Social commerce meets the four Ps
Selecting transcript lines in this section will navigate to timestamp in the video
– [Instructor] If you’re a bricks-and-mortar retailer or want to set up your online store, social commerce could be a smart strategy for your brand and a great way to connect with customers and offer them the products and services they want when they want them and delivered to their door. A good place to start is by looking at the four Ps of marketing, that’s product, price, place, and promotion, and then giving them a digital twist. One of the most important considerations from a product perspective is what your customers see when they visit your page. That means paying attention to your product photos and videos by making them stand out on both a mobile and desktop device. Will you be featuring your products alone, showing consumers wearing or interacting with them, or both? How many different views will you offer your customers, and will you be giving them the AR try before you buy options offered by sites like Snapchat or Pinterest? Whatever you decide, you’ll want to showcase your products visually and in their best digital light. Next comes price. And here, you want to begin with a strategy that takes into account your product costs and profit margin, what your customers are willing to pay, and what your competitors are charging. Beyond that, you’ll also want to consider other factors, like shipping costs. Are those included in the price or extra? What about returns? Will your customers incur the cost, or will you? You’ll also want to make sure you have a secure, trusted, and easy-to-use checkout and payment system so customers don’t just abandon their shopping carts mid-purchase. Let’s talk about place. When my dad started his fabric and drapery store a long time ago, he stood at various corners and counted how many customers passed by when he was choosing his location. That’s a good way to approach the social media platforms you’ll be on. And when you’re thinking about your place in social commerce, you’ll want to consider your digital storefront and whether you’ll use a merchant platform like Shopify. You’ll also want to think about shipping. Will you be shipping from your warehouse, or will you contract a third party? Some smaller retailers might opt for the storefronts that are offered by platforms like Instagram or Facebook. Or you could think of your main site as your flagship and your social integrations as stores in a mall. Finally, let’s look at promotion, how you’ll get the word out. Make sure your promotion and content marketing includes a mix of paid, earned, owned, and shared media, and that you have the staff to manage your content, listen to the conversations and questions, and respond quickly, in a way that makes your customers and fans want to engage with you. Speaking of customers, there is one additional P to add to the mix, people. Your social commerce interactions should be memorable, shareable, and meet your customers’ expectations and needs so the experience you’re giving them is as fun and aspirational as it is in real life.
