Manual From Concept to Consumer: How to Turn Ideas Into Money

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If the late-phase consumer was using a mobile device indicating that he was probably out and about , the search engine would serve up a paid link to a dealer locator with a click-to-call feature that enabled him to easily set up a test drive. Marketers often miss this point and put their efforts into activating brand recommenders who simply focus on product features and benefits.

What does trusted advice look like? After shopping at a mall, many girls upload YouTube videos of themselves talking about their haul purchases.

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In the videos, they discuss not just what they bought but also why, and how they plan to mix their new items with the rest of their wardrobe. This takes the complicated world of teen clothing and accessories—a world fraught with danger from shifting trends and overwhelming choice—and simplifies it, by showcasing fashionable peers who offer trustworthy guidance.

Penney and American Eagle have capitalized on the phenomenon by hosting unbiased haulers on their sites and in their digital communications. Neither retailer requires that the haulers show only brands purchased at its store, and the haulers are transparent about their links to the companies Penney, for instance, gives its star haulers gift cards. Information about the adviser also helps build trust.

A selected group of Disney World veteran moms answer questions from consumers who are planning Disney vacations.

From concept to consumer : how to turn ideas into money - Ghent University Library

She got perfectly tailored advice from Jackie S. With 25 Disney World trips under her belt, Jackie has the experience to make her information credible. Consumers can get a further sense of her reliability by reviewing her profile on the Disney World website and reading about her family, her hometown, and even how she met her husband. The lesson for marketers: Build cadres of trustworthy advisers rather than simply developing recommenders who will push the brand.

Then aggregate their advice and make it easy for consumers to discover and use it, as J.

Penney—whose haul videos get hundreds of thousands of views—so successfully does. To help consumers evaluate choices, most brands describe their differentiating features and benefits.

From Concept to Consumer: How to Turn Ideas into Money

Some go a step further, offering buying guides containing side-by-side brand or product comparisons. For example, a bank might compile a catalog of its checking account options that lists the features of each one. Brands need to take a different tack. Except in cases of low-value products, consumers increasingly expend most of their effort learning about and weighing their choices. Instead, marketers need to provide tools that allow customers to identify and weigh the features that are most relevant to them.

However, many brands have made the weighing process harder by introducing a dizzying array of SKUs. Buying guides of this sort make the mistake of appearing to offer guidance while actually complicating the decision process. Marketers, especially those with an abundance of SKUs, need to help customers control the weighing process.

Herbal Essences does a good job with an online decision guide to its shampoos. One-click questions about hair type, length, and texture straight, short, fine, thick and other needs color treatment, volume allow the visitor to rapidly sort through more than three dozen offerings to find the ideal one. Many brands lead consumers down confusing purchase paths. The savviest ones simplify and personalize the route. Consumers are likely to feel confident about recommendations that are based on their own purchasing data or other past behavior, because those things are typically accurate gauges of preference.

In each case, the company eliminates much if not all of the hassle of weighing choices by providing a likely best choice at the outset. No company that we know of has fully integrated the three components of a decision-simplicity strategy—but Intuit is among those out in front. Consider its software product TurboTax. For more information on our data policies, please visit our Cookie Policy. Revoke Consent Submit Consent. Image credit: Paul Tait. Vincent Bastien.

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Yes, I want to receive the Entrepreneur newsletter. Are you sure you want to logout? Logout Cancel. Consumers are 2x more likely to share their bad customer service experiences than they are their positive. Top two reasons for customer loss Source: RightNow :. Customer retention is the multiplier that exponentially increases customer lifetime value CLV and deserves the attention of every marketer. Obviously, you want to measure customer satisfaction whenever you can, but you don't want to bombard your customers with surveys and polls either.

Instead, for more consistent data, you can monitor the following KPIs to get an idea of how satisfied your customers are without having to ask them. Response times can play a large role in customer satisfaction and this is arguably the biggest contributor to customer retention.

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We are constantly reminded that to make the final sale, you need to be readily available to your prospects and follow up, but that effort should continue even after they sign on the dotted line. Whether it is ignoring a glitch that a user has reported, or failing to respond to a question in an email, this kind of negligence can turn even the biggest advocate sour on your organization.

Without your customers, you would have no business, so it's important to make sure that they feel appreciated and receive quality service at all times. Ameen Khwaja explains it nicely in his Entrepreneur post :. This commitment must be so powerful that every one of your customers can sense it.

You need to keep an eye on your communication outlets and be ready and willing to answer any questions, over any solutions, or address any issues that may arise in a timely manner. Do you know how long your business keeps its customers waiting?