We’ve heard it all before: The customer is always right. A satisfied customer is a loyal customer. Customer, customer, customer. But, it’s true, the customer is the heart of any business; and in today's super-competitive business economy few things are as crucial to a company's bottom line as pleasing its customers. Which is why, according to an article by eMarketer.com, 64% of marketers are planning on using their budgets to improve customer segmentation and targeting. In order to effectively promote your product or service, drive sales, and increase the NPV of each customer, you need to segment your market and subsequently target them with appropriate messaging. Enter, Social Media? According to a Harvard Business Review survey, 50% of respondents said that Social Media has “increased awareness of our organization, products, or services among target customers”. The next slide says that 55% “use social media to monitor trends among [their] customers”. What is confusing here is that the eMarketer survey presents only 2% of respondents allocating budgets towards Social Media and Word of Mouth channels in order to generate leads and promote their organization.
Word of Mouth is the #1 influencer of purchase decisions. So the statistic from eMarketer that 7% of those surveyed will be spending money on radio is staggering to me.
Marketers should focus on leveraging Social Media more than other marketing channels that are presumed “dead” or dying. Meet the customer where they are, and where they are going to recommend you – which is on all the major social networks, the 3rd party review sites, and the blogs and/or forums associated with your industry / products or service. Social Media tools are becoming more and more prevalent, relevant, easy to use and measureable. Generate, engage and monitor your customers through these modern means – and save money while you’re at it.