When the world is going through a significant change, creativity and innovation can bring stability and resilience within an organization. Considering the current market situation, companies are stressing on getting new customers and creating an impressive customer experience to keep them.
Focusing on new customers
Now, looking at the current year, every enterprise big or small is trying to achieve few outcomes with social media. According to the market research survey, about 73% of respondents mentioned that the acquisition of new customers has become the top-most priority across industry verticals, followed by brand awareness and converting potential customers to real ones. This is almost a 58% increase in focus on this outcome over the last year.
A successful transaction alone cannot create a long-term bond with the customer. With the drastic reduction of the physical aspect of crafting customer experience and luring them, organizations are facing challenges to improve customer insight through adopting a virtual presence. For that companies are shifting to short-term strategies to ensure faster ROI because of the pandemic situation maring customer experience efforts. However, online experience, although it is a short-term strategy, cannot be a replacement for in-person experiences. But to build resilience, we must consider new and innovative strategies to reinvent business endeavors.
Transforming e-commerce with innovation
The booming world of e-commerce partnering with social media is trying to replicate search, bonding, and fun factors to soothe the customer base of the missing in-person experience. For example, live streaming events on social media platforms offer a unique opportunity for both brands and customers. According to Coresight Research, in the US live streaming shopping events are expected to generate $25 billion in revenue by 2023.
Also, Tik Tok opened a new arena of opportunity for sellers and retailers through in-app purchase options. It proved the e-economic potential of engaging with customers even when the customer is watching a short video within the social media setting. So, 42% of product pages of China’s largest ecommerce platform, Taobao have short commercial videos with buying links.
Again, Clarins is a company of luxury skincare and cosmetic products that transformed their store interaction and expert guidance through daily videos of home-based and natural skincare regimes. This ensured business continuity during the pandemic times. This is followed by the marketing strategy of free video consultation launched with a new service called Clarins and Me. This was an enormous success with 450 bookings in the very first month. The customer engagement too improved from 20% to 75%.
Plausible ways to improve sales and revenue
- Adding new channels can improve ROI by 35%.
- Introduce live and virtual showrooms to add the missing fun aspect of shopping.
- Add confidence through the virtual question-answer session, influencers, and user review.
- Boost customer support to enhance customer loyalty.
Be creative to become a part of your customer’s life
For every successful organization, it is essential to understand the area where it can fit into the life of a customer through social media. Through creative conversation, the balance between personal and professional relations with one’s customer can be maintained. This can change the perspective where 68% of customers believe companies don’t share interesting content to engage customers. For example; a financial service company Securian Financial ran a successful virtual campaign generating $35,000 worth of ROI through brand marketing.
Aspects that can’t be neglected
- Even passive content consumption is important
- Test social data with authentic insights
- Bring creativity in content marketing
- Benefit from the rise of digital literacy
- Add more efforts to engage customers than relying on only reactive engagement
As per the market survey, 69% of respondents confirmed social media played an important role during the pandemic to bring resilience to business. In fact, as a means of sustenance, 33.5% of leading companies started focusing on customers during the COVID-19 situation rather than on ROI or other outcomes.
Hence, a close consideration of 2021 social trends reveals the fact that the current pandemic situation inspired many organizations to transform their business perspective and strategy. The aim of enterprises to take part in such a business process transformation is to ensure that the business operation becomes resilient and there is no hindrance in the growth process. This will create a futuristic ecosystem for organizations to survive and thrive.
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The full Hootsuite Social Media Trends 2021 report is available here.