Retail Is Ripe for Advocacy ebook
The Trust Factor Where do shoppers, consumers, and everyday Janes and Johns turn when they want to know where to take their car for an oil change? What dress shirt is going to fit right, look good, and be worth their money? Will the department store have a full inventory in stock or be picked-over? Consumers are constantly seeking answers to questions like these. Where do they look to find trusted recommendations about their purchase decisions? They rely on the voice of the customer (VoC) for accurate firsthand information, just like your company does! Results from a 2013 Nielsen Global Trust in Advertising survey showed that 68% of people trust the consumer opinions found online, which exceeds the trust factor for more traditional forms of advertising, such as print, television, and radio ads.
When Consumers Question Motives Why do consumers turn to VoC when making a purchase decision? Consumers question a brand s motive. Consumers fear the mindset of the used car salesman who will do anything and say anything to close the sale. Consumers don t entirely mistrust businesses, but the level of trust certainly varies from brand to brand and location to location (something that should be fixed, by the way). For this reason, they turn to their peers. When corporate statements don t jive with consumer statements, customers won t side with you. While online reviews published through certified sites like OpenTell are helpful in establishing brand trust, there s still an even better way to reach out to prospective customers.
Don t Contradict Customer Consensus; Cultivate It Although consumers sometimes rely on anonymous online reviews when making a purchase decision, consumers are increasingly turning to the recommendations of their family members and friends. The 2013 Nielsen Global Trust in Advertising survey also discovered that approximately 84% of consumers trust the recommendations of people they know, ranking higher than all other methods of advertising. Social media has made these conversations more accessible than ever. As a result, it s critical for retail companies to find an industry-tuned VoC program that not only collects feedback about customer experiences but also provides the tools (like GoRecommend ) to cultivate those customers into advocates. Empower satisfied customers with an advocacy program that encourages them to speak up and recommend your products and services to those within their circle of influence.
Join the Conversation As discussed in our Socialize Your Customer Experience in 3 Steps ebook, social media is foundational in establishing a brand s promises and identifying customer advocates. If there are any doubts about the influence customers now have over a brand s success, all one needs to do is take a peek at social media and view the conversations happening. [These conversations] are not only getting louder, they are happening more frequently... InMoment has found that nearly three-quarters (72%) of individuals have used Facebook to make a retail or restaurant decision, and half of those consumers had tried a new brand due to a social media recommendation. You can be confident that your customers experiences with your brand are influencing the purchase behavior of prospective new consumers for better or worse. Is your company an active part of the conversation?
Find Your Key Customer Advocates A 2013 research study by Aberdeen Group sought to compare the performance metrics of brand leaders (the top 35% of industry performers) in contrast with the industry followers (the bottom 65%). The greatest distinction that set these brands apart as industry leaders (by nearly four times) was their ability to identify their key social influencers and convert them into strong customer advocates. Brand leaders were also more likely to have established processes to monitor social media mentions and prioritize posts for engagement. Retail stores are reaping rewards as they implement programs to facilitate the process for customers who would like to spread a good word about them on social networks. For example, the UK-based department store Debenhams used the GoRecommend advocacy engine and saw a far-reaching effect: 22,000 Debenhams customer advocates made recommendations to 2.2 million of their friends and followers.
Retail Is Ripe for Advocacy What kind of payoff can a company expect to receive from an established referral marketing campaign? A 2013 study conducted by SocialTwist analyzed data from 119 social media marketing campaigns run by the world s leading brands across several industries. Out of the 3.2 million consumers involved in the study, just under one fifth (19%) referred products or services to their friends. The percentage of consumers who became advocates from retail programs was nearly triple the overall average, as 56.1% of consumers became advocates for retail programs. The results brought out an exciting find for the retail industry: Retail is ripe for advocacy.
Deliver on Your Promises, Then Let Customers Deliver for You InMoment has discovered that 46% of consumers don t believe brands are acting on the feedback they provide. What happens when your brand fails to listen and engage with the voice of its customers? Your brand misses out on the opportunity to build trust and establish loyalty with its most powerful advocates. For this reason, it s important that your brand implements an established VoC program that collects customer feedback across multiple touchpoints, protects against the input of fraudulent data, and turns customer data into easily digestible insights for the brand-level decision makers. Satisfied customers are willing to advocate your brand to their friends and family. By enabling your brand with the right customer feedback tools, providing a good customer experience can now impact thousands of people outside the walls of a single shop. Your customers will deliver new business to your brand, just as you deliver on your promises to them.
About InMoment InMoment is a cloud-based customer experience (CX) optimization platform that gives companies the ability to listen to and engage with their customers to improve business results through better experiences. Through its Experience Hub, InMoment provides Voice of Customer (VoC), Social Review & Advocacy, and Employee Engagement technology, as well as strategic guidance and tactical instruction, support and services to 350 brands across 25 industries in 128 countries. The company is the leading VoC vendor for the food services, retail, and contact center industries, with deep domain expertise in B2B, healthcare, hospitality, and numerous others. Contact Us sales@inmoment.com 1-800-530-4251 Copyright 2015, InMoment, Inc