Brick and mortar stores are undeniably losing strength as e-commerce sales continue to grow year on year; the fact is, consumer habits have changed. Such is the case that in the US alone, online sales were estimated to be $353.7 billion for 2017, and are projected to increase to $485.3 billion by 2021. This growing trend isn't just about the fact that consumers love shopping from the comfort of their homes (or their mobile), it's also about the quick, efficient and positive digital experience they can have. 71% of consumers who had a good social media service experience with a brand are likely to recommend it to others; it's not all about the face-to-face in-store customer service anymore.
With this data in mind, it's easy to understand why companies should push to implement bigger and better digital strategies. In fact, one of the aspects that has gained in strength within e-commerce is known as "Social Commerce", a.k.a e-commerce sites that use social media as a tool to not only boost sales, but to also improve the consumer's experience. This is done by creating content that feels relatable and fresh, and also by offering flawless customer service. But the ability to build relationships directly with the consumers is just one reason why social networks are the perfect communication channel for fashion brands, there are other outstanding benefits which can be obtained from analyzing your social actions. Putting together a social media analytics report can help inform your brand strategy and open your eyes to your strengths, weaknesses and opportunities.
In this article you’ll learn…
Social media reports: 3 incredible benefits
Instagram, Facebook and Twitter are currently the most popular social platforms among companies looking to spread their content and differentiate themselves from their competitors. However, mere presence on these social channels isn't enough; you have to know how to position your brand in order for your social media actions to really see results. The truth is, to achieve a successful branding strategy on social – the type that leaves a mark on your consumers and really builds a brand-customer relationship – you need to carry out a thorough monitoring and analyzing process that goes beyond looking at the main social KPIs.
Getting to know all your different markets, consumers and your competition is indispensable if you want your brand to grow. That's why an in-depth social media report should not only analyze your actions on all social channels, but also your current and potential competitors'. This allows companies to make more informed decisions when it comes to branding strategies and positioning on social media, and can even imply changes that directly affect your business. A social media report in which you include a global analysis of the positioning and activity of your brand can allow you to...
- Identify emerging markets for your brand. Social media can offer many benefits, including the possibility to connect with other international markets. By analyzing these markets, not only will you get to know consumer behavior in other regions, but you'll also be able to potentially detect new areas in which your products or services could be a hit. Besides, thanks to the cheap costs of using social channels, as a brand you can test new markets and begin generating brand awareness without spending hardly any money.
- Detect brands that are commonly associated to your brand. By using social media measurement tools to your advantage when creating reports, you'll be able to gain a more holistic vision of your brand's positioning – as well as identify new competitors – allowing you to put more effective strategies in place in order to stand out, or even build alliances with other brands that will help reach wider audiences.
- Discover interests according to lines of business. If a business is made up of several lines of business, a social media analysis can help you to better understand your audience's interests and therefore detect new opportunities for growth for your products, campaigns or lines of business, while also identifying those that need a little more TLC in order to achieve growth.
Ikea & Inditex: Two social media analysis success stories
Social media analytics reports have become indispensable for any company that wants to grow. And the fact is, as online sales continue to gain momentum, it's more important than ever to connect with consumers on social networks. Fine tuning your social strategy and analyzing social actions will allow you to stay in the know of your consumers' changing demands and needs so you can quickly adapt.
Virgil Abloh for Ikea. Modern design and accessible prices have internationally positioned Ikea as the go-to home decor retailer. However, to continue growing, you have to keep innovating, and Ikea knows it. What's their strategy? Collaborations with young designers who know how to connect with new generations. Virgil Abloh, the Creative Director of Louis Vuitton and Off White, is the latest to collaborate with the Swedish behemoth, making his work available to young crowds who perhaps could otherwise not afford his designs. This branding strategy was a hit on social media, and is clearly a result of a thorough analysis in which Ikea identified potential consumers to capture. This strategy is also reminiscent of the one that H&M has been carrying out for some years now with well-known brands such as Lanvin, Versace and Balmain.
Inditex Group has recognized that using the same social media strategy for all of its business lines is a no-go. If you visit the brand profiles of all of the fast fashion labels owned by Inditex, you'll see that there is a different feel to each of them. The difference in consumer needs according to age, lifestyle and purchasing power, among others, has led the group to adopt different strategies on social media to effectively reach their target markets and generate a higher engagement. Zara hardly publishes content on social channels, however, have you taken a look at what Bershka does? Or, have you seen any of Stradivarius' international campaigns? Working with celebrities or influencers on their fashion social media campaigns has allowed these brands to reach a wider audience that perhaps they hadn't accessed before.
These are just some of the examples of strategies that can come from carefully putting together social media reports. The data and insights that you can gain from these platforms are vital, not only for your brand strategy but also for your business.
By Launchmetrics Content Team
The Launchmetrics content team is always on the lookout for new trends in the fashion and technology sector. We are geeks with style and lovers of good stories!
