All of a sudden, the internet became so active and widely adopted by the public. The fact is, many companies were not prepared. They didn’t have digital media as part of their overall plan and had a hard time keeping up with competitors that were a lot more capable in such an aspect. They’re presented with the grave situation of revising their marketing plans to compete with more technologically savvy companies.
The businesses that grasped marketing through digital media themselves or partnered with a Singapore based digital marketing agency reaped the most benefits. They observed a growing customer base that showed active involvement on the internet. Clearly, marketing through digital media is a convincing tool in business. As of now, there were many instances where businesses propelled themselves out of dire straits with this weapon. Multi-national grocery chain Finetric would be one such example.
Being a giant in the Singaporean Fast Moving Consumer Goods market, Finetric was known as one of many biggest and most highly regarded supermarkets with acceptable popularity. Their stores were usually spotted in just about any major neighbourhood, challenged only by little sundry stores. Nevertheless around the end of 2010, Finetric’s dominance took a severe turn.
How the Issues Arose
Its affiliated costs and the hiring of hiring a fresh Chief Executive was the first problem. Finetric needed a new one as it was unsuccessful in developing international markets. Additionally, the increased rivalry within the industry had elevated the stakes for all parties. Startups with extensive expertise in online marketing were emerging now and again. It reached a state where there was a retail outlet awaiting at basically every road in town.
There was also a noteworthy change in consumer attitudes, where price preceded brand loyalty. Such a development created tension among Finetric’s key shareholders when their monetary stronghold started going down hill. Certainly, the considerable decline in earnings caused investors to take notice.
Adopting a Well Planned Digital Marketing Campaign
During that time, Finetric’s on-line presence was confined to an e-commerce store.Despite the fact that this served its basic function, the business was in desperate need of a more successful digital marketing strategy. Thanks to the digitally savvy CEO, a strategy was put into motion to optimize Finetric’s unexplored online potential.
The very first thing Finetric did was to put together an internal internet marketing team; via this, Finetric needed to develop and create a powerful center of tech internet marketers. By tapping on their excellent innate talent, Finetric looked to release the complete potential of their team as a substitute for a digital advertising agency. In the era of intensifying rivalry and constant slashes in budgets, companies were forced to deliver more with less. Finetric tapped on marketing branded content as the primary tool to increase e store profits and appease their shareholders.
Using an Informative Microsite
By playing around with their online store structure such as incorporating a Fine Dishes button, Finetric was able to direct users to a microsite called “Finetric Fine Dishes”. Food-related information such recipes, motivational examples and well-being trivia were shared openly on this particular site. The tactical placement of this microsite as an independent source of useful health advice is a dazzling move. Additionally, it acts as a gateway to Finetric’s ecommerce shop. This web development strategy supports customers to buy at Finetric’s online store, since it subtly links Finetric with healthy and balanced food. When the design and development of a website is well executed, it makes it very convenient for online shoppers to get to where they need, quickly. Finetric’s approach offers simple convenience, decreasing the likelihood of customers being sidelined by other online grocery stores.
Using Social Media to its Fullest Extent
The great usage of social media marketing in business meant that Finetric needed to play an active part or risk being irrelevant. They began to sign up for their official accounts on the more popular websites, for example Facebook and Instagram. Two invaluable uses can be derived from opening their own profiles on these societal platforms. The first manner is obvious – this acts as another communication vehicle to contact customers. They even initiated special Twitter reports for their various sections. Distinct profiles were created to share info on promotions, real foods, wines et cetera.
More notably, Finetric retained absolute control over their online brand image. There’s hardly any barrier – and an excessive amount of vested interest – for any person evil enough to create fake accounts to attack the supermarket giant. By having their very own official pages, Finetric could easily discredit the legitimacy of these fake pages and offer exact, dependable info. Customers and sales are undoubtedly the backbone of any business. The significance of after-sales support is constantly disregarded in its function of strengthening loyalty to the brand. Resolving customer problems and maintaining relationships are crucial to maintaining a loyal consumer base. Finetric truly exemplifies this great business practice.
Different Accounts for Different Purposes
By establishing a number of social media accounts to deal with different aspects of the business, Finetric breaks down the barrier between customer and firm. There was one account especially to respond to customer questions and remarks and another to send out useful information for example offers and promos.
Finetric also ensured that the staff manning the customer service accounts offer a human touch whenever they connect with customers. Users feel more assured that they are being given quality service when the answers are genuine and personalized as opposed to cold computer created answers.
The CEO’s approach worked like a charm; according to various sources, Finetric has secured a market share of about 29%, almost 14 percentage points in front of the next closest opponent. This clear change in the business direction was well received by the top management and shareholders.
Their stronghold in the marketplace is definitely ready to grow as they carry on building their digital marketing strategy. The in-house development team are actively pushing out mobile programs that may expand Finetric’s reach to more people. This is a lot more than what conventional website design and development can hope to reach.
Finetric can be used as a case study for many firms. No matter how big, one cannot expect its present share in the market to continue ensuring its success. Certainly, any company that aims to be current and dynamic in the digital era needs to have a superior digital strategy. Irrespective of the industry, businesses must progress with the environment. Getting online is, unquestionably, an important building tool to ensure profitability in this little nation known as Singapore. Its amount of importance is exhibited by its ability to fix crumbling companies that are on the brink of closure.