A decade back viral word used to denote infectious diseases which were caused by the virus, but in today’s times where social media has taken center stage viral word denotes a different meaning. In case of social media viral refers to that news, video, picture or message which spreads like a wildfire in short period of time thus making a person or message popular among a large number of people in short period of time. Companies are not far behind in using this technique and that is the reason why they use viral marketing for the marketing of their product or service. Viral marketing refers to the use of social media platforms for marketing of company’s product or service so as to create brand awareness among a large number of people. Viral marketing is typically used by companies during new product launches or when there is a big sporting event or entertainment event. In order to understand more about this topic, one should know the advantages and disadvantages of viral marketing –
Advantages of Viral Marketing
Cost Effective
The biggest advantage of this type of marketing is that it is a very cost effective way because unlike television and print media where advertising expenses are very high viral marketing requires internet and access to various social media which involves a negligible cost to the company. Hence as far as the company is concerned this marketing is similar to billionaire traveling in low-cost airlines that is an advertisement of company’s product or service happens in very low budget resulting in saving of money of the company.
Easy to Segment Target Customers
Companies can easily segment their target customers and do marketing accordingly. Hence for example of company product or service is for young people than it can choose social media platform like Facebook or if company’s product or service is for professionals than it can use social media platforms like LinkedIn or Instagram. Hence in simple words company can segment market according to need of customers and then select appropriate social media platform so to market their product or service effectively.
Optimum use of Technology
If company does not use social media for viral marketing than it will leave behind its competitors because in this technology age if you are not using technology effectively than you are missing out on great opportunity to market your product or service as majority of companies are using this marketing for marketing their product or service to the customers.
Disadvantages of Viral Marketing
Negativity can be Disastrous
Viral marketing is a double-edged sword, if this marketing is about good product or service than it can take the company to new heights but if its negative then it can create a big dent on company’s sales as well as the brand image of the company. Hence for example if some customer has tried your product and he or she finds some defect in the product and he or she makes a video of it and makes it viral than it will lead to problems for the company even when other units are good.
False News
Viral marketing can be used against company when competitors resort to unfair means by circulating wrong news about company’s product or service because majority of people consider news on social media platforms like Whatsapp and Facebook to be true and if competitors are successful in creating false viral marketing campaign against the company than it can prove to be disaster for the company.
No Guarantee of Increased Sales
A successful viral marketing campaign does not guarantee that it will lead to increase in sales because a successful viral marketing campaign can create product or brand awareness among customers but in order to translate that success into increased sales company requires sustained marketing effort. In simple words, a successful viral marketing campaign is only half job done and company cannot afford to be complacent if it wants to achieve higher sales and higher profits.
As one can see from the above pros and cons of viral marketing that on one hand a company cannot ignore this marketing technique but at the same time a company cannot depend solely on this marketing technique for the achievement of desired sales and profits.