Surviving the Competitive Retail Market in Singapore
Lots of unprepared companies are up against the issue of the web’s influence upon the public. They didn’t have digital media as part of their marketing strategies and had difficulty keeping up with companies that were significantly more capable in this aspect.They may be facing the dire scenario of changing their marketing strategies to contend with more digitally inclined businesses. Firms that tapped on digital marketing got the greatest benefit. They discovered an increasing client base that showed active involvement on the web. Digital marketing has proven itself to be a powerful approach for businesses. Already, there were numerous cases where firms forced themselves out of difficult times with this weapon. An example of this is grocery store titan Trustgrow.
Existing Market Dominance Soon Meant Nothing
Trustgrow was a vital player in the retail and Fast Moving Consumer Goods (FMCG) space; this marketplace dominance enabled Trustgrow to be profitable. Their shops were commonly seen in nearly every key neighbourhood, challenged only by small sundry stores. In spite of such dominance, towards the end of 2015, Trustgrow was struggling with enormous difficulties.
The initial problem faced is the exorbitant costs of extensive restructuring brought by the hiring of a new CEO. This was triggered when Trustgrow failed to secure a hold on international markets. To put it simply, anything that could go wrong went wrong. Any little opening that surfaced in the market was quickly capitalized upon by one of the companies. It arrived at to the extent that these stores were sprouting up at every corner.
There was also a remarkable shift in the behaviors of consumers, where price preceded brand loyalty. Trustgrow’s powerful track record was threatened – triggering turmoil amongst their major investors. With a 12% fall in revenue, the main investors collectively lost $661 million of their investment in late 2015 – picture the degree of heated arguments amongst the top management!
Prior to the implementation of a digital marketing campaign, Trustgrow’s on-line reach was limited to a basic e commerce website. Nonetheless, this was far from satisfactory. The company’s Chief Executive Officer, who was a firm believer of technology, recognized this as an issue and kickstarted a digital marketing strategy to preserve Trustgrow’s advantage in the business.
To kickoff the plan, an in-house digital marketing team was assembled by the new CEO. The objective was to standardize the many facets that formed Trustgrow’s strategy in digital marketing to develop a powerful unified message. That said, it was extremely difficult to carry on with the plan by simply expanding the internal team organically. More could be achieved by partnering with and tapping on the knowledge of an external digital marketing agency.
Tight Budgets Did NOT Deter Trustgrow
The latest standard for businesses nowadays is to achieve more with much less; in Trustgrow’s situation, it’d must increase its online shop revenue using the most cost effective process potential. To satisfy investor expectations, Trustgrow decided on something different – content marketing – to capture online store sales immediately.
Content marketing, in the context of Trustgrow’s online store, was the creation of a sub-site titled “Trustgrow Varieties” that consumers could browse to from the online store. It was dedicated to promoting healthy living through nutritious eating along with other wholesome aspects.
In essence, Trustgrow uses the microsite to strategically and casually spread pertinent information to would-be customers. Of course, customers can head back to the Trustgrow online store anytime, since there are numerous URL links to it. This website design and development strategy encourages customers to purchase online at Trustgrow, since it subtly links Trustgrow with healthy and balanced food. The principal idea behind this strategy incline upon typical consumer behavior which is dependent on instant gratification. Due to the fact that Trustgrow has made it so easy for customers to purchase from it, there is little or no difficulty from getting them to do so.
Social Media was Something Trustgrow Did NOT Miss Out Upon
Trustgrow must bow to the undisputed popularity of social media marketing so as to stay inclusive and current. So aside from the use of content marketing, Trustgrow employed social media marketing into the existing plan which comprised platforms such as Facebook and Twitter which were managed by their in-house team.
Internal control over social media translated to unobstructed transitions from concepts to campaigns or promos. Such efficiency certainly means that users are constantly up to speed on the latest promotions and news.
Next, they may be able to better influence their online brand image. It’s way too common for many businesses to lose on this earth because a random customer (or worse, a rival) established a social media existence in their own name. With zero influence or control over these accounts, it’d be really convenient for an external party to hurt the image of the business in question. With an in house social media department, all advice would be thoroughly vetted and controlled. Trustgrow will never have to deal with this problem as all official brand info will just come through on-line channels they control.
Whilst sales amounts are the main driver behind a business like Trustgrow, another vital but understated brand improving component is after sales service. Dealing with customer issues and maintaining relationships are critical to growing a loyal consumer base. This is where Trustgrow truly shines.
Using Twitter to Communicate with Customers
A special Twitter profile is committed to socializing only with shoppers whilst a separate profile is utilized for marketing efforts. Essentially, Trustgrow customers that require after-sales assistance are getting an instantaneous flow of information without the distractions of marketing communications. Ideally, a customer in a dilemma will know just where and how they can obtain a source of dependable customer service.
Essentially, personalized and direct answers to questions make customers feel truly looked after. This starts by growing a team that handles customers on a personal level, responding to their queries and solving issues in a warm and friendly way. A business that is seen as being customer-oriented and proactive in solving issues would result in customers in general to shell out more with it than at their competitors.
Trustgrow is currently reaping the rewards of an extremely effective strategy in digital marketing by commanding the biggest section of the grocery marketplace industry. With reference to various sources, Trustgrow is in control of nearly a third of the market as of last October. This is nearly twice the share of the next biggest market enterprise that now commands around third. These rewards certainly inspired Trustgrow to plan for their future success by fine tuning their strategy in digital marketing. In conjunction with the creation and introduction of mobile apps, it makes it even simpler for consumers to buy and engage Trustgrow than what traditional means – such as website design and development – would ever expect to attain.
Trustgrow’s case provides many lessons. To start with, it is not possible to be completely reassured of your standing in a industry, especially in the digital age. Due to the introduction of digital marketing, new firms that are well informed in these aspects can suddenly snatch away even the most loyal clients from the bigger companies. Also, every company has to adjust to the times. Creating and sustaining a quality on-line presence is now essential to any business in Singapore. It has become a basic prerequisite which plays such notable part that it could decide the success or failure of a business.