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Social Media Marketing: Could Social Commentary Be the Next Form of Currency?

by Belfort Group | Agency News , Thought Leadership
September 24, 2014

If you could get free products by posting about them on social media, would you do it? In Denmark, one company is giving it a try.

Freemarket, a store in Copenhagen, has adopted the “try before you buy” mentality – and in the era where online reviews, Yelp! Ratings, and social recommendations reign supreme, they could be onto something.

Freemarket is a new-concept supermarket that offers consumers different products to test as long as they provide feedback in the form of social media posts. The benefits are two-fold: Companies get exposure and gain valuable customer feedback, while consumers can try new items risk-free.

This is how it works: Customers register online and pay a $3-4 monthly fee. Next, they choose up to 10 products and either order them online for in-store pickup or select them in-person with the help of a store associate. In addition to the 10 products per month, customers receive discount vouchers and gift certificates to other retailers.

Each product has specific “campaign requirements” that come in the form of questionnaire responses or an interaction on social media. These vary from product to product. One might ask you to post about your experience on your Facebook page while another requires you to share on Instagram demonstrating how you used the product. Miss a deadline? Prepare to pay a fee.

The companies that use Freemarket are tapping into a review-obsessed generation. By harnessing the power of customer reviews, it offers brands a way to build their brand profile among the exact demographic they want to reach: consumers.

Freemarket

The concept of “tryvertising” isn’t unique to Denmark. Companies are shifting away from the traditional realm of advertising, choosing instead to communicate with their target customer base through the channels they use every day. As we’ve learned through Belfort Group’s Most Memorable New Product Launch survey, Gen Y and Millennials are skeptical about brands and marketing. Young people see right through paid advertising and prefer to find out about products through word of mouth – even if it’s from a stranger writing a review that lives on a product website.

As companies continue to adapt to the ever-changing marketplace and make a name for themselves; they might consider tryvertising to gain feedback and build a base of product reviews. The more a company can leverage real endorsements from consumers, the more successful they will be in growing awareness for their brand.

(Articles about it in English)

 

DanielleGerard

By Danielle Gerard
Account Coordinator

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