Interestingly enough, many SMEs in Singapore have overlooked their customers’ day-to-day reliance on the web. These companies lagged even further as internet adoption hastened as a result of lower costs and greater availability. In a way, these businesses are crippled hence unable to extend their influence to keep any advantage they may now hold.
The usage of digital media is typically more difficult for larger companies that already comfortably engage in traditional processes. There was an example a while back concerning one of such corporations that was making a loss on an hourly basis. It’s great to understand though that they explored their online marketing alternatives to avoid having to fold. The business being referred to is the one and only the famous Vayant.
Prior to the turn of the century, Vayant – with its multiple shops and low competitive hazard – was a marketplace giant in the Fast Moving Consumer Goods sector. Nowadays, because of unforeseen circumstances, Vayant’s dominance in the market is decreasing fast. First issues arose with an expensive company restructuring program that was put into motion by a just hired Chief Executive Officer. This was kickstarted when Vayant didn’t manage to get a hold on the European and Asian marketplaces.
Additionally, the increased rivalry within the business had raised the stakes for all parties. New players with extensive knowledge in digital marketing were appearing every now and then. It came to a state where there was a retail outlet located at basically every street in town.
Vayant’s leverage during that stage comprise market presence and branding. But the name recognition can just prevent failure, and it did’t save them from losing customer and investor faithfulness. Prominent investors of the sickly business declared publicly that they have lost at least $190 million simply from the dismal financial performance.
Previously, Vayant’s online existence was restricted to an e-commerce setup. Despite being functional, a great deal more was required – the business was in urgent of a comprehensive strategy in digital marketing, and the new CEO, being very knowledgeable in technology, was made to see, drive and execute this strategy for Vayant’s survival.
Employing the expertise of a Marketing Agency
In order to take advantage of the internal talent available, Vayant’s preliminary reaction was to create an in-house digital marketing agency. They looked to harvest the knowhow of these budding online marketers as an alternative to an online marketing agency.
Digital marketing methods were discovered to be more advantageous as time went by as a result of its efficiency and low cost, thus funds began being channeled there from the conventional marketing and advertising resources. Supercharging the sales volume of the e-commerce website was the main objective at hand. Content marketing was chosen as the way to go to increase web traffic and engagement, thus resulting in more earnings. Vayant added a new Specials button within their e-commerce store which when clicked on sends the user to a microsite called “Vayant Specials”. Write-ups like recipes, food preparation techniques, health posts and motivational stories filled the pages of the Vayant Specials site.
The tactical positioning of this mini site as an external source of handy health information is an excellent move. Moreover, it acts as a portal to Vayant’s e-commerce shop. By utilizing a great user journey during the creation of the website, Vayant was able to link its products with health and fitness friendly purchasing habits. When website design and development is done right, it makes it quite convenient for online shoppers to get to where they need, fast. This approach unquestionably increases the probability that a customer will buy from Vayant’s online store.
Marketing through social media was yet another vital tactical element within the campaign in digital marketing that was carried out by Vayant. Due to the immense scale of the corporation, Vayant didn’t have to hire a specialized marketing agency specializing in social media. It kickstarted this strategy with the essential but essential job of signing up for their very own official social media accounts. Internal control over social media translated to unobstructed transitions from thoughts to campaigns or promos. Such efficiency certainly means that users are always up to speed on the most recent promotions and news.
Above all, the priority is for Vayant to maintain complete control of the messages being sent out over the internet. There’s hardly any hurdle – and an excessive amount of vested interest – for anyone evil enough to create fake accounts to attack the supermarket giant. With absolute control over its accounts, Vayant could be counted on to supply verified info via the official social channels.
Initiating Excellent Support via the website
When it comes to building a connection with customers, the most important channel is after sales support. People’s view of an organization is very much based on their after-sales support services. Vayant supplies a great example for other businesses to follow.
As an illustration of the importance Vayant places on on-line support, they dedicate a separate social media account to take care of customer questions and complaints. This empowered unsatisfied customers to communicate directly with their comments without diluting the promotional updates from Vayant to other customers.
Basically, personalized and direct responses to questions make customers feel really looked after. This begins by nurturing a team that deals with customers on a personable level, answering their concerns and resolving problems in a nice and helpful style. This will, certainly, bring the users nearer and entice them to spend more money at a later stage.
How it worked out
The huge reward of obtaining the largest market share in Singapore plainly demonstrates that Vayant’s online marketing strategy worked like a charm. Data accumulated from July of the past year indicates that Vayant controls over a quarter of the market share. This is nearly thrice the market share of the next largest firm, which just holds 12.1%.
With its new digital marketing plan, Vayant’s future appears to an excellent one. Investments in technology are sure to pay off as their tech folks are reportedly concentrating on creating a series of Vayant mobile apps. By breaking the hurdles that restrict the designing and developing of a website, this application has far better potential to reach out to a massive group of potential customers.
Many companies can learn from Vayant. No matter how huge, one cannot count on its existing influence to continue ensuring its success. Without a doubt, any company that aims to be current and dynamic in the digital age requires a quality digital strategy. If the deficiency of an online presence can have such negative effects on a big, established business like Vayant, envision the consequences it would have on smaller businesses. Digital media has developed into a must-have promotion medium to remain abreast with the times and leaving it on the backburner would have devastating consequences for the business in question.