Driving Retail with Social Media Insights

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ISSUE #62 – Most businesses understand the importance of social media in their marketing. The challenge then is deciding how to slice, dice, and utilise the volumes of social data available. Antoine Gross, VP Sales APAC of Synthesio and Christine Cherel, Retail Expert at Razer, elaborate on three ways brands can capitalise on social data and analytics.

 

Competition in the retail industry has become more intense with the proliferation of channels reaching out to consumers. In order to stand out from the crowd, businesses need a clear and planned social media strategy.

This means not merely being present across the variety of platforms, but continuously listening and analysing interactions, and measuring and refining engagement. With the rise of social media, a huge volume of information and insights can be harnessed for better marketing and business decisions.

Many brands recognise the need to be active and interactive on social media. The next step then is leveraging social activities to drive brand growth. Through Social Listening, brands can better understand consumer feedback, find the conversations that matter, and build targeted outreach.

A huge volume of information and insights can be harnessed for better marketing and business decisions.

Target Audience Profiling

What content do they like sharing? What are they talking about? What is driving their conversations?

Segmentation is not a new concept for marketers but, very often, it is not applied to social media. It is important to understand that on social media, there are different tribes, different users with different behaviours. Millennials are a key demographic target for many brands, but it should also be noted that they are a diverse generation. Millennials, for example, can be further segmented into tribes of achievers, peacocks, dreamers, smitten kittens, etc.

By segmenting your audience based on their online behaviour, you will be able to devise targeted engagement strategies for each segment, breaking away from a one-size-fits-all strategy.

Results obtained are similarly more targeted, allowing you to effectively assess and refine this new strategy, and maximise your marketing efforts.

Social Media and Shopping Experience

How do my targets enjoy their shopping experience in a specific area? What are their favourite brands in that area? What is driving the footfall of the shopping mall? What are the services they like and would like to enjoy?

One example of how social data analytics can be used to drive smarter business decisions is store location. Location is a key component to a new store’s value equation. Establishing new locations is resource-intensive, and a wrong decision can sap the energy out of an organisation, causing it to lose focus.

Brands need to hear what customers, prospects and fans are saying about a potential location. Social listening enables brands to gain crucial insights, better understand how and where they can match customer experience and customer expectations perfectly. Consumer sentiments do change overtime, and it’s important to map and track connections and conversations as they develop.

Influencer Marketing
Example of categorisation of online influencers (Source: Synthesio)

Aside from the usual celebrities, working with influencers with lesser reach but greater relevance is an effective method for brands to understand and participate in the conversations around their industry.

Social listening allows brands to identify the “long tail” of influence, and identify upcoming trendsetters, as well as provide a quantitative measurement of an influencer’s opinion on a brand and its products.

An effective influencer marketing strategy helps retailers increase their presence through building relationships with all the key opinion leaders: gaining citations and ultimately driving awareness, consideration, and selection preference for their products.

 

 

 

 

Synthesio is a global multi-lingual social media monitoring and research company, utilising a powerful hybrid of monitoring technology and services to help brands and agencies collect and analyse consumer conversations online.

 

Article by Antoine Gross, VP Sales APAC, Synthesio and Christine Cherel, Retail Expert, Razer

Article published in the FOCUS Magazine “Driven by Data” — Issue #1 2017

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