As we continue our March retail tips of the day, today's installment focuses on how your retail store can (or should be) using the new social media tools to help engage customers and drive sales. Here we present 5- though in reality there are more like 50,005- reasons why these tools work so effectively for any retail business.
1.Social Media is great for businesses of all size.Using SM, small and medium-sized businesses can create marketing campaigns that are able reach large numbers of potential customers but at a fraction of the cost. However, SM is not a silver bullet. It must be integrated into an overall marketing campaign and deliver a message that supports the brand and that is focused on achieving a business goal. Note: The costs in dollars for using social media may be low, but the cost incurred may be a steep one. Its time. You (or your employees) must be willing to commit the time to social media to achieve the results you desire.
2.Listen and you shall hear.Using social media is a great way to listen and communicate what your prospects and customers are saying about your business. Listening to the online chatter for your brand is critical at all times. Not only can you hear good news and nice things being said in real-time to share with other prospects or customers, but you can also deal with potential unsatisfied customers in as timely a manner that can go a long way putting out a fire before it becomes an inferno.
3. Social media can dramatically influence buying decisions. In the past, customers looked for product feedback from trusted friends and influencers. Today, consumers take to the internet seeking online opinions - and as we mentioned earlier - many times from people they have actually never come face to face with. But don't be fooled, the recommendations of "strangers" can have as dramatic affect on purchasing decisions as a referral from their own brother or neighbor.
4.The More the Merrier.Utilizing social media tools, businesses can reach a significantly larger pool of potential customers. And while many companies might not be able to increase their physical space, they can afford to increase their online "space" to reach new markets and thus new customers all the time.
5. Social Media creates effective Word of Mouth strategies.As we know from traditional marketing approaches, satisfied customers are more than happy to give referrals for a job well done or products they love. Creating a process which uses social media to spread word of mouth referrals for your business can deliver your referral efforts both farther and faster (upwards of 1000 fold more people!) than your current traditional referral campaigns. That alone is worth the time and effort for your business to use social media!
Lynn Switanowski is the President of Creative Business Consulting Group, (CBCG) an International Retail Consulting firm headquartered in Boston, MA. CBCG partners with retailers, etailers and manufacturers to create and implement profit improving sales, marketing and inventory management programs. CBCG helps Independent retailers understand the business opportunities created by today's changing consumer trends and helps retailers to harness the power of social media marketing tools to connect with today's wired consumers. Lynn frequently speaks at retail trade shows across North America and teaches retail marketing and branding at several colleges in the Boston area. She began her career at as a buyer at Federated Department stores.
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