Many firms did not anticipate the web’s influence on individuals. As it becomes simpler, cheaper and faster by the day to reach the world wide web for news, goods and services, these businesses lag even further. They were not able to tap on this new medium to grow their company. The companies that managed to grasp online marketing (or partnered with a capable digital marketing agency) reaped the rewards. These companies witnessed a growth in customers and a more active database. Certainly, online marketing is a strong and trusted company instrument. There have been cases where companies already on the verge of failing managed to recover by using a well thought-out and perfectly-executed campaign by a digital agency. TurnMarket is, without a doubt, the best example.
A giant in the Singaporean Fast Moving Consumer Goods marketplace, TurnMarket was recognized as among the largest and most reliable supermarkets with reasonable popularity. Their retail outlets were usually found in virtually every key community, challenged only by little sundry shops. In spite of such dominance, in Feb of 2010, TurnMarket was struggling with enormous problems.
When the old Chief Executive did not make TurnMarket thrive internationally, the TurnMarket board decided to hire a new Chief Executive Officer. Due to the appointing of any top executive, many practices and procedures needed modification. Such a makeover was extremely costly, and heavily influenced TurnMarket’s financial position, placing the firm in a risky situation. Additionally, the heightened rivalry within the industry had lifted the stakes for all parties. Almost daily, a brand new firm would enter the competition, armed with wide-ranging digital marketing knowledge. It came to to an extent that these stores were sprouting up at every corner.
Shifts in general consumer behavior also meant that low prices trumped repeat purchases caused by brand loyalty. This particular development brought on worry between TurnMarket’s investors when their financial stronghold started failing. To put matters into perspective, TurnMarket’s profits dropped by a tenth – a definite way of getting investors jumpy.
TurnMarket’s new CEO at the time was an advocate of digital technology and his appointment was part of the board’s choice to improve their on-line presence.The continuously growing competition faced by TurnMarket meant that relying entirely on its online shop would definitely not meet the mark.
Engaging an Online Marketing Agency
So as to make the most of the existing expertise available, TurnMarket’s initial decision was to assemble an in house internet marketing agency. They were looking to tap on the abilities of these aspiring entrepreneurs as a substitute to an agency specializing in digital marketing. Because of the usefulness of tapping on digital media, budgets for conventional advertising were cut over time and allocated there. The first and most apparent job was to raise the earnings of their online store. This was achieved through the use of content marketing to increase online traffic and participation so increasing sales amounts.
TurnMarket added a new Healthy Eats button to their main website which when clicked on sends the user to a microsite called TurnMarket Healthy Eats. Write-ups such as recipes, food preparation techniques, wellness posts and motivational stories filled the pages of the Healthy Eats website.
The tactical positioning of this microsite as an independent source of valuable health advice is a brilliant move. Having said that, additionally it is very easy for users to head over to the online store, as links to it are abound. This web development strategy (incorporating good UI and UX) supports customers to shop at TurnMarket’s web store, since it discreetly links TurnMarket with nutritious food. The principal idea behind this strategy leans upon common consumer behavior that is dependent on immediate gratification. This strategy provides them with convenience, so they’re less likely to visit other web stores when TurnMarket is so easily reachable.
Building a Social Media Presence
Yet another facet within the digital marketing campaign strategy was marketing through social media. As the business was big enough, they didn’t need assistance from a third party marketing agency specializing in social media. It commenced this plan with the simple but critical task of creating their own official social media profiles.
Two priceless uses can be derived from creating their own profiles on these social programs. To start, it’s an easily managed stream of general information and marketing related material for their customers. They went to the extent of creating specific Twitter accounts for each of their departments. Additionally, unique profiles had been set up for a number of subdivisions for example latest offers, bottled drinks, wines et cetera.
Next, they may be able to better influence their online brand image. A disgruntled customer or perhaps a competitor could rather easily damage a business’s social media reliability by signing up for a phony page. As the content wasn’t official nor confirmed at the source, TurnMarket would have to be always ready for damage control whenever assaults on its brand happened. That being said, an in-house social media division would forbid such undesirable occurrences. Now that TurnMarket is the recognized channel for all updates, the business is secured from such unfortunate situations.
Building Superb Online Support
Customers are the ones sustaining a company. Responding to customer concerns and working collectively to resolve the problem is a fundamental part of improving loyalty to the brand thus resulting in repeat purchases. TurnMarket is an obvious example of this. To help keep things nice and uncomplicated, TurnMarket signed up for a number of social media profiles across a number of social networks, each with an alternate purpose. This is observed when a single profile specifically handles customer queries and complaints while another would drive sales via adverts and offers. A key priority would be to make sure that the customer feels appreciated. This is established by devoting “real” men and women to reply to their problems in contrast to hollow scripted answers. A firm which is perceived as being customer focused and proactive in solving dilemmas would result in existing and new customers to shell out more with it than at the competition.
The Chief Executive Officer’s initiatives worked like a charm; according to various sources, TurnMarket now controls a market share of around 29%, nearly 14 percentage points ahead of the next closest competitor. It’d surely resonate with key executives during their meetings. With its new digital marketing strategy, TurnMarket’s future looks to a comfortable one. With the development of more on-line content and even mobile apps, TurnMarket’s dedication to technology is their secret formula for success. This is more than what conventional design and development of a website can expect to achieve. Many businesses can learn from TurnMarket. No matter how huge, one cannot expect its present influence to continue ensuring its success. Certainly, any business that seeks to remain competitive in the digital age needs to have a superior digital strategy.
Digital media advertising is essential in ensuring the survivability and prolonged success of a Singaporean company. By leaving it out, a company’s share of the marketplace can quite effortlessly be seized by the more digitally knowledgeable competing firms.