The millennial retail customer is much different from his or her baby-boomer era parents. Customers today are more interconnected and share knowledge among themselves with incredible ease. Just as important, consumers have more power today to make a real influential impact on brands than ever before. With a “like” or a “share” consumers can easily accept/ reject a product launch, comment on brand positioning, express general feelings, likes, and dislikes, and so much more! Social media has permanently changed this landscape. Words such as “tweet” and “hashtag” have been added to common vocabularies, and a word like “trending” has evolved to take on extra meaning. The opportunities are ripe, and now is the time to capitalize.
Just as is with any medium for communication, the conversation between businesses and consumers is a two-way street, and can be leveraged via these online platforms. On one side, the business maximize social media tools to learn about their potential consumers. On the other side, customers have the freedom to express their feelings about what they consume. Consumption fads are fueled by today’s interconnected population- just refer to recent trends- farm-to-table, organic, paleo, American made, etc. Businesses can follow popular topics about them or sets of feedback regarding their endeavors. This information, offered up for free by consumers, can help guide resource planning for future activities regarding specific product focus, target markets, appropriate inventory levels, etc.
At the same time, brands have the opportunity to respond to consumers, further engaging them in a perceived relationship. Consumers may buy a brand because they identify with it, regardless of price or convenience. By increasing their online presence, businesses can more accurately respond to consumers’ wants, and needs. If brands commit to following trends and using this information to start their own campaigns, they will be able to take some of the market influence back from their consumers.
The retail world is dominated by trends, and business must keep up or lose out. Correctly analyzing a brand’s social presence is crucial for following the market “buzz,” and even creating some of your own. Visit HSO today for more information and a more in-depth blog post on the subject.
About HSO Retail
HSO, Microsoft’s ERP Partner of the Year 2014, is a leading provider of enterprise business solutions for the Multi-Channel Retail and Service industries, including Microsoft Dynamics AX, CRM, Office365 and SharePoint. For more information, contact HSO at (847) 348-0588, through email info-usa@hso.com or visit www.hso.com/us.
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