The report will discuss in detail about the company called Wesfarmers which was established in 1914 with a name of Western Australian Farmers’ cooperative. The company has now grown into one of the largest companies which is listed in Australia. Headquarter of the company is Western Australia and the business operations covers many categories like supermarket, hotels, convenience store and liquor. The company covers ranges of product categories like home improvement to office based supplies and departmental stores and many more. The company is also considered as one of the largest privately-owned employers in Australia with approx. two lakhs twenty thousand employees and a sturdy base of shareholders of almost five lakhs and thirty thousand employees. The main goal of the company is providing a highly satisfied return to its shareholder base.
As per the financial review by Australia that there are number of executive in Australia like of Wesfarmers that are understanding the importance of social media and trying to keep it under control of the current set of brands. All kind of digital based strategies adopted by the company are based around using the platform like Twitter and LinkedIn as a main social media strategy. It helps in creating a durable base to interact with customers in an effective manner. The managing director of the company has understood and realised the importance in 2012 and personally join Twitter. However, as per studies Australian business leaders were lagging the US based counterparts by at least four years. There are number of reason associated with why the corporate leaders took time to decide about joining the platform in the past when it specifically comes to social media and it mainly consist of the fear of Facebook or other platform backlash or by mistake revealing any kind of sensitive information of the company. However, the advisor of the company has often discussed about the finance based publication that executive must not be intimidated as well as they must also adapt and see the outcome of the same. It never really matters on many consultants as well as advisors can produce information for the organization on how it functions and how the customer is using it in real. It is important for the company to understand the need to some level and understand the advantages of how it must be applied on the business. There is some sort of fear and reports also says that since when it comes to business or any kind of social media presence there are seventy percent of big organization that don’t have any kind of social media presence what so ever.
The movement or switch away from the platform like Facebook as a marketing technique does not eliminate the role in the current social media mix however, the crucial point is the power of the media since it is a complaints and review medium which help the company to understand the customer’s perspective and plan everything accordingly. Wesfarmers understand the importance and took help from digital marketing company to register its presence online on various social media platforms. For the short term or young generation, Facebook has become a channel for complaints and a direct medium to communicate their disappointment related to product. Bigger change that can be seen in recent time that the company as a retailer will have to maintain two arms one which is for the marketing team and that uses those social media platform as a main advertising vehicle and create bespoke creative content for everyone. Then there is another perspective when it becomes important to manage the social media platform from a more community based perspective and managing the brand and the way it can be positioned along with engaging with customer through various social media platforms. Both the areas are distinct and unique. It is important that the business understand the need to ensure that they are clear about the differences.
Other platforms like Instagram and Pinterest are also evolving with time into more of a purchasing platform. There are so many social media sits users that can still be just a single click away and purchase things from a restricted number of e-commerce based platforms and would rapidly become more crucial as organization that can draw on the power of social media to generate high amount of sales. There are multiple channels like Twitter and Facebook that are great in interacting however they are far less impactful for engagement and inspiring the people in general. There are a lot of people that also uses the Facebook page as kind of dumping ground for number of complaints since it completely transparent by nature and can also be escaped. The irony is that when there is any sort of negative feedback or bad customer based reviews that can support the brand as well as social media since it helps in strengthen the base for trust for the users. It is not only about a strong social media presence that can build an identity around the company. Wesfarmers also must appreciate the overall spending on the power of users of social media. It is important to understand the fact that the time in which the company is operating is where everyone is a customer or authenticator and disseminator of the content. The social media also plays a key role at the time of, during and after sales. While communicating with the customers it is important to talk about varied channels based on marketing strategies related to creating a kind of ecosystem that consist of all kind of concepts from bricks and mortar stores, social media platforms and online presence.
Kmart is owned by Wesfarmers and is the best example to explain the way the company has promoted its brand on social media. The Instagram account owned by the company has more than one lakhs forty thousand followers who appreciate the image of the company in a careful manner. It is important to understand here that it is a strong marketing took for the company owned retailer as well as it is also attracting a lot of commercial based interest. There are so many high profit company like Wesfarmers that are also becoming the part of social media circus and gaining more attention of the people in general. The overall popularity of the Kmart has surprised so many people who set the account to involve for the love of getting replica based designer products. The only fact that initiated the process was the management of looking for new options for social media page to gain more attention online. The news where Kmart released all the design pieces that were the replica was an interesting piece of news. The fact that people love designs and wanted to buy some great stuff but the original is out of reach for many solved by Kmart. The company in fact tried to make the Kmart Forecast seem like a good and interesting Pinterest page. This attracted so many audience that number of followers immediately become the important part in no time. The company was very careful with the content they were sharing and the goal was to stay focused and strategic with the content posted and people that are followed and with the help of many interior stylists the company was branded as one of the finest. The company understood the importance of the blogs and the fact that people are making money out of it, it is the time to explore this opportunity to the maximum.
The final goas were to the turn the forecast claimed by the company into full-fledged commercial based venture and follow the roadmap of fellow social media story on the path of success.
With all the success, Wesfarmers is considered as a retail giant and has been encouraged by the development for creating an online platform for sales since the Officeworks and similar stores like Target has experienced little lift in total sales specifically during the last quarter. However, the experts in retail field interact more about the overall needs that should be done right before Australian retailers that can successfully take complete advantage of the varied multi-channel retail alternatives. Development at Wesfarmers further continues to lead by the its brands like Coles which also posted higher than expected sales development by five percent. The brand like target also managed some growth in comparison against the previous or last corresponding time and at the same time organization as Officeworks which is a part of Wesfarmers saw a little jump in same period and it consist of the shopping season in festival time and it can be so critical during the sale growth. Many organization like Officeworks continues to see a strong development through online sales. But the sales got affected because of the constant deflation in distinct categories and technology and further continue to a challenging situation for small as well as medium business consumers.
The fact that the company is trying to make its presence felt on social media through many of its organizations like Kmart, Target and Officeworks etc. But in the current time where organizations are going all out and using all kind of mediums to register its present in all possible manner, the company needs to buck up in its efforts to stay ahead. The company is progressing very well with all the channels based offers to the consumers. To provide a massive range of consumers with in-store offers and at the same time continue to invest in the current online channels as main priorities for the team as well.
There are number of studies that have also proved that customers that are using social media to complain or online portals to shop are expected a far greater experience in-store than what was presently is offered or delivered in the country. The recent research also showed that shoppers usually value the capacity to return the product bought on online stores along with the ability to verify the stock levels on online platform as well as constant sales prices across different retail channels. It is also important to understand that it is not something very simple as it seem. The process is complicated to understand since the stock is present at every point. The company has improved on optimism associated to online sales when it comes to many major retailers that continue to push for certain amount of tax based purchase made with many offshore retailers. The government is also intervening and has been committed to lower the present threshold for tax by the end of each year.
The issues which have been owned for the liquor are now resolved in 2016, where the company is working over handling the domestic violence and improving the quality of their product.
Following are the recommendations for Wesfarmers to grow their social media presence: –
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