Brand identity on social media will increasingly play a key role in establishing a loyal customer base, GlobalData finds.As consumers spend greater time on social media during the pandemic, likes and followers will become more valuable to retailers, GlobalData finds.
Brands will have to enhance their online identity and impress new customers in order to outperform in an environment of strong competitors. Compared to traditional forms of TV ads and billboards, "social media is a far cheaper method, especially if brands can leverage user-generated content and rely less on sponsored posts and collaborations," a retail analyst at GlobalData said.As many people across the world have stayed home during the COVID-19 pandemic, their time spent on-screen and engaging with social media has gone up, creating an opportunity for enterprising online retailers, 49.
With TV and billboards ads now defunct, social media identity will increasingly have a crucial role to play in strengthening a brand as retailers slash marketing costs across the board, according to Emily Salter, a retail analyst at GlobalData. As social media a more economical option than traditional advertising, Salter said it was an opportunity for a brand to tap into user-generated content rather than on sponsored posts and collaborations.
Measuring likes and follows is all very good, but business needs to find ways to convert these to buying and long term loyalty. Right now 50 000 sales and no likes is better than 50 000 likes and no sales.
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