The massive rise of the Internet along with the diverse day-to-day uses have resulted in many industries being caught off-guard. The majority of businesses in Singapore found themselves being crushed by the pressure to compete with more digitally inclined upstarts along with the problem of adjusting their marketing plans to an unfamiliar medium.
Bigger companies with deep rooted promotion processes have a tendency to be more reluctant in adopting the move to online media. One such organization was suffering from immense loss of market share. Fortunately enough, these people daringly turned to marketing through digital media so as to spare themselves from bankruptcy. This company is none other than Vyeta.
Just before the turn of the century, Vyeta – with its numerous shops and low competitive hazard – was a market leader in the Fast Moving Consumer Goods business. This didn’t last for very long though, for out of nowhere, it abruptly found itself under extreme, surprising competitive pressure.
The first obstacle emerged as a result of the excessive expenditures triggered by the new CEO’s restructuring plan. Vyeta wanted a fresh one as it was unsuccessful in establishing international markets.
Vyeta’s problems didn’t end there; it further exacerbated with Vyings and Kixar joining in the affray. These startups focused on serving the lower and upper ends of the market respectively, were set up to take advantage of the sections which Vyeta was not serving. The fight for a share of the market was not restricted to brick-and-mortar restraints – minor players that usually wouldn’t be a menace leveraged on the power of digital marketing to acquire some ground.
There was also a notable change in consumer attitudes, where price preceded brand loyalty. Such a development resulted in tension among Vyeta’s key shareholders when their fiscal stronghold started failing. As a result of a 10% fall in earnings, the leading investors jointly lost close to half a billion of their capital in the fall of 2014 – visualize the degree of heated arguments amongst the top management!
Prior to the execution of a digital marketing plan, Vyeta’s online reach was restricted to a basic e commerce site. It was completely working and functional, but the changing competitive landscape meant that radical changes to it was demanded; the new Chief Executive Officer, who was a strong promoter of technology, was appointed exactly for this job – to revamp and rejuvenate Vyeta’s on-line existence.
Vyeta observed the necessity to engage a digital marketing agency to look after their on-line needs as the project grew and blossomed. Possible partners were thoroughly examined just before a selection was made. The ability to improve upon and sustain projects throughout various digital platforms became the main element behind the chosen agency.
In the age of intensifying competition and constant slashes in budgets, businesses were demanded to deliver more with less. The best method to deliver to expectations was to optimize the possibility of content marketing and control the ecommerce channel.
Content marketing, in the context of Vyeta’s online store, was the creation of a microsite titled Vyeta’s Advice that consumers could navigate to from the online store. The unique microsite promoted healthy eating and positive values to Vyeta customers.
In essence, Vyeta uses the microsite to efficiently dispense relevant advice to would-be customers. Of course, customers can visit the Vyeta online store anytime, since there are numerous URL links to it. By not having any sales pitch on the microsite, it can help to send a message that Vyeta actually wants its customers to adopt a healthy lifestyle. The main idea behind this strategy tends upon common consumer behavior that is dependent on instant gratification. Such a strategy obviously raises the odds a user will buy from Vyeta’s online shop.
An additional element within the digital marketing campaign strategy was marketing through social media. As a result of the enormous size of the company, Vyeta didn’t need to engage an external social media agency. It kickstarted this plan with the essential but vital task of signing up for their very own social networking profiles.
Internal control over social media allowed unobstructed transitions from ideas to execution. Additionally, it meant that customers received up-to-date and relevant information directly from Vyeta.
Next, it gives them far more control over their brand and image online. A dissatisfied shopper or maybe a rival could really easily harm a business’s social media standing by signing up for a fake page. With zero control over what precisely is being circulated by these third parties, you can expect some majorly detrimental consequences. This is a situation that an in-house social media department would never allow. Vyeta will never have to cope with this problem as all official brand advice is only going to come through on-line channels they control.
Whilst sales amounts are the principal driving force behind a company like Vyeta, another crucial but understated brand accentuating component is after sales service. Resolving customer issues and keeping relationships are critical to growing a loyal consumer base. Vyeta is an obvious example of this.
As a demonstration of the importance Vyeta places on on-line support, they dedicate a different social media account to manage customer questions and charges. This allowed unhappy patrons to effectively convey their opinions without diluting the promotional updates from Vyeta to other customers.
Essentially, direct and personalized answers to concerns make customers feel genuinely looked after. This begins by nurturing a team that deals with customers on a personable level, responding to their queries and resolving problems in a nice and friendly manner. This will, certainly, bring the customers closer and entice them to spend more at a later stage.
The Chief Executive Officer’s approach paid off; as reported by numerous sources, Vyeta has secured a market share of about 29%, nearly 14 percentage points in front of the next closest competitor. It’d certainly resonate with senior executives during their meetings.
These benefits certainly inspired Vyeta to further invest into their long term success by fine tuning their strategy in digital marketing. In conjunction with the creation and introduction of mobile programs, it makes it even simpler for consumers to buy and engage Vyeta than what traditional means – such as designing and developing of a simple website – would ever hope to attain.
Virtually any company can learn from Vyeta. First of all, businesses cannot adopt a “business-as-usual” prognosis and hope that previous success and practices would continue to see them through. Constant efforts across multiple digital channels are required to dynamically engage consumers and keep a company’s competitiveness in the digital era.
Regardless of the business, businesses must move with the landscape. Online existence is not any longer optional to ensure the survival of a business in Singapore. Its existence as part of a business and ability to turn a company around like Vyeta is proven and widely recognized; any business hoping to endure needs to have digital media as part of its corporate strategy.