The meteoric rise of social media has caused a lot of change for business, and many would agree that we've only seen the tip of the iceberg. One of the most powerful changes is the transparency it is imposing on business. Social media is the front end of a new culture that values honesty and integrity, and I think it should have Telcos shaking in their boots. As a marketing strategy, obfuscating pricing is short-sighted at best, brand-suicide at worst. Of course, any dodgy business should be worried. If you're in a business not doing right by its customers, or not offering a fair deal, social media will expose you eventually. Think of social media as word-of-mouth marketing amplified. If people used to say good or bad things about your brand to a few people, on social media they're saying it to hundreds. What makes Telcos special is the way they complicate pricing - making it impossible to compare apples with apples. How can I pay $37.90 a month for $1,200 worth of stuff? When it comes to telephony, it's impossible to compare providers in any meaningful way. Across social media, people talk about stuff like this. People compare the cost of the things that matter to them. On Facebook, tweens are talking about how much they pay for SMS. On Whirlpool twenty-something males are comparing mobile data prices. As a marketing strategy, obfuscating pricing is short-sighted at best, brand-suicide at worst. Here in Australia - but I suspect it's similar the world-over - there is a gaping hole in the market for a straight-shooter, a company who is prepared to lay all their cards on the table, and give us pricing that we understand. I believe this kind of company could quickly seize a large chunk of the market. This kind of straight-shooting pricing would resonate with a frustrated market, a market that is quickly realising they can demand transparency from the brands they choose. The company offering this kind of pricing would quickly become known for it's honesty and openness, and the brand-message would spread across social media like wild-fire. It wouldn't take a large marketing budget either - just a well planned digital strategy, with the resources to manage it. The community management team would need a detailed engagement policy, allowing them to respond appropriately and quickly. They would also need flexibility to scale up quickly as word spread, and the number of conversations grew. They would need stay focused on the core brand messages of transparency and honesty, and social media would do the rest. Personally, I can't wait.
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