News April 22 2022
#tiktokmademebuyit – Nine tips to build your social commerce strategy
Social Commerce is one of 2022’s top leading marketing and sales trends, with sectors such as publishing reporting record growth of 5% in both digital and print titles. In the US alone, social commerce is expected to reach $80Billion by 2025. As reported in the Guardian, according to Chief Executive of the publishers association, Stephen Lotinga, most of this is being driven by ‘organic interactions’ rather than publisher-led promotion. It has led to the sales of not just new titles but older titles too, some decades old.
With the rise of trends like #booktook and #tiktokmademebuyit, how can publishing brands join this conversation and be a valuable and authentic part of what has the potential to be a very profitable initiative?
At Green Rock, our research shows that social commerce is rapidly growing in popularity and scale worldwide, not surprisingly through the growth of TikTok over the last 2 years. If you’re a business relying heavily on ecommerce then you can’t afford to miss out on this opportunity. However, the rules for social commerce are different.
“If ecommerce is about considering purchases and shopping around for the best deal on a product you have been researching, then Social Commerce is the supermarket equivalent of the impulse buy. From awareness to purchase happens in moments, aided by the seamless purchase journey from post toAl Berry Executive Strategy & Innovation Director Green Rock
If you are considering starting social commerce as a channel, you’ll want to read our nine tips below and focus on building a strong strategy with them.
Professional product images are not enough to create a successful social commerce campaign. Add User Generated Content wherever possible. UGC is more relatable than flawless product images and has the added benefit of acting as a testimonial and validation from the content creator, which aids in the consideration stage of that purchase.
Select the right platforms
The most promising platform for your brand is determined by the tastes and age of your customers. Each platform has a different audience and if you want to make the most of your time and budget, it’s important to understand the audience demographics of each platform thoroughly and the associated behaviours. Not all products will sell on social. Research what types of goods and services are performing well and consider the attributes that make these an impulse buy.
Be prepared to test content
Social commerce is still in its infancy, but is set to be massive. If you’re looking to enter this space be prepared to test content before doubling down and going all in. It’s important to refine your content and specifically tailor it to what your audience likes, the easiest way to get this right is testing. Be prepared to test, learn and iterate, and run those experiments with precision, so that any variables are well defined and outcomes mapped.
Publish high-quality content
Quality does not mean polish. Content is king and it’s important to make sure you’re giving your audience value with every post and it serves their needs. Make sure your content is always on-brand and that it offers high engagement opportunities for your audience. Can they engage with, take inspiration from it, don’t just sell. From testing, we found that you’ll gain much more attention on your posts if the content is considered and addresses a particular need. Books to read on hump days are going to perform better than a generic book review.
Look at your competitors social commerce
Pay attention to competitors who stay on a platform for more than 6 months. See what’s working best for them and see what you can incorporate into your own content. Chances are they’ve been on a journey and are already refining what’s working well.
“Social commerce offers something radically different from traditional e-commerce by carefully blending buying and selling with a sense of urgency across communities. Further, it’s altering who holds power within the global economy. Smaller creators, influencers and sellers are increasingly finding new avenues to attract consumers, tipping the market share in their favour.” –Stephen Lammertink, The Future Of Selling Is Social
Don’t rely too heavily on one platform
Whilst it’s essential to select the right platform it’s important to remember that platform algorithms change constantly. Especially when you start it’s best to test on more than one platform. Again with all testing, be super clear on what variables are upfront so you can make a proper comparison of the data and understand which elements worked and which you need to change. Each platform has its own user behaviours, so don’t attempt to cookie-cutter your content unless you are confident it is right for that platform.
Be ready to Pay to Play
It sounds obvious but make sure you’re ready to put some money behind your campaigns. At Green Rock we found that one of the biggest trends in 2021 was the reduction of organic growth on social media. Social commerce requires the same planning as the rest of your social content. So you need to have a decent advertising budget set aside for your campaign to make sure it’s hitting the right feeds, with the right budgets and right influencers.
We’re here today because of what’s happening in countries like China, who are at least 3 years ahead of where we are in Europe and the US when it comes to social commerce. While some of those trends will translate, there are some good examples closer to home to watch if you are looking for inspiration. Douglas, a German beauty brand saw 40% conversion rate with its “Live Commerce” live shows trials last year and large retailers such as Walmart are already well established in this space.
Build a Dedicated Social Commerce Team
Set up for success. You’ll be combining multiple teams and working groups, from sales, marketing, social and supply chain. If something blows up you don’t want to leave with a disappointing customer experience due to lack of inventory, for example. It’s essential to have not only a dedicated team but the right partners to help guide from strategy and analytics through to developing creator content, that’s right for the brand.
With the proper framework in place you could be unleashing the potential social commerce has to offer and unlocking growth. Click here and talk to our platform team today about how Green Rock can help you get ahead and deliver a winning social commerce strategy.