Can you measure the value of a Facebook “like”?:Webcast Guide
Taking advantage of customer affinity
In many cases, this investment is based on customer affinity, and 28% of retailers are adopting social media forthat very reason. It’s hard not to see the ubiquity of sites like Facebook and Twitter. Some companies are usingthis to their advantage:• Target posted a video on YouTube about a new band called e Like. e video showed the band modelingdierent clothes from Target. As the video went viral, viewers became interested in the clothes worn by theband and started to look for them in Target stores, which happened to feature them on their oors.• Home Depot has over 22,000 followers on Twier who receive deals and oers from the site. But followerscan also monitor complaints from other customers and drive them toward issue resolution, essentially actingas advocates for the store.But those affinities can also change over time and, in a year or two, another site might be the social media hub.Retailers need to be able to track these changes and follow their consumers no matter where they go.
How are you using social media? Are there other ways that you can use it to your advantage?
The way retailers use social media depends on their size. Smaller organizations, those with less than $1 billionin revenue, are more focused on social media monitoring. Consumer sentiment is a top priority for them, sothey take the information they collect and tailor their offerings around it. On the other hand, organizations withmore than a $1 billion in revenue use social media across the enterprise. They recognize the benefits of socialmedia for marketing, sales, and customer support, so they use it to sell more products and communicatewith customers.
Building internal support for social commerce
A successful social media strategy relies on internal support, particularly from top executives and a dedicatedresource team. Without hard data, retailers are struggling to justify their efforts in the social space. The bestplace to start is with the management team, which has a broader view of the organization and can see howsocial media would fit in.This buy-in also helps when it comes time for disparate areas of the organization to work together. Studies showthat 47% of retailers are trying to establish a dedicated social media team, which means they need people tofocus on monitoring, issue resolution, coordination of sales results, and responding to customer feedback.
ree keys for establishing a strong social media program
Use analytics to collect information
Only 26% of retailers are using analytics, so most companies aren’t seeing the full impact of social media ontheir boom line. Moreover, they aren’t able to coordinate their eorts with the rest of the enterprise.Vendors should make social media eorts as visible and transparent as other business strategies.•
Embrace nontraditional social media tools to increase competitive advantage
Companies oen turn to Facebook and Twier, but they overlook less traditional tools like document sharingand podcasts. In fact, only 17% of retailers use document sharing, which equates to a lost opportunity. Forinstance, an electronics retailer could use document sharing to oer instruction books or warranty informationto increase sales, which would be a great value to consumers who research products before buying them.•
Monitor potential threats to mitigate any negative impact on the brand
Companies need to monitor social media to understand how the marketplace responds to the brand andwhether the overall perception is positive or negative. If it’s negative, the company must be able to respond
A dedicated team thatkeeps the initiativemoving throughout theenterprise is necessary tomake social media work.