Social Media Marketing for Retail Industry
We have put up a short guide to social media marketing for the Retail industry after attending Singapore Retail Industry Conference and Exhibition (SRICE) 2018. This event was put together by Singapore Retailer Association (SRA) and it was packed with valuable insights and strategies on retail transformation and digitalisation.
In this post, we will be sharing some learning points on social media for retail business.
Overview of Digital Landscape
Southeast Asia is going to be the world’s fastest growing internet region with close to 3.8 million people coming online every month. By 2020, it is estimated that there will be 480 million internet users.
In Singapore alone, with a population of 5.75 million, there are already 4.83 million internet users and 4.80 million active social media users (We are Social, 2,018).
Digitalisation is a trend that no retailers should ever ignore.
The World Is Changing
People’s purchasing patterns have changed. In this noisy world, they only listen to voices they already know and trust. According to We Are Social, people are increasingly using ad-blockers.
Also, people’s purchasing pattern is never linear like how it used to be. Just recall the last time you purchased an item. How was the process like? Do you search for reviews, ask friends for opinions, then search for reviews again?
With social media platforms, it has given people a voice to share their opinions on products and services. And because of the sharing and opinions, people are more well-informed now and thus, have a higher expectation of it.
Understanding your Customers
There are many social media strategies available out in the market. How effective the strategies perform depend on your customers. Are they receiving your marketing messages?
Knowing your customers is the key.
The traditional way of defining customers is through demographics such as age, gender, occupation and location. But in today’s context, that format would not work anymore.
Other than demographics, you should also understand your customers’ habits, mindset, personality and interest. With a better understanding of your customers, you will be able to come up with good social media strategies that will attract their attention.
Start with ‘WHY’
Next, work on finding your company’s WHY.
To explain this concept, Simon Sinek has developed the concept of the golden circle.
- Why – This is the core belief of the business. It’s why the business exists.
- How – This is how the business fulfils that core belief.
- What – This is what the company does to fulfil that core belief.
By finding and defining your WHY, you will be able to attract customers who share your fundamental belief. As Simon always says, people don’t buy “what” you do, they buy “why” you do it.
Here are a few tips for finding the ‘WHY’.
- Think about the core purpose of your business, and then think about how your market your products or services. Are they aligned?
- Once you know your ‘WHY’, put it on your marketing messages.
- Rethink your customer’s persona. Are you targeting the right audience?
In conclusion, before coming up with numerous retail social media strategies, work on the fundamentals first.
- Understand that the customer’s purchasing journey is never linear. Invest in multiple marketing touchpoints.
- Understand your 2018 customers
- Understand your company’s ‘WHY’
If you are in the retail industry, look out for SRICE 2019 for more valuable insights and strategies that will benefit your business.