ATLANTA, GA / ACCESSWIRE / August 14, 2020 / It's no secret that social media has played a big role in changing the business environment and redefining the communication strategies of business giants around the world. Retail has benefited from social media the most, as it is, by essence, a social activity, and top leaders have adopted platforms like Facebook and Instagram to help market and promote their brand - and of
course, attract new customers. Furthermore, the recent stay-at-home guidelines have forced many retail businesses to transition to a primarily online strategy and focus their efforts on a more
According to a McKinsey Global Institute Study, 85% of consumer and retail companies are amongst the top users of social media for marketing purposes, compared to 66% of companies in
Take it from Choxi.com (formerly known as NoMoreRack.com). The company began to gain recognition through its unique approach to social media and approachability to the customer. Back in its infancy, the site didn't emulate the contemporary and serious looks of other competitors, as it focused more on quality, trendy, branded and unbranded in-demand goods.
Former CEO Deepak "Dee" Agarwal attributes the success of Choxi.com to strong social media efforts, as a quarter of their $78 million of sales in November 2013 came from Facebook.
"Facebook proved to be one of our best allies during our first years of growth. Through aggressive paid efforts and our user-friendly content, we were able to get in front of our customers and solidify our audience," said Dee Agarwal.
There are many ways in which businesses can approach their customers through social media to stay ahead of the game. The following are Deepak Agarwal's five key takeaways.
#1 Personalize the customer experience
Social media is a great space to highlight the best of your business, including promotions and deals. However, the content will not sell itself unless it makes sense for your customer. Personalized content, such as built-in messaging and notifications to deliver customer service, is key to success amongst your audience. This will not only boost vanity metrics but, more importantly, engagement.
#2 Nurture client relationships
Many retailers are under the impression that social media is mainly for marketing and sales. In reality, these platforms go beyond a simple marketing strategy and can offer opportunities for building client relationships and showing other sides of your business. Customers highly value transparency and immediacy in retail, and brands can build connections with authentic and timely social communications.
#3 Build a strong community
A McKinsey survey revealed that while price is a top deciding factor for shopping, it only represents 24% of what customers think of when choosing an online retailer. Other factors like experience and convenience are also critical considerations. By picking the right moments and nurturing potential customers with relevant and helpful content, your community will take notice of your efforts and grow over time.
#4 Listen & Learn
In order to measure your success around each product launch, store location, or sales promotion, it is important to focus on what's been discussed and shared about your brand on social media. Start by tracking your mentions - whether they're positive or negative - across multiple networks. This monitoring can provide important signals into what customers want, need and think about your brand. This insight can then inform both marketing and social media strategies. Additionally, monitoring is the first step to providing online customer service and better addressing client needs in close to real-time.
#5 Measure success
One of the biggest benefits of implementing a strong and consistent measurement strategy is that it will create an opportunity to hone your messaging and understand what did and didn't work from a content perspective. All marketing efforts should have clearly aligned performance indicators to both measure success and glean new learnings.
"Based on your goals, different calls-to-actions and messages will have different effectiveness," noted Deepak Agarwal. "For example, language used to entice a customer to read more about a product line may not work to get them to click to purchase. It is critical that companies tailor their messaging to the desired consumer behavior."
As society continues to adapt their consumption habits to social media, the future of retail and digital communications are bound to be linked. Start looking into how your business can approach these trends in the future and make it your own.
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SOURCE: Deepak Agarwal