Toral: Retail + social
-A A +ATuesday, June 26, 2012
LAST week, I got the chance to talk about “Retail + Social” at the Cebu Regional Retail Conference & Expositions organized by the Philippine Retailers Association – Cebu Chapter. Kudos to PRA-Cebu for the successful event. I think it is important for retailers to embrace the potential of social media.
Sweet spot. As mentioned by Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr., the Philippines is about to hit the sweet spot where our human capital will propel the growth of our economy. With the average Filipino now 22 years old, there are a lot of opportunities that can be explored with this demographic segment in the coming years.
It is important for retailers to embrace social media as the younger generation is fast becoming the most pervasive consumers of the Internet, spending a lot of time in
social networks.
That means it will take more effort to capture their attention.
Forming movements or communities. Being exposed to online communities offering anti-aging products and anti-acne treatments and running communities and fitness boot camp participants, I have seen the importance of brands and establishments arriving at a point where the consumer defines what they are to them.
In that regard, I believe that all forms of online campaign should drive people to
join a community. Otherwise, there won’t be any continuity and follow-through that can enable building relationships with target markets.
Work with influencers and youth as co-creators. Rather than seeing social media influencers and youth segment as the final recipient of a product or service, their potentials as co-creators, especially those belonging to the top 10 percent, need to be explored. This way, product innovation and new service ideas can be sourced from the community. It can also open new opportunities in this space.
Support start-ups. There is a growing number of start-up initiatives in various business segments. I encourage established entrepreneurs to support the young ones and build on their ideas. Why? Their insight as to what their age segment wants is important. It is also something that a lot of older decision-makers may not necessarily have access to or appreciation of.
Are you fascinating enough? Ever since I read the book Fascinate by Sally Hogshead, my point of view on marketing has totally changed. I realized that the most successful campaigns and initiatives, no matter how small, are those that have tapped into the seven fascination triggers: passion, trust, mystique, prestige, power, alarm and rebellion. With our target market exposed to a lot of marketing and advertising noise, becoming a fascinating product or service is a challenge.
Published in the Sun.Star Cebu newspaper on June 27, 2012.
Business
Forum rules: Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent and respectful. Do not shout or use CAPITAL LETTERS!
