumers personal relationships, business choices, and buying decisions. The emotion itself has situational and reactive qualities, as well as satisfaction and expectations formed over lifetimes of experiences and interactions.

When a boy goes to an ice cream parlor or restaurant, he will feel befuddled. Choosing what he is going to get, that’s the thing that he despises. Would chocolate chip or strawberry ice cream please him better? Cheeseburger or fried chicken? He feared that what he selected will not give him as much pleasure as the other option would give. What he doesn’t choose could provide a higher sense of pleasure than the one he chose. One interesting finding utilized by neuromarketing is that people really don’t want to lose out. People are just as worried about what they might lose as to what they might gain.
In the meantime, one of the biggest challenges that marketers deal with is customers’ expectations in the pre-purchase phenomenon where the consumers haven’t fixed their buying decision yet. To tackle the challenge, many companies are competing to build relationships with their customers, with the expectations that they will be able to provide the best customer experience for specific individuals. Therefore, the company must be customer-centric to carry out a successful marketing strategy in order to be noticed by consumers and to forge a brand identity.

According to McKinsey (2019), by making a fundamental change of mindset of focusing on the customers, companies gained significant enhancement on several aspects. Along with operational and IT improvements, companies generate 20 to 30 percent uplift in customer satisfaction, a 10 to 20 percent improvement in employee satisfaction, and economic gains ranging from 20 to 50 percent of the cost base addressed in the various journeys.

To overcome these challenges, companies have to understand consumers’ behavior and expectations. Hence, companies should put a bigger concern towards consumers’ buying-cycle from awareness to its advocacy. By implementing the concept of Neuromarketing, stereotypes of the communication matters of the marketing basis will be integrated with taste of individual market itself. The more personalized the promotion, the higher the probability that the advertisement will work. It could be done by using big data to allow the company for this huge aggregation of all consumers personal information that they’ve ever revealed to build a precise representation of who they are, now, more than ever before. Data and insight are not delivered to consumers as a whole but individually by delivering the most value to the customers with a very specific scope based on how they think.

In order to win in today’s marketplace, companies must be customer-centered, to the point that ideally, each individual customer’s values are taken into an account to derive the value that they are truly seeking. In essence, by generating consumer reactions, and treating them not as reactionary receptacles of marketing strategies, but as each their own person with differing individual values. Therefore, reinforcing belief is a very important matter for marketers that influences consumers experience. They must deliver superior value to their target customers traditionally and digitally with knowledge of neuroscience marketing strategies combined. Neuromarketing will surely strengthen customer’s contentment of a product itself.