Twitter as Marketing Tool and Perception in Pricing

Highlighted Marketing Stories:

Use Twitter to Find Customers (Inc.) – There are many who still question how Twitter and other emerging social networks will ever make money.  This story offers insight on how a few companies may see value in these services.

Most business that use Twitter think of it mostly as a promotional tool, a way to announce new products, perhaps gain readers for a blog. But some smarter companies are actually using Twitter to sell products…

How can Twitter make money off of the methods these companies are using?

Social Media Stats: Myspace Music Growing, Twitter’s Big Move (Nielsen) – To go along with the Twitter story, this research report has nice stats on which social network sites are being visited.

Among the top 10 social media sites, was again the fastest growing, increasing 1,928 percent year-over-year, from 1 million unique visitors in June 2008 to 21 million unique visitors in June 2009–making Twitter the fourth most visited member communities site in June.

Why is MySpace struggling compared to Facebook and Twitter?

Perception Isn’t Everything to Shoppers (Inc.) – We talk in our Pricing tutorial about how price can affect customer perception of quality.  This is supported in this story but the story goes a little further to suggest that other factors will also come into play when the customer makes the final buying decision.

In the study, volunteers in a lab proved that higher prices associated with different candies translated into an elevated perception of value. In a second experiment in which prices of entrees on a prix-fixe menu were altered, the researchers found that people pretty much stuck with what they liked.

What other factors could have affecting customers’ decisions?