Staying ahead of the social media commerce curve in 2014Small Business Advice 9 April 2014
Social media is becoming increasingly important for retailers and the sites themselves seem to be constantly developing and introducing new functions.
New research conducted by social commerce firm, Loudbounce, has highlighted the ways in which the online retail landscape has changed since the mass take-up of social media and the company’s latest infographic presents a series of predictions for 2014.
Firstly, it is expected that businesses will shy away from creating their own original content, instead choosing to aggregate photos, video and other forms of media from consumers and reconstitute them into marketing campaigns.
According to the organisation, every time a user posts something onto the internet, it is seen by approximately 150 people and an increase of just 12 per cent in brand advocacy boosts revenue by 200 per cent.
In addition, marketing teams will seek to boost the impact of traditional print or TV marketing campaigns through cross-engagement, encouraging readers or viewers to make use of certain Twitter hashtags and utilising related social advertisements. A survey from Loudbounce found 88 per cent of markets expect multi-platform campaigns will become very important over the course of the next three years.
The research also found 70 per cent of retailers who offer prize giveaways and competitions via email rate this as an effective tactic for helping to increase their audience.
Facebook contests are currently only utilised by less than two-fifths of email marketers, but six out of ten noted it is a good way of getting fans of the business to submit their own content, which can then be effectively utilised in a campaign.
Something else retailers may wish to consider is the introduction of mobile coupons. Many large brands are already offering these money-saving vouchers and Business Insider forecasts 47.1 million consumers will use them globally in 2014.
Even if you think you currently have an effective social media strategy for your business, there are likely to be subtle ways you can improve it. If you run a quarterly campaign, perhaps consider stepping this up to monthly, as the infographic shows firms who ran 11 or more Facebook campaigns in 2013 gained 100 times more fans than those running five or fewer.