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You are required to prepare a 10-minute presentation on the topic listed below in relation to the brand Woolworths.
Digital, Online and Social Media are fast becoming a key tool/resource for businesses to connect and talk to/with their customers. What 2 things would you make a priority in this environment and why?
Digital, Online, and Social Media are fast becoming a key tool/resource for businesses to connect and talk to/with their customers. What 2 things would you make a priority in this environment and why?
The organization in focus to discuss the implications of digital, online and social media resources is Woolworths. 'Woolworths Supermarkets' is one of the largest retail grocery chains of Australia and New Zealand. Along with its close competitor 'Coles' it makes a duopoly in the Australian grocery market and both these organizations claim 80% Australian market share (Zappone, 2009). This signifies tough competition from the grocery retail chain Coles. Both retail chains indulge in crucial price wars. Woolworths is also facing threats from the international low price giants like Costco and Aldi, both immensely experienced and efficient organizations (Colgan, 2015). So, although Woolworths enjoys a big market share in Australia, it needs to develop its core competencies to maintain a strong hold on the Australian market. Woolworths continues its spot as the most valuable Australian brand, as listed by Brand Finance Global 500 and despite facing a loss of 17% in its brand value due to excess inflation, it takes pride in offering products at low cost to its customers (Herbison, 2015). Considering the plummeting of the Australian dollar (Herbison, 2015), increasing competition, and tough price wars the two things Woolworths should focus upon are Intensive Social media marketing to amplify CRM and Boosting Search Engine Optimisation for Woolworths.
The traditional view on Customer Relationship Management (CRM) is about making attempts by marketers to combine complete information regarding each specific customer into a separate database with the intention of serving customers in a personalized manner (Looy, 2015). There are several benefits for implementing CRM in a business; it helps in gathering information related to marketing and sales, enhances the ability to target customers that are profitable for business, boosts efficiency of sales force, helps in customization of products and services, and enhances customer care by personalizing marketing messages (Goldenberg, 2008). As observed by (McKee, 2012) businesses have been implementing CRM one-sidedly for past few years but technological revolution and rise of social media have paved way for two-sided communication between businesses and customers, enabling the organizations to attain a relationship equilibrium by balancing trust between customers and business organizations. Digital marketing; 'communication and interaction between a company or brand and its customers using digital channels' (Merisave & Raulas, 2008), e-commerce; online electronic transactions are all the outcome of the digital and technological revolution. This revolution has also given birth to an extended version of CRM called Social CRM.