Have you realized that in recent years, it has become nearly impossible to not access the internet for just a single day? Perhaps you did, but many businesses did not. As the net allows anyone to access information on products or services in a more straightforward manner, these companies tend to lose out in the long term. They’re not able to exploit this trend to lengthen their marketing reach and preserve a lasting competitive advantage.
The rigidity of bigger organizations resulted in them not being able to get started with digital media so quickly. In this article, we cite an example of one such organization that was experiencing an enormous loss of market share. Luckily enough, these people daringly turned to online marketing so as to spare themselves from absolute failure. The company we’re talking about here is household brand name, Brics.
Before the turn of the century, Brics’s nationwide reach and limited rivalry meant that they had a stronghold in the FMCG industry. In recent years, because of unforeseen conditions, Brics’s control over the market is rapidly going downhill.
With the failure to gain market dominance in the European and Asian markets, Brics resorted to employing a fresh CEO. As with any change in key management, the new Chief Executive gave Brics a total revamp. This meant enormous prices for Brics and had an unwanted effect on its financial state.
Another issue is the perceived drop of out of town shopping malls in Singapore. Likely the most severe of these problems was the accelerated growth of competition UpperWoods and Zymphony. These industry newbies were more digitally savvy with fresh marketing and advertising ideas. They’ve managed to acquire solid ground by focusing on very particular corners of the marketplace. Irrespective of whether a consumer was budget or quality conscious, there was an appropriate store nearby to meet his or her conditions.
Brics’s leverage during that stage comprise market presence and brand equity. It took a huge hit, as shown by a 9.4% drop in its profits over a short period. By the fall of 2009, Brics’s revenue had fallen by 20.5% and their key investors publicly declared that their 12% investment in the market chain was a “huge blunder” which cost them hundreds of millions in a year’s time.
Ditching Traditional Media and Going Digital in Marketing
Ahead of the execution of a digital marketing plan, Brics’s on-line reach was limited to a basic ecommerce site. Although this met its fundamental function, the business was in dire need of a more productive online marketing strategy. Because of the technologically savvy CEO, a strategy was put into motion to optimize Brics’s untapped on-line potential.
Their first move was to launch their own in house internet marketing agency by investing in a technology incubator that educates vibrant tech marketers. They were looking to leverage on the expertise of these ambitious entrepreneurs as an alternative to an internet marketing agency.
Engaging people subtly through Content Marketing
The pressing need to increase the revenue of the online grocery store simply meant that they had to rapidly supercharge their online traffic. In order this to be possible, it’d need to move past its reliance on tried-and-tested traditional advertising means. Brics turned to the most common and cost-effective techniques , marketing through branded content.
By altering their online store design such as incorporating a Recipe button, Brics managed to redirect customers to a special website called “Brics Resources”. Food-related info such recipes, life inspiring stories and well-being trivia were shared openly with this website.
The microsite shows that by engaging in proper website design and development, they’re in a position to greatly benefit shoppers. Due to the fact that it is connected to Brics as a brand, it helps boost faith in the brand while subtly persuading folks to purchase more at their online grocery store. They are increasing the probability for users to flow from the microsite to Brics’s main website as opposed to a competing on-line grocery store.
Establishing a Social Media Presence
Social media marketing was another vital tactical approach throughout the digital marketing campaign that was carried out by Brics. Due to sheer scale of the business, Brics was able to have an inhouse department to run this component of the campaign directly, bypassing the need for a professional social media agency. To begin with, Brics did the right thing by signing up for their own official social media accounts.
Being in full control over their social media reports enables Brics to supply timely news of its offerings. In this fashion, customers always get the latest info on the exciting in store promotions. Since Brics controlled the social media accounts, it’d have the ability to apply its control over the correctness of information. Any individual could sign up for a bogus account and commence malicious attacks on Brics by providing misleading advice to unsuspecting users who followed the fake page. Through internal oversight and management of their social media accounts, Brics has the ability to correctly depict themselves and prevent unlawful claims on their page.
Customers are the lifeline of any business; what many fail to recognize is that, post-sales support plays a critical role in enriching brand loyalty. Resolving customer issues and preserving relationships are crucial to maintaining a loyal consumer base. Brics truly illustrates this great business practice.
In an attempt to increase productivity, Brics created a Twitter profile specially to relate with customers whereas an additional profile was created to share specific info on deals and promotions. This helps to ensure that marketing related messages are separated, so that each account can carry out what it has been created to do.
At the end of the day, customers of any company want to feel valued; the first step to achieving this is to have a “live” individual talking to them and dealing with their problems, rather than scripted responses which further distance the company and its customers. A friendly manner brings personality to a brand and fosters a feel good experience – bringing about prospective future sales.
A clear and concise digital marketing strategy on Brics’s part resulted in concrete results: consolidated information from various sources pointed to Brics securing almost 51% of the share of the market, while the closest challenger held on to a fraction of that. It was definitely something the management team could brag about to the board and its investors.
With its new strategy in digital marketing, Brics’s future appears to an excellent one. Investments in technology are bound to be worthwhile as their tech folks are said to be hard at work on developing a series of Brics mobile apps. These programs will surely help them achieve an even broader demographic outside of standard website design and development.
What We Can Learn From Brics
Brics’s situation allows us to learn many fundamental lessons. To start with, the digital age changes the way in which business is carried out in across all industries. Every player in the market can use digital marketing and social media marketing to extend its reach and compete head on with giants on an identical stage. Second, Brics has demonstrated just how necessary digital media and an online presence are “must haves” in the present company landscape. Failure to integrate this as part of running your company is equivalent to granting the competitors the right to stay ahead of you.