Many of you may have heard that markets across the globe are fracturing into ever finer segments. You may have also heard that this is been driven by the rise of social media.
But if people are getting together to discuss specific interests and this is leading to an emergence of ‘new markets’ to emerge then surely these interest groups must must have existed already. It just we didn’t know about them. So in this sense social media doesn’t ‘create’ new markets and market segments. It just identifies them.
The mountain of data that social media produces can now shine a light on who these people are, and what they like. And voila – we have new identifiable and serviceable markets.
Want to grow in this brave new world? Then learn to collect and read the data and then use the tools to communicate with them as they progress down the path towards making a purchasing decision.
All the tools are there and the people are waiting.
There is a new breed of small business on the boil and it is about to shine.
One of the developments to emerge from of the recent financial crisis is the birth of a new breed of SME. They are niche companies born out of a need to fill a void in an increasingly small global market. They work in a market of ever finer market segments that mass marketing and generic products can’t cater to.
Affordable ecommerce solutions, coupled with cheap outsourced manufacturing or product sourcing, are connecting with market segments identified through social media – and providing them the products and services that suit them. Social media is allowing consumers to congregate and be heard in a way that is revolutionary.
Australia is in a unique position to be launching pad for many of these ‘new SMEs’. It has come through the GFC better than any other developed country. That means as markets are still growing, funding is readily available and the Federal Government spending on the new broadband infrastructure will only make it easier for these new business to get off the ground. The cost of setting up and operating a business drops dramatically with online software services that provide accounting, project management, and a myriad of other management and business tools.
This is not something to be feared. These new businesses are not ’stealing’ market share. They are creating new market opportunities. And they need help – maybe from you.
There is a fundamental change coming to our economy and it’s going to be driven by the little guy – and everyone will want a piece of the action.
A great article from the examiner.com explores the rise of social platforms in 2009:
“Social media hit a tipping point in 2009 as sites like Facebook and YouTube increased their presence in mainstream media while sites like Twitter and Digg emerged. On top of the obvious, thousands of new and legitimate social media websites hit the scene with hopes of being the “next big thing”.
While most credit and attention are being given to Facebook for unofficially winning the social networking battle with MySpace, Bebo, and others, Twitter and Digg were the real winners in 2009 for very different reasons.”
Best Buy may not always be thought of as trail-blazers but this video presented by their CMO shows how much they have embraced digital marketing and social media.
3 Wise Men – a successful New Zealand based business shirt label. Their slick Italian style designs, quality fabric and palatable prices combined with a decidedly cheeky tone of voice has made the brand a Kiwi businessman’s favourite. The famous “3 shirts for 3 hundy” offer has given them an almost cult-like status in the brands’ home country. With stores in Auckland, Wellington and Christchurch the next obvious step was for the cheerful 3 Wise Men to say g’day to the Australian market. A store in Sydney was opened – that’s where we came in.
The Solution
A heavily social media driven strategy was devised – with a cautious eye on budget to minimise risk for the new Australian venture. We started by creating a Facebook presence along with a Twitter account and began building followers. Then we went on to re-skin the 3 Wise Men home page to freshen up the look, improve navigation and the overall shopping experience to better suit the brand – without having to go through the expensive process of an e-commerce redevelopment. The site also had geo-location added to ensure users would be presented with information relevant to their location.
To create a soft-sell environment for the brand to live out it’s cheeky personality we created a separate social media web universe – “The Bored Room” was born. Built around a video blog this mini site allows users to view selected video clips, comment, share and connect with the brand. To aid in viral spread we built in a variety of social media tools. To drive return traffic, the Bored Room also features changing discount codes for visitors to use in the e-store – ultimately driving sales.
The popularity of the Bored Room spun into production of a 3 Wise Men viral video. We took the popular story of the Emperors New Clothes and gave it a new, slightly bizarre twist to suit the cheekiness of the brand.
Next out of the gate was a Christmas campaign to drive traffic to both on and off-line outlets. “Smells like Christmas” is an online version of an advent calendar. At the core of the campaign is the mini site featuring a new offer – available for 24 hours only – made available every day from the start of December to Christmas day. The campaign is supported by social media tools (Facebook and Twitter) as well as off line collateral, window decals and local promotional events.
3 Wise Men are an exciting and fun brand to work with and we can’t wait to let you know what we’ll do next…
“We want to continue to create products that rethink industry standards, challenge the status quo and make people’s lives easier — and we know that there are great minds out there with the same goal.”
