Back in the day, Word of Mouth Marketing was the rarely achieved panacea, the elusive holy grail of the broadcast marketer.
These days it’s become our bread and butter. Word of Mouth Marketing (or WOMM for short) is the cornerstone of brand success in our digital age. And from the girded loins of WOMM has sprung the latest favoured child, Social Commerce.
With modern consumers imbibing WOMM as an essential part of their decision making processes, Social Commerce has become the key to future success.
In 2010 Mark Zuckerberg said “If I had to guess, social commerce is next to blow up”. He wasn’t wrong. With 74% of consumers now relying on social networks to inform their purchasing decisions, no modern day brand can afford to ignore this latest concept.
Social commerce is defined as a subset of electronic commerce that involves using social media, online media that supports social interaction, and user contributions to assist in the online buying and selling of products and services. In a nutshell, selling within social networks.
Social Commerce allows brands to sell where consumers spend their time. To capitalise on this you need to make sure you’re there, at the coal face, engaging with your consumers, gaining insight and generally being a likeable, trustworthy all-round good guy.
While Social Commerce is very much in its infancy, with big online brands such as Amazon, American Apparel and Cafepress still at the toe-dipping stage of engagement, it is undoubtedly the shape of things to come. So if you haven’t already, you need to start thinking about it.
How to prepare? In short you’ve got to have a brand that wins on social media – see my previous blog for details of how to do just this.
Now as a marketer, I’d never advise you to put all your eggs in one basket. An integrated strategy is always the way to go. No one channel can ever deliver business success in isolation. And there’s always a place for the old-school skills. If you’ve got sufficient budget, clever advertising is still a great way to achieve brand awareness, and get you on the radar of your target audience. When it comes to the transactional crunch, though, it’s WOMM that increases your conversion rates and closes deals. And with Social Commerce enabling brands to hold transaction-inspiring conversations quite literally at the point of purchase, you’d be a fool to ignore it.
The high street is dead (boo), long live SC