The Data Driven Approach To Making The Most Of Social Media
1 like196 views
The white paper discusses the transformative impact of social media on the fashion industry, emphasizing the need for brands to engage customers through personalized digital strategies. It highlights the increasing importance of online retail, with significant revenue growth fueled by social media interactions and influencer marketing. Brands are encouraged to adapt to consumer demands for immediacy and transparency, leveraging data-driven insights to enhance customer engagement and satisfaction.
The Data Driven Approach To Making The Most Of Social Media
- 1. FashionRetail: TheData- Driven Approachto Makingthe MostofSocial Media White Paper Transforming Passion into Excellence This white paper is available for download on Teleperformanceยดs website. For more information about articles, cases, white papers go to: www.teleperformance.com
- 2. The Internet and social media have revolutionized the way that consumers interact with fashion, as they have more access to information and personal recommendations about new trends and products than ever before. Moreover, online retail is booming, as online retail sales account for billions in revenue every single year. No fashion brand can avoid the important task of establishing long-lasting relationships online, where the customers are, through engaging and innovative digital content. While fashion used to Executive Summary Todayโsmost successful brandsleverage thepowerof socialmediato givelifeanda personalized touchtotheir interactionswith shoppers have an exclusive element, thanks to the digital era, customers truly feel entitled to sharing the runway and the latest collections with their favorite designers and brands. Todayโsmostsuccessfulbrandsleveragethepower ofsocialmediatogivelifeandapersonalizedtouch totheirinteractionswithshoppers.Butatrulygreat campaignisimpossiblewithoutadeepanalysis ofhowshoppersarefeeling,whatshoppersfeel aboutabrandandproducts,andhowhappythey arewithpurchases(andwhy). 2 Transforming Passion into Excellence 2 Transforming Passion into Excellence Fashion Retail:The Data-Driven Approach to Making the Most of Social Media White Paper
- 3. Customers are Individuals-Social Media Helps Brands Stay On Trend Many companies agree that the future of sales will be influenced heavily by the internet. The total revenue from global e-retail sales was $1.67 trillion in 2015 and is expected to rise to over $3 trillion by 2018. This increase has been led by multinational companies that are expanding into new markets through e-retailยน. The online retail industry brings in around $350 billion every year. Finding the right products and comparing prices and options has never been easier, with channels like Facebookโข, YouTubeโข and Pinterestโข. In fact, 64% of social shoppers turn to message boards or blogs before making a purchase, and 42% of the 18-29 age bracket are inspired by Instagramโข in at least one fashion category. Furthermore, 22% of direct social to sale purchases happen on Facebookโขยฒ. It is time that fashion brands listen to the noise that their consumers are making on social media, because fashion is no longer an exclusive industry ruled by a selective elite. 1. Statista: Global retail e-commerce sales, 2014-2018. 2. Statista: Global retail e-commerce sales, 2014-2018 64% of social shoppers turn to message boards or blogs before making a purchase ofthe18-29age bracketareinspired byInstagramโข in atleastonefashion category 42% 22% of direct social to sale purchases happen on Facebookโข Fashion Retail:The Data-Driven Approach to Making the Most of Social Media 3 White Paper Transforming Passion into Excellence
- 4. The Fashion Week Formula: Outdated and Lacking Immediacy What was the impact of this reinvention of the runway 80,950 149,280 87,650 mentions mentions mentions Many top brands have used smaller, exclusive fashion weeks as a showcase of their newest collections and a way to mold brand identity. However, the digital fashion audience wants real-time opportunities. They do not want a sneak peek of clothing they will not be able to purchase for months. A number of brands have made good progress connecting with consumers. Burberryโข for example, abandoned the concept of a โspringโ and โfallโ collection and launched a single, seasonless collection instead. The brand made sure to adapt the timelines so that all clothes would be immediately available upon release, as well3. Designer Tom Ford cancelled his New York Fashion Week show and decided to present an in- season collection for autumn and winter 20164. Fashion calendars need to adapt to the social media era and offer seasonless collections available for purchase the moment they are available for the public. Marketing efforts need to target the public instead of a small, exclusive group of fashion elite. Brands will only leverage the power of social media if they involve their customers and make them feel like they are participating in setting and evolving fashion trends. 3. Reuters 2016 โ Burberry sparks โsee now, buy nowโ debate at London Fashion Week 4. Vogue 2016 - Burberry and Tom Ford Both Announce See Now, Buy Now Collections for September Burberryโข announces a See Now, Buy Now System for new collections Recap on New York Fashion Weekโข 10-18 Feb Burberryโข seasonless show Burberryโข NYFWโข Transforming Passion into Excellence White Paper 4 Fashion Retail:The Data-Driven Approach to Making the Most of Social Media
- 5. On Facebookโข, brands should be sure to include โBuy Nowโ buttons and create giveaways and discount codes as part of regular content. It is easy to keep response times low on this channel, leading to high resolution rates of customer service issues. While influencers use Facebookโข pages, this platform is not usually where they distribute their core content. The same is true of Twitterโข, where customers and influencers are increasingly vocal about their favorite brands and products. Twitterโข is also a customer service tool that brands can use to resolve potential crises before they start. Pinterestโข, while not the most popular customer service channel, is where fashion lovers unite to share photos of their favorite looks. Brands can create mood boards based on recent collections and brand identity, and share photos of products with a direct link to online stores where shoppers can buy. YouTubeโข is another great tool for creating engaging and personalized fashion/related content. Brands can create engaging and creative video material to feature new campaigns or create short audiovisual clips with popular fashion personalities and content that is relevant to target audiences. Instagramโข, however, is an extremely powerful tool for influencers. Top brands identify influencers and organize sponsorship agreements, paid ads, and other collaborative activity online. Instagramโข is also a powerful tool for those who buy the products brands sell. Customers love posting selfies or photos of their most recent purchases. Smart brands encourage this type of sharing. Social Media Gives Brands and Customers a Voice Buy Now! A key element of successful fashion brands today is the formation of campaigns that feel personal. The best brands will make use of both social media channels and relevant influencers to convert marketing efforts into sales. 5 White Paper Transforming Passion into Excellence 5 Fashion Retail:The Data-Driven Approach to Making the Most of Social Media
- 6. Buzz Monitoring Solutions for Data-Driven Campaigns A few of the worldโs top fashion brands have set high standards for adapting to the new digital landscape. H&Mโsโข #Covered or #Uncovered campaign engaged fans on Facebookโข, YouTubeโข and Twitterโข for a chance to win a meet-and-greet with David Beckham. Similarly, Michael Korsโโข #JetSetSelma campaign invited fans to submit pictures with their Michael Korsโข Selma bag on Instagramโข for the chance to win a new Selma bagโต. The campaign resulted in a 2.6x increase in visits to the Jetset collection online, as 200,000 people visited the site over the course of 30 days. Influencers can also show brands how to turn creative digital content and campaigns into revenue. Chiara Ferragni, an Italian fashion blogger known as โThe Blonde Salad,โ started her blog five years ago and has already amassed 5.5 million followers on Instagramโข. Zoe Sugg, or โZoella,โ is a fashion YouTuber with 10 million subscribers. In six years, she has made a million dollars and broken records for first week book sales. These personalities are successful because they are real people who project an image that people identify with. 5. Valiram - Michael KorsโขLaunches #JetSetSelma, A Fan-Inspired Digital Initiative Michael Korsโข Selma Bag #JetSetSelma 3.8m customers engaged using the hashtag 2.6x increase in visits to the Jetset colleciton online 11:1 75% of sales increase in featured products online during the campaign ROI ratio 200kpeople visited the site over the course of 30 days A few of the worldโs top fashion brands have set high standards for adapting to the new digital landscape H&Mโsโข #Cover #Uncovered 1.9m media impressions within a month 2.3m Youtubeโข views 6% Increase in national brand awareness 6 Transforming Passion into Excellence Fashion Retail:The Data-Driven Approach to Making the Most of Social Media White Paper
- 7. Brands should experiment with different types of campaigns and channels to find out what works best for them. There is a great deal of data about how consumers shop and what motivates them to purchase. Teleperformance designed the e-Performance Solution to help fashion brands increase revenue and revamp brand image and awareness through data-driven analysis, engagement and processes. Buzz Monitoring is one of the e-Performance products that helps with everything from tracking marketing campaigns and monitoring competition to helping brands understand which channels will help them form stronger, loyal relationships with customers. We help our customers manage trouble spots, detecting compliance and customer crises as they happen, to minimize impact and identify solutions for the most common customer service complaints. We work with fashion brands to identify the appropriate influencers to position well with target audiences, and assist them in setting up direct selling and campaigns that donโt only reach their masses of loyal followers, but also increase sales. We follow what topics and trends are generating discussion by word of mouth, monitor the competitionโs marketing, commercial and strategic moves, and track how shoppers, the media and employees are reacting to them. Since understanding customer behavior is key, we determine which channels are preferred and hours customers are most active on social media, and provide other tools that optimize the resources that social media affords brands. We also conduct surveys to gain insight into the way shoppers think and how consumers feel about their products and improve customer satisfaction. This solution helps brands not only filter through the large amount of data accessible online and keep up with the latest trends in the industry, but also leads to increased revenue in the long-term. We work with fashion brands to identify the appropriate influencers to position well with target audiences, and assist them in setting up direct selling and campaigns that donโt only reach their masses of loyal followers, but also turn them into sales 7 White Paper Transforming Passion into Excellence Fashion Retail:The Data-Driven Approach to Making the Most of Social Media White Paper 7
- 8. Fashion Evolves, and So Should Your Engagement Strategies Fashion brands need to create the right social media strategy. They must provide their goods immediately, engage customers directly on social media, and tap influencers who have a large reach. Most of all, they should maintain awareness of how their brand is perceived on social media. People have no patience for anything that they cannot consume immediately. They want to see their favorite styles on the social networks they use every day. The fashion industry should create targeted and informed marketing campaigns using real, solid data and the best tools in order to craft effective and cost-efficient digital engagement strategies. Transforming Passion into Excellence 8 White PaperFashion Retail:The Data-Driven Approach to Making the Most of Social Media
- 9. AboutTeleperformance Worldwide Leader in Omnichannel Customer Experience We are a people company with a people-centric strategy, interacting with people all over the world. Itโs all about people. They are part of who we are and what we do. We analyze their behaviors. We understand their wants and needs. Thatโs why we deliver outstanding customer experiences through integrated omnichannel solutions to enhance customer experience results for our clients. Transforming Passion into Excellence 9Transforming Passion into Excellence 9 About e-Performance Our e-Performance solution is specialized in helping you develop effective social media strategies. We believe that social media marketing goes way beyond brand awareness. It has the potential to be a powerful customer experience tool that allows you to better understand your customers and to connect with them in meaningful ways. We transform word of mouth data into insights by creating strategic reports and daily alerts about risks and opportunities with our Buzz Monitoring solution. We also empower each social media interaction with customers to be an outstanding experience by leveraging our Engage, Moderation and Involve solution.
- 10. Transforming Passion into Excellence FOR MORE INFORMATION: FOLLOW US: teleperformance.com /teleperformanceglobal /teleperformance blog.teleperformance.com @teleperformance /company/teleperformance