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It is a Consumer world

                       Richard Meyer
            Online Strategic Solutions
Consumers today

  …make purchase decisions in an average of
    2.6 seconds

  …abandon >50% of shopping carts online
    without ever making a purchase

  …know fundamentally that power has shifted
    from companies to them, and they don’t often
    give brands a second chance

  …are your business’s scarcest resource and most
    valuable asset.
Hello?

  I am your customer. A real person, a human
   being.

  For too long you have treated me as a faceless
   number and lumped me into a segment in a
   mass market.

  I’m not a segment, and I won’t tolerate that
   any more. I am an individual.

  There may have been a time when I didn’t
   have much choice, but now I have many
   choices, so you need more than I need you.

  I have the power & I am in control.
The realities of today’s
  consumers
  20% of your customers produce 80% of
   your revenue
   10% give you 90% of your profit.

  A satisfied customer will tell 3 people,
   but a dissatisfied customer will tell
   12 other people.

  It cost 12 times more to win back
   dissatisfied customers
   a 5% increase in retention would
    increase profits 25-55%
And the Internet gives
everyone a voice today




    If you have to ask “why,” then you are already in deep trouble
Dissatisfied consumers are a
real threat to your brand

   A very dissatisfied customer will tell 20 others

   98% of dissatisfied customers never complain,
    they just leave

   65% of lost customers are due to negative
    experiences, and 75% of negative experiences
    are not product related

   Biggest reason people leave: “they don’t feel
    appreciated.”
Consumers have trust issues
with business today
Consumers have rising
   expectations and falling trust

                                        Expectation
Increased


                                        Information




                                        Satisfaction




                                        Trust




                                        Loyalty
Decreased

            1980   1990   2000   2010
And traditional
segmentation is dead

  People now come together by choice:
  similar attitudes
  similar beliefs
  similar lifestyles
  similar aspirations

  “You are more likely to build a relationship with
   someone you meet on vacation than you are
   with your neighbors”

  A business that attempts to meet everyone’s
   needs will end up not meeting anyone’s needs.
Smart marketers don't rely
on age demographics now
   People are “age shifting,” and not living lives based
    on traditional age stereotypes
   The top end of a common demographic (34) may
    have almost nothing in common with the low end
    (18)
   Age-based demographics leave out influencers,
    gift buyers, and others for whom a message may be
    relevant, which get missed because they aren't the
    ultimate recipient of the product
   Focusing on age can take you away from
    emotional or relevant benefits
   People lie about their age all the time.
Businesses need to…


    know a few customers very well
     rather than a large number
     anonymously

    have deep insights into customer
     behavior rather than statistical
     and numeric averages

    meet real emotional desires than
     rational needs.
Measurement precedes
management

  A study done for the White House Office of
   Consumer Affairs found that in households
   with service problems potentially costing
   more than $100, 54% would maintain
   brand loyalty if their problems were
   satisfactorily resolved
  Only 19% would repeat their purchase if they
   were unhappy with the problem's resolution
                                                     Considering how
  For less expensive problems (≤ $5), 70%           expensive it is to
   would maintain brand loyalty if their          lose a customer, few
   problems were resolved satisfactorily, only     recovery efforts are
   46% would repurchase if the problem was             too extreme
   not fixed.
Bottom Line: what’s more
important, profit or
customer excellence?

 BOTH !
  Having a customer orientation is not about
   blindly obeying the customer, but about
   working with them so that you understand
   their needs and ambitions.

  “The sole purpose of a company is to
   create and retain customers”
   Peter Drucker
The Zappos’ Formula


  Zappos encourages customer reps to bond with
   customers. Call times are not measured.

  A chat that continues for an hour with no sale is
   not a crime at Zappos.

  The payoff? That representative has the
   customer's undivided attention for an hour and       Zappos return rate
                                                         is about 35% and
   the customer is likely to return next time with a    although they sold
   sale. And they will bring their friends along.         over $800 million
                                                       worth of merchandise
  "We actually talk to our customers,” Zappos said,   they have yet to turn
   and that means 5,000 leisurely calls a day. It's           a profit.
   unsexy and low-tech, he said, but "the telephone
   is one of the best branding devices.
What to do?

  Customer excellence should be part of a
   company culture.
  Create superior value for customers through
   deeper insights and solve their problems with
   your product.

  Create shareholder value through sustainable
   growth, enhanced margins, and a reduced risk
   of customer loss.

  Customer value is a starting point - not the
   financial value of the customer to us, but the
   value you create for them.
Who is Richard Meyer ?

  17+ years in consumer marketing, with a strong emphasis
   on Internet marketing.

  Consultant/Owner of http://www.onlinestrategicsolutions.com

  Author of the marketing BLOG, http://www.richsblog.com

  Someone who realizes traditional branding is dead
   and that consumers have all the power.

  MBA in Marketing

  http://www.linkedin.com/in/richardameyer

  http://twitter.com/richmeyer

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Its A Consumer World

  • 1. It is a Consumer world Richard Meyer Online Strategic Solutions
  • 2. Consumers today   …make purchase decisions in an average of 2.6 seconds   …abandon >50% of shopping carts online without ever making a purchase   …know fundamentally that power has shifted from companies to them, and they don’t often give brands a second chance   …are your business’s scarcest resource and most valuable asset.
  • 3. Hello?   I am your customer. A real person, a human being.   For too long you have treated me as a faceless number and lumped me into a segment in a mass market.   I’m not a segment, and I won’t tolerate that any more. I am an individual.   There may have been a time when I didn’t have much choice, but now I have many choices, so you need more than I need you.   I have the power & I am in control.
  • 4. The realities of today’s consumers   20% of your customers produce 80% of your revenue  10% give you 90% of your profit.   A satisfied customer will tell 3 people, but a dissatisfied customer will tell 12 other people.   It cost 12 times more to win back dissatisfied customers  a 5% increase in retention would increase profits 25-55%
  • 5. And the Internet gives everyone a voice today If you have to ask “why,” then you are already in deep trouble
  • 6. Dissatisfied consumers are a real threat to your brand   A very dissatisfied customer will tell 20 others   98% of dissatisfied customers never complain, they just leave   65% of lost customers are due to negative experiences, and 75% of negative experiences are not product related   Biggest reason people leave: “they don’t feel appreciated.”
  • 7. Consumers have trust issues with business today
  • 8. Consumers have rising expectations and falling trust Expectation Increased Information Satisfaction Trust Loyalty Decreased 1980 1990 2000 2010
  • 9. And traditional segmentation is dead   People now come together by choice:  similar attitudes  similar beliefs  similar lifestyles  similar aspirations   “You are more likely to build a relationship with someone you meet on vacation than you are with your neighbors”   A business that attempts to meet everyone’s needs will end up not meeting anyone’s needs.
  • 10. Smart marketers don't rely on age demographics now   People are “age shifting,” and not living lives based on traditional age stereotypes   The top end of a common demographic (34) may have almost nothing in common with the low end (18)   Age-based demographics leave out influencers, gift buyers, and others for whom a message may be relevant, which get missed because they aren't the ultimate recipient of the product   Focusing on age can take you away from emotional or relevant benefits   People lie about their age all the time.
  • 11. Businesses need to…   know a few customers very well rather than a large number anonymously   have deep insights into customer behavior rather than statistical and numeric averages   meet real emotional desires than rational needs.
  • 12. Measurement precedes management   A study done for the White House Office of Consumer Affairs found that in households with service problems potentially costing more than $100, 54% would maintain brand loyalty if their problems were satisfactorily resolved  Only 19% would repeat their purchase if they were unhappy with the problem's resolution Considering how   For less expensive problems (≤ $5), 70% expensive it is to would maintain brand loyalty if their lose a customer, few problems were resolved satisfactorily, only recovery efforts are 46% would repurchase if the problem was too extreme not fixed.
  • 13. Bottom Line: what’s more important, profit or customer excellence?  BOTH !   Having a customer orientation is not about blindly obeying the customer, but about working with them so that you understand their needs and ambitions.   “The sole purpose of a company is to create and retain customers” Peter Drucker
  • 14. The Zappos’ Formula   Zappos encourages customer reps to bond with customers. Call times are not measured.   A chat that continues for an hour with no sale is not a crime at Zappos.   The payoff? That representative has the customer's undivided attention for an hour and Zappos return rate is about 35% and the customer is likely to return next time with a although they sold sale. And they will bring their friends along. over $800 million worth of merchandise   "We actually talk to our customers,” Zappos said, they have yet to turn and that means 5,000 leisurely calls a day. It's a profit. unsexy and low-tech, he said, but "the telephone is one of the best branding devices.
  • 15. What to do?   Customer excellence should be part of a company culture.   Create superior value for customers through deeper insights and solve their problems with your product.   Create shareholder value through sustainable growth, enhanced margins, and a reduced risk of customer loss.   Customer value is a starting point - not the financial value of the customer to us, but the value you create for them.
  • 16. Who is Richard Meyer ?   17+ years in consumer marketing, with a strong emphasis on Internet marketing.   Consultant/Owner of http://www.onlinestrategicsolutions.com   Author of the marketing BLOG, http://www.richsblog.com   Someone who realizes traditional branding is dead and that consumers have all the power.   MBA in Marketing   http://www.linkedin.com/in/richardameyer   http://twitter.com/richmeyer