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Marketing Strategies for New Business

What can Walmart’s social media marketing strategy, teach other retailers and merchants? 

From everyday mom and pop retailers to well-known retail giants, like Walmart and Target; everyone is taking advantage of social media marketing. Whether their favorite outlet is Facebook, Twitter, Pinterest, Google+, everybody wants a piece of sale generated through over social media. According to Media Bistro, “27% of Internet time is spent on social networking sites and 36% of marketers have found customers via Twitter”. But, what can small retailers learn from well-known retailers like Walmart, who use social media effectively? Well, let’s evaluate their best social media marketing strategies and find out!

According to Walmart’s social media guidelines, they want to provide their customers with up-to-date information about their current activities. They welcome social interchange and encourage their customers to comment about important issues and provide valuable customer feedback via Twitter or Facebook. According to Walmart, they not only encourage this dialogue, they crave it! Walmart’s policy is for their customers to interact with their social media strategists and participate in discussions. Their only rules are that customers can’t break the law, must be courteous, stay on topic and keep it real. Sounds appealing, right?

By reviewing this, it’s apparent that Walmart is on to the right track. They realize the importance of maintaining a healthy dialogue. They understand the value of good customer service. They favor engagement among social media users and realize that it not only increases brand awareness but it strengthens Walmart’s overall reputation. They realize that constant updates encourages customer loyalty and that ideas, questions and concerns keep lines of communication open.  So, what does Walmart’s best social media marketing strategy, teach retailers and merchants?

It teaches them that social media is extremely important. It has the potential to reach virtually millions of people and that retailers must take it seriously. Companies that utilize social media effectively experience stronger customer loyalty and brand awareness than those that don’t.  Social media is extremely important, isn’t going anywhere and that retailers who embrace Twitter and Facebook have the potential to remain competitive.  By taking advantage of social media and using it to their advantage, merchants can improve their brand awareness.

In conclusion, retail giants like Walmart understand that the power of social media can’t be ignored. Retailers who use social media in addition to traditional banner ads and such are better able to leverage the power of it than those that don’t. Just ask Social Bakers; they recently conducted a study that showed that retailers like Walmart, have the best social media marketing engagement. They also demonstrated that companies like Walmart are more likely to experience high surges in sales during holidays than those who don’t use social media marketing. In essence, they are the leaders simply because they don’t play around with social media, instead they play it to their advantage.

Sources

http://www.socialbakers.com/blog/306-walmart-tops-us-retailers-in-social-media-stakes-for-black-friday-holiday-sales

http://www.mediabistro.com/alltwitter/social-media-marketing-stats_b43558

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