Case Study #8, Five Guys
Should five guys use social media as the only marketing tool, especially for new markets?
Is publicity a vital marketing tool for five guys?
How effective did Five Guys use CRM to expand its business?
1.Currently, five guys are planning to invade new markets in different countries. However, the company seems to be in a dilemma whether they should do a promotional mix or stick to their social media promotional strategy. Connecting with customers is always easy if you are using social media. Many people in recent times have access to smartphones, if not an iPad or iPhone. Moreover, you promote your brand effectively when using social media. However, you will always leave a market gap whenever you choose to use social media as the only marketing tool.
2. Five guys are known to use publicity as a marketing tool. However, it still difficult to assess how vital this tool has been to the company. Because the company has been associated with both negative publicity and positive publicity as well. Positive publicity helps to create a brand name; it also makes your products known in markets you have not yet ventured. However, every company should make sure that it maintains positive publicity. Negative publicity can as well make you lose customers as it also destroys your brand name.
3. CRM refers to customer relationship management. It involves all the strategies used by a company to attract and retain the company. CRM attracts more customers, which translates to more revenue for the company. However, CRM tends to be costly and can significantly influence business culture. Five guys are known to produce high quality products to attract customers and use various social media practices to retain customers.
Five guys should consider using a promotional mix rather than using social media only, especially in new markets. When using the promotional mix, the company will be in a position to attract many customers in new markets
Besides, the company should ensure positive publicity always. They should avoid loopholes, where negative publicity is created.
The company should come up with proper CRM strategies and systems no matter the cost, especially when planning to venture into new markets.
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