Many firms were not prepared when the world wide web became available and embraced by the people so quickly. They did not have digital media in their overall plan and had difficulty leveling the playing field with firms that were more able in this aspect.They are presented with the desperate scenario of changing their marketing and advertising approaches to compete with more technologically inclined businesses.
On the other hand, you will discover a considerable number of companies that use online marketing to the fullest extent. Using Converge as an example, it demonstrates how a traditional retail chain goliath can effectively turn its dwindling fortunes around using internet marketing. Converge became empowered to serve its customer base beyond the boundaries of its physical locations.
Before March of 2013, Converge – with its many shops and low competitive threat – was a market giant in the Fast Moving Consumer Goods (FMCG) sector. This did not last for very long though, for without warning, it abruptly found itself under extreme, surprising pressure to remain competitive.
Its associated costs and the hiring of hiring a brand new Chief Executive Officer was the first problem. Converge desired a fresh one as it was not successful in developing the European and Asian markets.
Additionally, competition was very stiff in their business. Almost daily, a new firm would appear, armed with extensive digital marketing know-how. It reached a point where there was a retail store awaiting at basically every road in town.
Shifts in general consumer behavior also meant that price points trumped repeat purchases resulting from brand faithfulness. Customers minimized their spending at the supermarket chain, and this decrease was very glaring in its books. Undoubtedly, the substantial decrease in earnings caused shareholders to realize the problem.
At that time, Converge’s on-line presence was confined to an e-commerce store. Even though this met its fundamental function, the business was in dire need of a more powerful strategy in digital marketing. Thanks to the technologically savvy CEO, a plan was implemented to optimize Converge’s unexplored online potential.
In order to take full advantage of the existing expertise at disposal, Converge’s preliminary decision was to assemble an in house online marketing department. Converge expected they could use the expertise of these upcoming technology tycoons as a substitute for a digital agency.
Gradually, the effectiveness of digital media caused standard marketing budgets to be reduced and redirected towards on-line purposes. Improving the sales figures of the e-commerce website was the primary target. Using this strategy, Converge expected to bring more web traffic to its store, thus raising its earnings and profitability.
An element of the content marketing strategy was creating an informative microsite which was linked to the Converge online store. This microsite was dedicated completely to helping consumers eat and live more healthily.
The tactical placement of this microsite as an unbiased source of valuable health advice unrelated to Converge is a fantastic move. Furthermore, it acts as a gateway to Converge’s e-commerce shop. By not having any sales pitch on the microsite, it can help to send a message that Converge truly wants its customers to live and eat healthily. The strategy used here relies upon a fundamental consumer behavior of wanting instant gratification. As Converge has made it so easy for shoppers to purchase from it, there is little challenge from getting them to do so.
The existence of social media meant that Converge had to make full use of it also or risk being left out. So besides the use of content marketing, Converge used marketing through social media into the existing plan which comprised networks such as Facebook, Twitter, and Google which were handled by their in house team.
Controlling their own official social media reports enables Converge to use them in two different ways. First off, it is an easily managed stream of general advice and promotional material for their shoppers. A specialized Twitter handle was even established for each and every division. In addition, unique profiles had been set up for a number of subdivisions like latest offers, bottled drinks, wines etc.
Since Converge controlled the social media accounts, it would manage to exert its control over the correctness of info. Any individual could sign up for a fake account and initiate malicious assaults on Converge by providing deceptive advice to unsuspecting users who “liked” the phony page. The development of an official report immediately prevents this menace and functions as a dependable source of advice.
Customers and sales are definitely the spine of any company. The value of after-sales support is frequently overlooked in its ability to fortifying brand loyalty. Solving customer issues and preserving relationships are critical to growing a loyal consumer base. Converge truly exemplifies this great method of running a business.
To establish this, Converge created a highly specialized social media profile to manage and resolve customer complaints. This really helped to make sure customers have a suitable route to direct their responses, while other shoppers can shop easily without being disturbed by unimportant messages.
At the end of the day, customers of any business want to feel valued; the first step to accomplishing this is to have a “live” person talking to them and dealing with their difficulties, rather than computer generated responses which farther distance the company and its customers. This is a powerful fashion to foster loyalty to the brand and encourage repeat patronage.
The remodeling of its strategy in digital marketing turned out to be exceptionally favorable to Converge. According to data from various sources, Converge now controls about a third of the market. This would be nearly twice the share of the second biggest market corporation that now controls less than a fifth.
This highly impressive result will only further solidify Converge’s confidence in a digital strategy. With the inclusion of a brand new smartphone app, engagement between business and consumer can be increased even beyond the conventional means like website design and development.
We are left with several key lessons from the Converge scenario. To start with, the digital age disrupts and shakes all organizations, irrespective of how big they are. Digital media promotion is vital in ensuring the survivability and continued success of any Singaporean business. Failure to factor this as part of running your business is the same as granting the competition the right to stay ahead of you. Every player in the marketplace can use a variety of internet marketing techniques to extend its reach and compete head-on with giants on an equal stage.