The rate at which the world wide web was adopted by the world coupled with its effect on their day-to-day lives simply meant that most businesses were caught off guard. Many firms in Singapore found themselves being crushed by the pressure to compete with more digitally-savvy startups along with the difficulty of adjusting their marketing plans to an unfamiliar medium.
The businesses that were able to master digital marketing (or partnered with a competent digital marketing agency) reaped the wages. These businesses witnessed a growth in customers and a more active database. Obviously, digital marketing is a powerful tool in business. There are cases in which failing businesses were saved from closing through a detailed and expertly planned campaign deftly executed by a digital agency. One particular instance is with the multi national grocery chain Novanym.
A long time back, Novanym stood as an industry giant in the Fast Moving Consumer Goods (FMCG) market – due to locations countrywide with hardly any business opposition. Subsequently, in a turn of events, Novanym encountered unexpected challenges that threatened its existence in the market.
The initial obstacle occurred with the excessive costs brought on by the new CEO’s restructuring program. Novanym needed a brand new one as it was unsuccessful in developing international markets. Naturally, the battle for business was raising within the industry. Almost daily, a brand new firm would appear, armed with extensive online marketing knowledge. It reached a point where there was a retail store located at perpetually every road in town.
At that time, Novanym’s advantage was in its extensive physical reach and a good reputation. This recognition prolonged their shelf life but failed to help them retain investor faithfulness or overall patronage. By the year 2013, Novanym’s net gains had fell by a tenth and their largest investors publicly declared that their 5.1% investment in the corporation was a “huge blunder” which cost them nearly a quarter billion within a year.
Ditching Traditional Media for Digital Media
The newly hired Chief Executive tremendously recommended the usage of technology consequently encouraged hiring staff to raise their internet existence. Even though Novanym’s online store back then was working perfect, the evolving times needed a completely new way of managing this online presence.
The recently appointed Chief Executive began the rejuvenation procedure by assembling an in-house online marketing team. The aim was to merge the many facets that formed Novanym’s strategy in digital marketing to produce a powerful unified image. Nevertheless, it was extremely challenging to maintain the strategy by simply expanding the internal team organically. A more significant leverage could be put into motion with the know how of a professional marketing agency with digital capabilities. To reinforce their on-line grocery store arm, they have to drive more people to their online stores. For this to be possible, it would need to move past its dependence on tried-and-tested traditional advertising means. Marketing through branded content, a digital marketer’s most favored, comes to mind in this case.
By playing around with their online store format like incorporating a Freshest button, Novanym got to direct users to a special website named “Novanym Freshest”. Food-related information such recipes, articles, motivational stories and health trivia were shared openly with this website.
Essentially, Novanym uses the microsite to strategically and casually spread important advice to prospective customers. Additionally, it acts as a gateway to Novanym’s e-commerce shop. The tactful way in which this mini site was crafted cleverly associates Novanym with nutrition and a healthy lifestyle, thereby driving online revenue with the relevant crowd. The core of this plan leverages on the way consumers behave now: they are impatient and want fast, observable benefits. This strategy offers them convenience, so they are less likely to buy from other online retailers when Novanym is so readily accessible.
Another element that was used in their overall plan was marketing through social media. There wasn’t a necessity for an independent agency specializing in social media as they had ample manpower to take care of the very first campaign themselves. To begin with, Novanym made the right move by creating their own official social media accounts. There existed two significant reasons to moderate their official social media accounts. First off, it is an easily controlled feed of generic information and marketing related material for their customers. They even initiated special Twitter reports for their various departments. Distinct accounts were created to disseminate info on special offers, various types of food, wines et cetera.
More notably, Novanym kept absolute control over their online brand image. It would be effortless for someone to establish a ficticious page and smear Novanym’s brand image with fake advice. With full control over its accounts, Novanym could be counted on to provide confirmed info through the official social channels.
Customer service is critical in strengthening customer relationships. Many people’s impression of a business hinges on customer support reliability and effectiveness. Novanym’s strategies are a great model to exemplify. By simply setting up several social networking profiles to deal with different aspects of the business, Novanym removes the bureaucratic walls between customer and company. This can be observed when one profile specially manages complaints while another would seek to increase sales through advertisements and promotions.
Whatever the business, its customers would definitely prefer to speak to actual human being, than to navigate through a series of pre-programmed responses only to have their difficulties unresolved. A firm that is seen as being customer-oriented and proactive in resolving dilemmas would result in existing and new customers to shell out more with it than at the competition.
Simply said, the proof is for all too see. Novanym’s digital marketing plan led to them clenching nearly one third of market share. This is as compared to their closest adversary that held on to merely half of that. The encouraging transfer of market control was undoubtedly something to boast about to investors. By having this new strategy in marketing through digital media, Novanym’s popularity and market value has grown tremendously. They will make the most of their exploits into technology – a mobile app (that could exist across smartphones and tablets) is said to be in the works. By simply removing the hurdles that restrict the development of a website, this application has even greater potential to get through to a widespread number of potential customers.
Almost any company can learn from Novanym. Regardless of how huge, one cannot expect its present share in the market to carry on making an impact and bringing success. Digital marketing and social marketing has to be incorporated into their business strategies for them to stay competitive in the present business landscape.
Irrespective of the business, companies have to evolve with the landscape. On-Line existence is no longer optional to guarantee the survival of a company in Singapore. From resuscitating failing businesses to conquering new markets, it is certainly an essential success factor.