A lot of firms were not ready when the Internet became accessible and embraced by the people so fast. A lot of companies in Singapore ended up being broken down by the pressure to compete against more digitally-savvy startups and the difficulty of adjusting their marketing strategies to an unfamiliar medium.
On the other hand, a few businesses that were swayed to engage in digital marketing stood to receive good returns. These enterprises witnessed an increased user base consisting of more engaged and loyal consumers. Digital marketing has proven itself to be a robust instrument for businesses. There are situations in which businesses on a downward spiral find a way to turn losses into profits with a well planned strategy executed by a digital agency. One such instance is with the multinational grocery chain Lastiqa.
With little or no threats in the industry, Lastiqa once stood as a main contender in the consumer market. Their retail outlets were typically found in virtually every major neighbourhood, challenged only by little family run stores. Nevertheless, prior to the turn of the century, Lastiqa was entrenched in trouble.
The former CEO, unable to capture the European and Asian markets effectively, was told to leave and a new one came in. To accommodate the new Chief Executive Officer’s vision for the firm, whole processes needed to be revamped. This meant tremendous prices for Lastiqa and had an unwanted effect on its financial state.
Additionally, the problem was made worse by new marketplace competitions Barnacres and Alandea. They positively identified a space in Lastiqa’s industry reach and made an effort to manipulate the areas that were vulnerable to market penetration. The struggle for a share of the market was not restricted to brick-and-mortar constraints – minor players that usually wouldn’t be a menace tapped on the effectiveness of digital marketing to gain some ground.
In the mean time, there was clearly a noticeable change in buying behaviour that showed customers adopting the importance of value over loyalty to the brand. Such a development created anxiety amongst Lastiqa’s key shareholders when their fiscal stronghold started deteriorating. A noticeable decline of a tenth in profits triggered huge alarm within the company.
During that time, Lastiqa’s online presence was confined to an online shop. Nevertheless, this was definitely not sufficient. The corporation’s Chief Executive Officer, who was a firm believer of technology, identified this as an issue and set into motion a online marketing strategy to preserve Lastiqa’s advantage in the industry.
The recently appointed Chief Executive started the restructuring procedure by creating an internal online marketing division. The goal was to make sure that all components of Lastiqa’s strategy in internet marketing were synchronized, consistent and augmented. Nonetheless, this internal team became so successful – and so overwhelmed – that Lastiqa had to review its strategy. A greater advantage could be brought about with the know-how of a competent digital marketing agency.
The Power of Content Marketing
With time, the efficacy of digital media caused normal marketing budgets to be reduced and allocated towards online goals. The first and most obvious job was to raise the earnings of their online store. This was realized by making use of branded content to increase online traffic and engagement thereby increasing sales figures.
A particular Recipes link was included within their on-line store which redirected users to a “Lastiqa Recipe” website. The website comprises food-related content such as common recipes, motivational publications, and health-related posts that are related to food.
Its introduction allowed Lastiqa to soft-sell itself by appearing less profit driven and more helpful to the customer. Of course, customers can head back to the Lastiqa online store anytime, since there are numerous URL links to it. This website development strategy (incorporating good UI and UX) encourages customers to buy at Lastiqa’s e-commerce store, since it discreetly links Lastiqa with nutritious food. When website design and development is performed correctly, it makes it very convenient for online shoppers to get to where they need, quickly. Since Lastiqa has made it so effortless for people to purchase from it, it’s basically idiot proof for even the least digitally savvy of users.
Yet another element within the digital marketing campaign strategy was advertising through social media. They didn’t need an independent agency specializing in social media as they had sufficient manpower to manage the initial project on their own. Their very initial step was to establish official pages on the more popular social media avenues like Facebook and Google .
Two useful uses can be derived from opening their own accounts on these social platforms. First off, it is an easily managed feed of general information and promotional material for their customers. A purpose-built Twitter handle was even created for the individual business units. Different profiles were created to spread information on deals, real foods, wines et cetera.
More significantly, Lastiqa kept absolute control over their on-line brand image. There is hardly any obstacle – and too much vested interest – for any person evil enough to sign up for fake accounts to attack the supermarket giant. By maintaining their very own official pages, Lastiqa could easily discredit the validity of these fake pages and offer exact, dependable information.
It’s All About the Customers
Customers are the ones keeping up a business. Responding to customer concerns and working together to solve the dilemma is a fundamental part of increasing brand loyalty thus securing repeat purchases. This is where Lastiqa actually shines.
As an illustration of the focus Lastiqa places on online support, they dedicate a separate social networking account to take care of user queries and charges. There would be a profile created handle and to receive comments, while another would be assigned as a channel for the newest promotions. Such clear demarcation of goals means that customers get the kind of info they exactly need.
A key priority is to make sure the customer feels valued. This can be possible by devoting “real” people to reply to their difficulties as opposed to computer generated replies. This is an effective mode to cultivate brand loyalty and encourage repeat patronage.
The CEO’s approach reaped rewards; according to numerous sources, Lastiqa now controls a market share of about 29%, almost 14 percentage points ahead of the next closest opponent. It would certainly resonate with senior executives during their meetings.
This tremendously impressive result will only further solidify Lastiqa’s confidence in a digital marketing strategy. This would definitely allow it to be easier for customers to buy more from Lastiqa and improve its profitability.
We are able to learn extensively from Lastiqa. First of all, companies cannot adopt a “business-as-usual” outlook and expect that previous successes would continue to get them by. Certainly, any company that desires to remain competitive in the digital era requires a superior digital strategy.
Acknowledging that enterprises can’t afford to remain stagnant in this technologically advanced period is definitely the second takeaway. On-Line presence is no longer periphery to guarantee the success of a business in Singapore. Its existence within a business and ability to turn a company’s fortunes around like Lastiqa is established and widely recognized; any business expecting to endure must have digital media as part of its corporate strategy.