Most companies did not anticipate the Internet’s impact on individuals. The gap slowly widens as the net is used to get informationand merchandise in a more efficient style. They’re not able to exploit this trend to expand their marketing reach and maintain a sustainable competitive advantage.
The true winners were companies that had a well planned online marketing strategy, developed either internally or through collaboration with a digital marketing agency. These businesses witnessed an increased user base comprising more engaged and dedicated consumers. Clearly, marketing through digital media is a strong and dependable business tool. There have been cases where businesses already on the verge of failing managed to recover by using a well thought-out and perfectly-executed effort done by a marketing agency specializing in digital media. An instance of this is grocery titan VentureMart.
Before The turn of the century, VentureMart’s national reach and small rivalry meant they had a good advantage in the Fast Moving Consumer Goods (FMCG) industry. Afterward, in a turn of events, VentureMart encountered unexpected obstacles that threw it off balance in the marketplace.
A Strain on Finances as a Result of Restructuring
The initial problem faced is the inordinate fees of restructuring stemmed from the appointing of a new Chief Executive Officer. VentureMart needed a fresh one as it was unsuccessful in establishing international markets.
Also, the phony belief that out-of-town shopping spots were dropping in popularity came into play. The biggest challenge stems from the rise of competitors Practo and Flixel. Their advantage lay in their up to date knowledge of the newest advertising avenues. They successfully took control of a distinct audience thus gaining a grip on the market. German possessed Practo attracted the cost conscious group of customers whilst the brand conscious bunch were largely brought towards Flixel.
Changes in general the way consumers behaved also meant that price points trumped repeat purchases resulting from brand loyalty. This drastic change damage VentureMart’s books, which unquestionably caused much anger amongst its shareholders as they witnessed the value of their investments evaporate. A noticeable fall of ten percent in profits caused alarm bells to go off within the firm.
Using a Variety of New Age Marketing Methods
Previously, VentureMart’s online existence was limited to an ecommerce set up.Despite the fact that this served its fundamental purpose, the business was in desperate need of a more productive strategy in online marketing. Thanks to the technologically savvy CEO, a plan was implemented to maximize VentureMart’s untapped on-line potential.
VentureMart’s brainchild was to leverage on the expertise of a digital marketing agency to expand their online interests. After evaluating numerous potential agencies, they finally arrived at a final decision. They picked an online marketing agency that was able to disseminate the VentureMart message through various digital channels.
VentureMart had to boost sales on its online store. While traditional marketing approaches continue to be effective, it’s no longer cost effective when there are digital alternatives. Content marketing decidedly was the most cost-effective tool amongst the digital marketer’s bag of tricks. By altering their online store structure like incorporating an Asian Cuisines button, VentureMart was able to redirect users to a microsite dubbed “VentureMart Asian Cuisines”. This was a microsite created to host and provide health-oriented content, for example recipes and motivational posts to support appropriate eating and diets.
The strategic positioning of this mini site as an independent source of handy health advice is a brilliant move. Having said that, it is also quite easy for users to proceed to the main website, since hyperlinks to it are abound. By not having any sales pitch on the microsite, it helps to send a message that VentureMart really wants its customers to adopt a healthy lifestyle. The approach used here hinges on a fundamental human behavior of desiring prompt results. This strategy obviously improves the odds a customer will buy from VentureMart’s online shop.
Of All New Age Marketing Techniques, Social Media Played a Crucial Role
Advertising through social media was yet another crucial tactical approach throughout the campaign in online marketing that was implemented by VentureMart. Due to sheer scale of the firm, VentureMart was able to have an inhouse team to run this element of the campaign directly, circumventing the need for a professional marketing agency specializing in social media. To kick off the campaign they created their very own accounts on sites that include Instagram and Twitter.
Internal control over social media translated to unobstructed transitions from thoughts to execution. Such efficiency basically means that users are constantly up to date on the newest promotions and news.
Above all, the priority is for VentureMart to keep absolute control of any messages being broadcast over the internet. Competitions could readily and untraceably create a bogus account to propagate negative information about VentureMart and misrepresent its products. Through internal oversight and control of their social media accounts, VentureMart has the ability to accurately depict themselves and prevent unlawful claims on their page.
Establishing Excellent Support On the Internet
Customers are the lifeblood of any business; what many fail to comprehend is that, post-sales support plays a critical role in improving brand loyalty. Excellent post-sales support helps to create chances for loyalty to the brand and repeat purchases, as studies have always shown. VentureMart actually exemplifies this good method of running a business.
To show this, VentureMart created a really specialized social networking account to manage and solve customer complaints. This empowered unhappy customers to effectively convey their opinions without affecting the marketing related messages from VentureMart to other customers.
VentureMart also ensured that the staff in charge of the customer support accounts offer a human touch whenever they communicate with customers. Users feel more reassured that they are being given quality service when the responses are genuine and personalized as opposed to cold computer created answers. To put it simply, the evidence is in the pudding. VentureMart’s digital marketing plan led to them gaining control of almost 30% of market share. This is as compared to their closest adversary that hung on to merely half of that. It was undoubtedly something that the top management could brag about to the board and its shareholders.
These rewards definitely inspired VentureMart to plan for their long term success by fine-tuning their strategy in digital marketing. This would undoubtedly allow it to be easier for customers to buy more from VentureMart and improve its profitability.
We’re left with several crucial lessons from the VentureMart example. First of all, the digital age transforms the way in which business is done in across all sectors. Every participant in the marketplace can use digital marketing and social media marketing to extend its reach and compete head-on with giants on an identical stage. Consequently, it is no longer an option on whether you desire to tap on digital technology for promotion in Singapore today. Failure to factor this as part of running your business is the same as giving the competitors the green light to stay ahead of you.