Do such advocates use Twitter to communicate their thoughts about your brand?
In Marketing Week 21/10/10 the results of the TBCH /MAP Customer Engagement study of 1,300 respondents was reviewed.
Customer engagement matters.
TBCH says it drives financial benefits for brands - an increase of 1% in engagement can render increase in profitability of 3%.
Some 66% of respondents in their latest study who marked a brand “favourite” will :
• Give positive word of mouth support to the brand
• Most probably buy more
• Likely to persuade a friend or member of the family to the brand
( although 3 is below average for its 'worry-free' relationship score, it is above average in terms of customers showing their support for the brand)
The consumer marketing world has long been into developing brand advocates but as we heard at the 2010 ISMM Successful Selling event (21st October 2010) last week the B2B world is taking up the development of advocates along with the trusted adviser style of selling.
Only 4% of the respondents use social media to show support for the brand by becoming a fan on Facebook or a follower of Twitter.
As in B2B studies a hefty of consumers would like their brands to listen and act on what customers say.
This number, to surprise of the study’s sponsor, was higher than customer demand for the brand to sell their product at the cheapest price.
Similarly deals and loyalty schemes were not rated as highly as just wanting the basic things done correctly.
Good relationship marketing (aka selling) has always been about
• Understanding the customer
• Listening to them
• Using the insights gained from the above
Customers are less concerned about brands that make them feel:-
"Clever", "Loved", "Stylish", "Up to the minute"," Empowered", "Stylish", "Excited"
The report states that M & S and Waitrose make their customers feel most respected.
Virgin and O2 are best at achieving a worry free relationship
For those in B2B perhaps there are lessons to be learned from these brands to transfer to our own sales offerings.
Of the three things Buyers said we could do better in the current environment in the Buyers views of salespeople Survey 2010
- 37% said listening
- Be more time sensitive and respond quicker
- Better research and Preparation
Click for free summary of the TACK Buyers' Views Research 2010 research.
After all the brouhaha over the Gap new/old logo issue, the pundits are split as to whether it was a stroke of genius in the use of crowd sourcing or a mistake
TBCH survey shows is that despite the rise in use of social media, many suppliers and brands have much to work on to use it well in terms of customer engagement.
What is maybe not so surprising is customers’ engagement and the way they express their needs and wants are not so different whether the relationship with the brand is conducted via virtual channels or conventional communications.