If you’ve been lead to believe that social media marketing and other channels are THE way to grow your business or nonprofit, then you’d be incorrect. And, there’s another study to prove it.
The Boston Consulting Group Brand Advocacy Index (BAI) tells us what really matters is what people say - their word-of-mouth recommendations.
Direct word-of-mouth recommendations from friends and family are by far the most important source of information for customers thinking about buying a product or service.”
In fact, what we call brand advocacy is about four or five times more influential than traditional and social media in making purchases. Continue reading
Most of us know that keeping customers is important to the success of our businesses or nonprofits. Yet, there’s still an over-weighted emphasis on customer acquisition even though it costs more.
Retaining customers is part of a much bigger picture. In my upcoming book, Beyond Your Logo: 7 Brand Ideas That Matter Most to Small Business Success, I delve into this topic.
Without customers, your business would not exist. It’s that simple. Your business success and longevity depend on acquiring and retaining its target customers. You can’t do so without developing and maintaining a customer-centric mindset.”
A customer-centric mindset (or customer orientation) “moves from selling products and/or services to serving customers’ needs and engaging them as people individually, not as a collective or by customer number. It is a mindset that puts customers at the center of every action.”
And, since customers’ experiences are directly connected to your brand, it makes sense to focus on every customer touchpoint to increase retention.
Is your business-to-business (B2B) company spinning its wheels on bettering its customer experiences? Are your customer experience investments going down the drain?
If you’re nodding in agreement, you are not alone! (Sounds like a pharma ad? But, it’s true.)
According to new research from Accenture, most B2Bs (76%) may be wasting up to half of their investment on ineffective customer experience initiatives! Ouch. Continue reading