A 10% increase in brand conversations yields 3% sales – Twitter
Recent study by social networking platform, Twitter, revealed that as brands rev up online conversations about issues that truly matter to their followers the sales curve hit a positive mark. This remarkable finding is coming on the heels of invigorating efforts by businesses to comfort, educate, and sheer up the largely financially pressed and health-scared consumers.
According to the Twitter study, “A 10% increase in brand conversation could increase brand sales revenue by up to 3%”.
The social networking firm noted that more than ever consumers want to know what actions brands are taking at this unsettling moment.
“82% of people want to know how brands are supporting frontline staff, their own employees, vulnerable individuals and local business”, it reported.
The positive mobility along the sales curve arises from how brands lean in to play leading roles such as:
- Taking the lead to understand the customers – what is the depth of the current distress?
- Taking the lead in emphasizing purpose as society search for true life meaning amidst the gloom of unusual socioeconomic shutdown.
- Leading by example – Pushing the frontier of altruism through giving to cater to communities and their needs.
- Leading by innovation – As motivation, the study explained that “Brand that launch [or relaunch] in a downturn experienced 15 to 20% greater excessive share of voice growth than the general average growth”.
- Leading by connecting – Maintaining relevance by turning previously live events into virtual events to keep brand-consumer relationship going.
- Leading by agility – Evolving existing strategies to tackle emerging problems.
- Leading with positivity – By sharing ‘moments of humanity’ and ‘engaging people around their interests’ brands will lift the mood of their followers.
To a large extent conversation is a tool for obtaining favourable responses from target audience. Therefore the structure and content of brand-consumer conversation must be well tailored to match:
- The interest of the target audience.
- The mood of the season.
Henceforth, if there is any time brands should think about increasing their share of voice, it is absolutely now. Coca Cola, Toyota and the Nigerian Bottling Company [NBC] have structured their communications to lead conversations that touch base with prevailing realities.
The underlining wisdom is that when time is tough – and consumers are worried about survival – businesses that stoop low to show empathy; lift the mood of the public, and play leading role in charting new paths for recovery will build a strong attachment that ultimately, positively impact sales.