Simple Tactics that can Drive Profitability - Meta
Changes in plans and strategies can be extremely costly - the time, manpower and material costs on top of risks that change typically entails are, right off the bat, intimidating and uninviting. However, as the saying goes: Change is the only constant. With changing eras, traditions and demographics, modifying our own strategies and plans consequently is inevitable, but while they do not guarantee success, they may not be as threatening to your sales performance as you think they might be.
According to Bob Lanham, Head of Automotive Retail at Meta, there are simple and strategic tactics that have been, fortunately for us, tried and tested which yield positive results and can be easily adopted. Here is his take on the strategy and our interpretation of how local businesses can adopt them for their sales performance:
1. Drive short-term sales with brand advertising
A brand’s product speaks functions, but a brand’s mission and vision speaks purpose. This is the simplified and straightforward reason why many brands and companies, be they F&B brands or retail shops, embark on eco-friendliness and hop on the movement of saving the environment. Despite charging extra for bags or not providing plastic bags or straws, the mission to do their part to save the environment is, and will be, supported by not just environmental activists, but governments as well. Brand advertising doesn’t necessarily have to leverage on a common trend such as climate change - simply portraying your purposeful brand mission will allow consumers’ experiences to become more meaningful and fruitful.
2. The power of c-Commerce
e-Commerce has been booming in recent years, with the proliferation of online ordering at the ease of technology, but have you heard of c-Commerce yet? c-Commerce, short for communications-commerce, has the power to not only drive sales, but as it really simply is, communicate with customers directly to hear their needs and wants. This has been a powerful tool in allowing customers to speak to the brand and have their voices be heard, where 69% of people surveyed by Facebook said that this allows them to feel more confident about the brand. Perhaps, adding this function to your website or page, or simply responding more actively to your DMs on social media can make a huge impact on your customers’ sentiments on your brand.
All in all, flexibility in tactics and strategies is a must in order to move forward and along with the changing demographics, especially in our era where the use of technology is ubiquitous and arguably as prevalent as offline in sales. Of course, while these learning vary across industries, we can always seek to improve and alter our work to do better. If you want to join us, contact us - at BCD, our focus is YOU.
