5 Drivers to Retail Social Media Success
In the final stretch of last year's holiday season, big-name retailers were battling for the attention of the social shopper. According to Shareablee's Social Scorecard, social engagement for the retail industry increased on average 96 percent last year, trending slightly lower than the average 110 percent growth for all U.S. brands. However, not all platforms are created equal when it comes to the social shopper. Facebook declined 25 percent across all retail brands, while Twitter and Instagram spiked 291 percent and 190 percent, respectively.
Macy's took the top spot (see the chart below), unseating Nordstrom and Kohl's, which led the "big box" and department store category in the run up to Black Friday. Macy's is capturing 10 percent share of voice in its category with 30 percent of its total engagement in 2014 taking place between November and December.
Cabela's and HomeGoods make an entry in the top 10 this year, with significant increases in engagement vs. 2013, at 66 percent and 109 percent, respectively.
So, what are these social retailers doing differently? Here are five key drivers to social success used by the top 10 retail brands this past holiday season:
1. Invest in an "always on" strategy. Many large retail brands showed significant declines in posting on Facebook last year, including during the holidays. Brands on the 2013 top 10, including Wal-Mart, T.J. Maxx and Best Buy, posted 60 percent, 48 percent, and 43 percent less, respectively, on Facebook compared to the same period in 2013. Although the temptation might be to post fewer "big" posts, this strategy goes against the benefits that brands (e.g., Macy's, Amazon.com, HomeGoods) are reaping with an "always on" strategy across social media. As a result, Wal-Mart declined 86 percent in engagement last holiday season, and T.J. Maxx lost 25 percent of total actions (post-level likes, shares and comments).
2. Be authentic on Instagram. Nordstrom received the highest Instagram engagement numbers for the entire retail industry, with over 60 percent of its social moments coming from the platform. Nordstrom's top posts on Instagram promoted contests and sales, yet a personal approach appeals to its target audience's lifestyle. Instagram grew 136 percent for the retail category in 2014, with engagement outpacing available content. This indicates that consumers are more willing than ever to engage with great visual content.
3. Sales, clearances and sweepstakes pay off on social media. Macy's captured more than 1.7 million actions on Facebook since November, helping it to win the most social retail brand of the holiday season. The retailer's sales and clearance promotions — its most popular posts — are a key component to its Facebook strategy. Similarly, Amazon's top posts across Facebook, Twitter and Instagram are related to sweepstakes featuring various products on its site. Its calls to action on Twitter to participate in the sweepstakes have been a key engagement driver. Along with contests, Amazon focuses heavily on driving referral traffic from social media to product pages on its website. In the lead up to Black Friday, Amazon drove three times as many clicksthroughs as social actions on Facebook.
4. Know what content resonates with your audience. Not only is Neiman Marcus a top 10 social brand, the retailer also wins audience loyalty, with 39 percent of its Facebook fans returning to interact with the brand's content. Neiman's "Around the Store" campaign features products in different stores in various cities, and includes compelling images that inspire the social shopper and creates a sense of community. Identifying the kind of content that resonates with your target audience and offers them more of what they want is critical for driving revenue from social platforms.
5. Diversify your strategy. As competition for the news feed intensifies and more and more social platforms enter the fray, the challenge of activating and engaging your audience across social media becomes even a bigger challenge. Posting quality content that resonates across platforms is critical for effectively monetizing campaigns. Indeed, much of the social growth for retail brands last year came from Instagram, yet only 78 percent of retail brands have an Instagram profile. This presents an opportunity for brands to own a greater share of voice as consumers engage heavily with the quality content they receive on Instagram.
Tania Yuki is the founder and CEO of Shareablee, a provider of actionable social media insights for top brands and publishers across Facebook, Twitter, Instagram and more.
