Online Marketing Strategies in a Down Retail Market
Retail sales are down significantly - as referenced in this jaw-dropping article from Bloomberg.com. This is a challenge not only for brick-and-mortar stores, but retail E-commerce sites as well. Consumers dealing with next Sainsbury's life insurance impossible economic times, and the startling news that US unemployment rates are at a 14-year high of 6.5%, is putting the crunch not only on how much money consumers choose to spend, but who they will be shopping with as the holiday season approaches.
Excerpt from the Bloomberg article:
``The Christmas season looks to be the worst in memory, you'd have to go back at least to the '81-'82 recession period,'' Ken Perkins, president of research firm Retail Metrics LLC, said today in a Bloomberg Radio interview. ``You're going to have to do above and beyond to stimulate the consumer to come into your store this year.''
Not only will physical retailers have to "do above and beyond to stimulate the customer to coming to your store this year," online retailers are facing the same challenges as well. This is now beyond "competition" for online retailers - this is approaching tactical warfare to garner consumers' spending dollars online. In these dire conditions, let's explore what online retailers can do to facilitate success, while keeping marketing tactics to a reasonable expense rate, open up a new channel in which to market, and most importantly, ROI:
Embrace Social Networking Communities
Research suggests that approximately one-third of large US retailers are actively participating in social networking communities, such as Facebook.com. This begs the question - why aren't the other two-thirds using this new medium to communicate to potential consumers? Is it a lack of knowledge, a fear of the unknown, or concerns over cheapening a "brand?" Only the stores and brands can answer these questions, but I'll give you one very strong argument as to why they should - it's a FREE platform for tactical marketing. Where out-of-pocket funds are needed is to partner with an Interactive Marketing firm with a full grasp of the communication medium itself in conjunction with E-Commerce expertise.
If you focus only on Facebook (to start), you're looking at a "captured" audience of over 36 MILLION US visitors alone. This is a site that is ranked at #5 of the most trafficked sites on the Internet according to Alexa.com. How can retailers afford NOT to look at an opportunity like this?
Facebook is not for kids. Facebook is not just for college students. In 2008, new users have flocked to Facebook in droves. CEOs, Moms, Dads, people rekindling friendships, and many more diverse demographic profiles are now using Facebook on a DAILY basis.
Ideas are being exchanged. Discussions are being facilitated. Opinions based on peer input are being formed. Chances are, your store or brand is already in the massive flow of conversations and information exchange. By not participating in social networking communities like Facebook, you are simply not doing your job as an online marketer to your full capabilities.
Steps To a Successful Social Network Presence:
1. Give Users What They Want - Not What YOU Want Them to Want.
Consumers in these economic times are basing their buying behaviors on value proposition alone. Forget the brand name, forget the cache' of a store name - it all comes down to the value proposition. And that's not to be interpreted as a marketing tactic - it is a harsh reality that consumers have little in the way of discretionary spending this year (and next at best). Instead of holding your hand out for revenue, extend your hand out to assist users with wise buying decisions, and ways to spread their limited spending to the fullest potential. The more you "give back" to the communities, the more you will be embraced.
2. Go Viral with Little Effort
As you give back to the community, the community responds by telling their group of peers what they like and dislike. Positioning your product sales from a value proposition point of view is not only topical, but informative. Information is viral - people want information, not marketing slogans. As information is distributed out, community users show a tendency to distribute the information further, far beyond your direct reach.
3. Reuse Existing Creative Assets
If you are an online retailer, you most likely have a great amount of creative imagery and messaging in which you can reuse to create your own profile. After your profile is established, continue to update it as frequently as you do your own web site, to give people a reason to come back and visit you more often.
4. Start a Conversation with Your Consumer Base
Social networking is not a traditional online marketing channel by any means. It is imperative that a two-way dialogue is established from day one. Again, when you "give" to the community, the more the community will give back. Ask for thoughts on your products. Ask for ways to improve customer service. Encourage a dialogue on a topic that relates to your business - but that extends beyond only your company. People love to express themselves, love it when others take their opinions and ideas into consideration, and appreciate those that take the time to facilitate such a dialogue.
5. Market Your Products with Tact
Marketing within a social networking Mesothelioma attorneys is a careful balance of informing users of the value of your products, with no hard sell. Offering a private sale / discount code for community users encourages conversation as it becomes a special offer just for them, and if compelling enough, will carry enough merit so that the community spreads the promotion to their friends. And on, and on, and on.
Facebook is simply one example of many social networking sites that offers a tremendous marketing value to stores and brands. Your investment is time, not hard dollars. Social networks such as Facebook are giving retailers unprecedented and very personal reach to users. Take advantage of said opportunities, but remember - do not attempt to take advantage of the community. Those who push hard marketing tactics after establishing a following will find that the reaction from the community is negative, and the viral nature of such networks and communities are not to be underestimated when it comes to sharing exactly how they feel about doing business with you to their friends and family.
In closing, to execute a sound social networking strategy, look towards partners that truly understand online retailing AND this new marketing medium. It is imperative to your online reputation to execute your new efforts flawlessly, as there is absolutely no room for error where constant conversations take place. Skilled interactive agencies provide a way to provide your business with a seamless brand transition to online communities through communication strategies, programming in special markup languages for maximum visual impact, and ongoing strategic tactics to insure that your brand integrity is insured.
Source: www.marketnet.comMarketNet, Inc.
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