Using Social Media for Crowdsourcing and Profits
by Claudia Bruemmer | May 28, 2012 5:16 PM PST
Fab.com, a design e-retailer, is succeeding at creating traffic and sales by usinginnovative social media marketing tactics. This is a strategy that can be used byany ecommerce merchant, including wholesalers and manufacturers. What youneed to do is advertise to build up your membership, which is done through socialmedia by crowdsourcing, and then feature exciting, colorful products on your site,which sell out quickly to members and their friends. Rinse and repeat.Fab featured exciting socks that were polka-dotted, neon orange or neo-argyle,which are selling out fast on its website. Fans are even posting sock images onPinterest and tagging them on Tumblr blogs.The idea is to display your products on digital dashboards that are compelling forbuyers, such as the one shown below from Fab.com. Then, periodically changeyour dashboards with new and exciting products.
Fab.com encourages buyers to discover and select products through social mediacrowdsourcing. The company sends out daily emails, as shown below, alertingcustomers to flash sales of whimsical, limited-edition items like these colorfultypewriters while suggesting a number of ways to share with friends. Founded lastJune, Fab has more than 4.5 million members, which collectively order about$400,000 on a typical day.Ecommerce sites can measure the impact of social media marketing and act on itpractically in real time by keeping track of social media analytics. For example,you need to keep track of how many users visit your site from Facebook, Pinterest,Google Plus and so forth. You also need to keep track of Twitter posts that
mention your site’s newest items to suggest next
-day sales. It helps to regularly
blog about your company’s product trends, app use and leading sources of t
raffic.To create an audience before going live with this new plan, Fab bought someFacebook ads, inviting design magazines, design blogs and designers to join, aswell as influencers who like certain flash-sale sites. The outcome was that eachperson who joined as a result of the ad typically invited three friends to join,resulting in at least one additional membership.By the time Fab.com was up and running, it had about 175,000 members. Of those,30,000 came from ads, at an acquisition cost of about $2.50 per member.
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