Social networks: a lifeline or a millstone?
Experts call social networks the main sales channel of the future, but many brands continue to perceive them as "affectionate killers of retail". Facebook Instagrammers talk about how to turn Instagram and Facebook into a klondike and why they will lead fashion and retail real estate.
"Today the Internet is not only a place for collecting information, but also a place for making the final decision and choice," states Anna Lebsak-Kleimans, CEO of Fashion Consulting Group. – And the most important advantage of virtual shopping – is not only the speed, but also the customization of the offer, limited circulation, which allows you to use original non-standard materials, create experimental «non-commercial » designs. At the same time, social networks have the opportunity to "materialize" the positive opinion of brand lovers in their practical support of the business of this brand, allow them to form and demonstrate "independent opinions", instantly launch a virus of likes-recommendations.
At FCG we are convinced that it is on this wave that the realities of the new fashion are taking shape today - the phenomenon of niche projects on the "communication" base of social networks. "Niche projects have turned into a gold rush of fashion business, into the American dream that every enterprising entrepreneur, armed not with a million dollars, but with courage, perseverance and fanatical faith in his idea, can get rich," explains Anna Lebsak-Kleimans. Social networks have become mountains of fabulous fashion-Klondike from the time of the first settlers. Interesting and very successful finds of fashionable "gold veins" have been happening before our eyes over the past few years. Young enterprising entrepreneurs of generation Y do not waste time thinking about business plans and creating multi-page reports with tables about target markets for investors. They boldly start with "pocket" money and the support of family and friends, start, experiment and... win.
In many ways, it is this alternative trend that will change and define the face of the future fashion market, in which the Internet generation Y and the even more technological, fast and anti-globalist next generation Z will become the main player over the next decade. The variety of offers from "niche projects" from all over the world makes it possible to find an individual "own" solution as opposed to mass and therefore "non-risky", unified models from global brands. "Niche targeted projects" are a new reality of the industry, which does not focus on the traditional concepts of strategies, planning and pricing of the business school of "developed capitalism", "states Anna Lebsak-KleimanS.
VERY LARGE DATA
"In my opinion, it makes sense to talk not just about social networks (although, of course, first of all about them), but in general about a data driven approach to the economy, the city," shares Vladimir Leonenko, Vice President for Strategic Customers at Double Data. – And it is in the change of approach – in the transition from expert opinion to data-based solutions, – there is a huge potential for both sales growth and operational efficiency improvement. We can look at social networks very differently. You can see in them a media channel that allows you to reach a specific segment of the target audience or "catch up" with the client when an event occurs by showing advertising. We can see a way of eco-friendly communication with the consumer when opinion leaders ("stars") they broadcast their attitude to the brand through the social media platform. And we can – a way to understand your audience with previously unattainable detail and the deepest immersion».
And if the first two approaches are widely known and understood by brands, then, as for the latter, business already has the opportunity to link information about the purchasing behavior of its customers with digital images of these customers, we are convinced of Double Data. It is at the junction of these classic purchase data (CRM, loyalty programs, etc.) and over-detailed data about the client's lifestyle (social networks and other public sources, such as resume sites or online auctions) that a qualitatively different understanding of their customers is hidden. Using a new understanding based not on private opinion, but on actual data, a business can adjust its actions and offer the client what he will really buy, at the right time, with the right communication channel and at an effective price. "Despite the fact that such results are achieved using cutting edge technologies and modern methodologies, all these opportunities are already available to business," believes Vladimir Leonenko.
To be continued.
Author: Ekaterina Reutskaya