Even in recent times, a vast majority of companies are unable to truly comprehend the dynamism of the web upon the everyday lives of Singaporeans. Because of the fact that the net enables users to obtain products and services in a much simpler way, these firms often get left behind in the long term. They are not able to exploit this trend to expand their communication reach and maintain a sustainable competitive advantage.
Larger businesses with deep rooted marketing procedures are generally more irresolute in adopting the move to digital media. There was actually a case a while back concerning one of such corporations that had been making a loss by the hour. But they took a daring step towards internet marketing and managed to turn their fortunes approximately. You might have heard of the multi-national grocer, Wyphan. Several years back, Wyphan stood as a leader in the retail market – owing to locations nationwide with little or no industry opposition. Nowadays, because of unforeseen circumstances, Wyphan’s dominance in the market is rapidly going downhill.
Its affiliated costs and the hiring of hiring a new CEO was the first difficulty. This was the result of an unsuccessful effort to grow European and Asian market share.
An additional obstacle is the understanding that local out-of-town malls were shedding their popularity. The largest challenge comes from the rise of adversaries Speiros and Younison. Their strength lay in their extensive knowledge of the most recent advertising paths. They competed head-on with Wyphan by targeting niches which Wyphan had disregarded using a wide range of advanced digital marketing strategies. Individuals who are budget-conscious flock to the Italian discounters Speiros while others who favor premium quality brands headed to Younison.
During then, Wyphan’s advantage was in its comprehensive physical reach and a fantastic track record. This recognition prolonged their shelf life but did not help them retain investor loyalty or total patronage. While Wyphan’s declines were simply rising, existing investors started to get worried about their injection of over 260 million dollars into the business in recent times.
Wyphan Empire Had No Choice but to Experiment with Digital Marketing
Ahead of the enactment of a campaign in digital marketing, Wyphan’s online reach was restricted to a basic e commerce website. Though functional, far more was necessary – the company was in urgent of a comprehensive internet marketing strategy, and the new CEO, being very knowledgeable in technology, was made to imagine, drive and execute this strategy for Wyphan’s survival. The preliminary approach was to establish an internal agency specializing in digital marketing by hiring inventive tech savvy internet marketers. Wyphan expected they could tap on the talents of these future technology moguls as a proxy digital agency.
Wyphan needed to improve its online store sales fast. Right after a comprehensive evaluation of the competition and advertising choices for its online shop, Wyphan finally decided on marketing through branded content, which it believed would offer the maximum return. Content marketing was picked as the means to go to increase web traffic and involvement, thereby leading to more earnings. Content marketing, in the circumstance of Wyphan’s online store, was the creation of a microsite titled “Wyphan Diets” that consumers could navigate to from the online store. It was dedicated to promoting healthy living through a balanced diet together with other wholesome approaches.
With the coming of this microsite, Wyphan is effectively positioning it as an educational portal site with no hard-sell to visit its online store. Having said that, it’s also quite simple for consumers to proceed to the main website, since hyperlinks to it are abound. By not having any advertisments on the microsite, it can help to send a message that Wyphan really wants its shoppers to adopt a healthy lifestyle. The main idea behind this strategy tends upon common consumer behavior that centers around instant gratification. This plan offers them convenience, so they’re less inclined to buy from other online stores when Wyphan is so easily accessible.
Making use of Social Media to its Fullest Extent
Advertising through social media was another vital tactical element throughout the digital marketing campaign that was executed by Wyphan. As a result of the enormous size of the corporation, Wyphan didn’t have to employ an external social media agency. It kickstarted this strategy with the simple but critical task of signing up for their own social media accounts.
Creating accounts at these social networking sites has two profound uses. The first way is obvious – this acts as another channel to contact customers. Each individual division (e.g. frozen foods, toiletries) maintains its own profiles as well. Different profiles were created to spread information on promotions, different kinds of food, wines etc. More significantly, Wyphan retained complete control over their on-line brand image. Any individual could create a bogus account and initiate malicious assaults on Wyphan by supplying misleading advice to innocent consumers who followed the bogus page. By having their very own official pages, Wyphan could easily discredit the authenticity of these phony pages and provide exact, dependable information.
Providing Superb Support Online
Customer support is critical in reinforcing customer relationships. The community’s all round view can be greatly swayed via the quality of their customer support department. Wyphan’s strategies are an excellent model to exemplify.
Wyphan maintains a special Twitter account to connect with customers. Similarly, it has other specialized profiles for promotional purposes also. This means the customer care channel is not cluttered with unrelated conversations or sales pitches. If shoppers would like to connect with support, they know where to go and what to anticipate.
Extensive training is supplied towards the Wyphan Customer Service staff over the most tactful approaches to interact with consumers. A jovial and down-to-earth manner is recommended while being helpful and fixing matters immediately. Customers feel more confident of the brand when the answers are genuine and personalized instead of chilly computer generated answers.
A well planned strategy in digital marketing on Wyphan’s component led to tangible results: consolidated information from various sources pointed to Wyphan securing nearly a third of the share of the market, whereas the closest competitor held on to half of that percentage. This apparent shift in the company direction was warmly welcomed by the top management and shareholders. This highly encouraging result acts to only further strengthen Wyphan’s trust in a digital strategy. This would definitely make it easier for customers to purchase more from Wyphan and enhance its profitability.
What have we learnt here?
Wyphan’s instance provides many lessons. First off, the digital era changes the way in which business is carried out in across all sectors. Every participant in the market can use a variety of digital marketing techniques to extend its reach and compete head-on with giants on an identical platform.
Wyphan has shown that even a large, established firm like itself must continue to innovate and leverage on the newest technology to remain competitive. Digital media no longer is a good-to-have; if you desire to remain relevant in this day and age, there’s simply no escaping from embracing this platform, even to just continue to be competitive.