By Lisa Johnston
New products on display at the American International Toy Fair, held in N
It is a well-known fact that when a customer is happy, they will tell at least three people.
On the other hand, it has also been documented that if a consumer is dissatisfied they will tell 15 people. So what are they saying about you?
In these days of social media, those numbers are sure to increase at least ten-fold, and as they do the question arises: How can you get more consumers working for you, and fewer against?
A great place to start is understanding customer satisfaction and to do that, you must create a remarkable customer experience, one they cannot wait to tell others about. Consumers want to be “wowed,” and for that to happen you must exceed their expectations. However, to state the obvious, that’s not always easy to do.
Robert Stephens, founder of Geek Squad, now owned by Best Buy, has said, “Advertising is the tax you pay for being unremarkable.” Mr. Stephens had a very small advertising budget when he formed his company, so his marketing goals included finding inexpensive ways to be visually creative. He also realized that paid advertising is just one portion of a total marketing budget.
A well-rounded marketing campaign usually includes several facets of promotion, and discovering the right mix to be competitive and gain market share is the key to success.
Today, an increasing number of consumers are using one or more forms of social media to connect with friends and family. They are sharing everything that goes on in their lives. What an opportunity for brand awareness and product marketing!
Future customers are forming opinions about you right now; you need to know what they’re thinking and, of greater importance, what they’re saying to others.
We live in a new world and along with everything else, how you market to consumers has changed. Get ahead of the game (and your competition) by harnessing the power of social networks. Sit at the same table as your customers to see what is being said about your products and stores. Understanding your consumer relationships will lead to greater market share and a better bottom line.
Gregory Yankelovich is CEO and co-founder of Amplified Analytics, a market intelligence company that uses proprietary algorithms to monitor online consumer feedback and measure the difference between customer expectations and their actual product experience. For more information call (415) 742-2580, visit www.amplifiedanalytics.com or email Yankelovich at email@example.com.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.