In this world of two-way communication, your organization must have social proof. As a marketer, your goal should be to maximize that social proof through genuine greatness. This is going to become more and more important as systems continue to empower the customer and make it easy for future customers to find out what people are really thinking about you or your competitors.
Of course, some businesses need more social proof than others. One good example is the hotel industry. No one looks at a hotel’s website but massively at online reviews. You could simply argue that the only valid reason a hotel has a website is to provide contact details and a map of where to find them.
A corporate website is actually a business card in today’s world. It serves to provide information to consumers, but it’s rarely a great marketing tool. Your PR and marketing is now in the hands (or mercy) of social proof, customer reviews, and general reputation (B2B marketing would have a deeper focus on this due to fewer sales transactions in comparison to B2C marketing).
BUT!
- Is social proof always right? NO!
- Is social proof equally as important for all types of organizations? NO!
So what do you need to do? Luckily the answer will become clear as we go on, and there’s no need for panic. The answer lies in beliefs, systems, behaviors and measures to overcome the industrial age thinking, which is to focus on one purpose only.
And the purpose is to be remarkable and referable in all we do. If we do this consistently and keep improving, we will then be rewarded with customer loyalty, reputation, cross-sales, and referrals. Yet, at the same time, our costs of achieving this will be consistently low. Then, and only then, will we achieve long-term financial success – not the other way around.
A guideline by me on what to invest for reputation and referrals
- 80% of ‘satisfied’ customers will use a different supplier next time – Invest in loyalty
- It is at least six times as expensive to get a new customer as it is to get an existing customer to return – invest in loyalty
- 96% of unhappy customers won’t tell the organization about it. They will rather tell their inner circles instead. – invest in feedback
- 68% of customer defections are because of ‘perceived indifference’ – invest in loyalty and relationships.
- Most customer feedback systems ask the wrong questions in the wrong way and have return rates of <15%, so most customers typically feel disengaged and unloyal – Invest in feedback and loyalty
- Prospective customers are at least three times as likely to believe independent reviews as the organization’s own marketing – invest in feedback and loyalty
To sum it up,
Why this matters more than anything now:
- There is easy two-way global communication
- No one believes your marketing
- There is global choice and transparency
- Customers are engaged, informed, and motivated for something better
- Customers can review any organization or product in an instant, anywhere
- Prospective customers believe other customers’ opinions above all else
- There’s nowhere to hide, no matter how much you spend on PR
Disclaimer note:
The opinions expressed in this post are those of the author. They do not purport to reflect the opinions or views of ThinkLogic Media Group or any company and their associates.
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A Spark of B2B 