Is social media helping or hindering retail marketing?
Although social media has among the lowest conversion rates in retail marketing strategies, it is a critically important framework of communications with respect to brand management and customer engagement. When a retailer sets up social media accounts and begins to ignore activity stemming from consumers, the chances of reaching and sustaining a positive level of brand recognition will be relatively low.
On the other hand, firms that proactively and comprehensively manage their social media marketing and branding efforts will enjoy a significant pool of opportunity within these channels and platforms. The trick is to leverage social media investments and activities to the best of their ability, not allowing leaders to try and fit a square peg in a round hole for too long and guiding staff members through their relevant responsibilities through education and training.
Where is social heading?
International Data Corporation recently released a study regarding the transformation of social media pursuits among businesses looking forward to 2015, affirming that changes are sitting right on the horizon with respect to the best practices of measurement and analysis. As a note, one of the more critical aspects of marketing, regardless of which method is being used at one time or another, is the consistent measurement of performances.
Notably, the analysts believe that one of the main opportunities that will emerge in 2015 is the ability to build and sustain a strong following at relatively early stages of business ownership. For example, they stated that the total value of online communities specifically targeted at supporting innovation throughout various departments will increase by 30 percent between 2014 and 2015, tacking on another $200 million.
Companies looking to go social in the new year will also want to strive for integration of various investments and pursuits into one consistent and efficient initiative.
"The basic building blocks of social business, content, and community are still creating opportunity for change and disruption, but the picture of how and in what business areas is much clearer today," IDC Software Business Solutions Group Vice President Michael Fauscette explained. "The other thing that is clear, although certainly a point of contention for many, is the business value of these new solutions and the general shift to digital."
Looking internally and outside
Social media can provide decision-makers with a wealth of information from the people who matter the most – employees and consumers – more efficiently and quickly than virtually any other platform has offered. When policies and strategies are aligned with specific corporate objectives, investment in various social media pursuits will be more likely to come back with high returns and substantial operational improvements.
Retailers looking to truly carve out a segment of their market to achieve and sustain revenue growth through the use of social media should also remember that the tools might work best when acting as a glue that holds other pursuits together. The successful combination of social media, content and email marketing, among other platforms, will inherently yield a more consistent brand image.
