HEY NOW: So much has changed since the pandemic when it comes to consumers and the way they shop yet too many brands continue to market like the good old days of mass marketing and continue to try and expand their market with taking care of their best customers.
Is it any wonder that more and more people are cutting the cord? Between the annoying car insurance and beer commercials marketers are showing that they either are being conned by their agencies or that they are clueless about how consumers have changed.
It’s estimated that 76% of consumers are switching brands. Why? Because they realize that paying more for a national brand is not worth the money compared to private label and premium private label.
Right now preliminary data indicates that more brands are switching money into digital. This too could be a huge mistake. The total cost of ad fraud is debated: TrafficGuard/Juniper set it at $34 billion, predicting it will increase to $87 billion by 2022; most of this will be lost in the APAC region, with the current $19 billion set to rise to $56 billion. In the US Statista estimates that programmatic ad fraud is 17%. That’s a lot of money.
What about your existing customers?
Perhaps the biggest mistake brand are making is forgetting about existing customers and trying to get a bigger audience. This usually is foolish and pisses off your happy customers who want some gratitude for being loyal to your brand.
There are a number of consumer groups on Facebook dedicated to certain brands yet brands tend to ignore these people who have gone out of their way to support your brand. A simple thank you is not enough today a brand needs to go beyond that.
If, for example, someone goes online and recommends your product with her followers on Facebook or Twitter brands need to connect with them to not only say thank you but to surprise them with either free product(s) or gifts.
Today a glowing customer recommendation is worth a hell of a lot more than any flightier of advertising you can buy. 94% of online shoppers reported that a negative review has convinced them to avoid visiting a business. We’re more likely to make a purchase if others around us—even total strangers—agree that it is a good decision. Today, online reviews are the biggest source of social proof, and they have a clear impact on sales.
If you don’t acknowledge great customers you’re essentially saying “we don’t care”.
Key Statistics On Customer Reviews
- 90% of consumers used the internet to find a local business in the last year, with 33% looking every day
- 82% of consumers read online reviews for local businesses, with 52% of 18-54-year-olds saying they ‘always’ read reviews
- The average consumer reads 10 reviews before feeling able to trust a business
- Only 53% of people would consider using a business with less than 4 stars
- The average consumer spends 13 minutes and 45 seconds reading reviews before making a decision
- Among consumers that read reviews, 97% read businesses’ responses to reviews
- 67% of consumers have now been asked to leave a review for a local business – with 24% of these being offered a discount, gift, or cash in return
Don’t ignore your best customers. Reach out to them and let them become advocates for your barnd.