Tuesday, October 30, 2012

Winning the new battle for consumer influence

It’s not easy being a marketer in the era of social media. New kinds of digital advisers and opinion aggregators, which compile independent and unfiltered reviews from users and consumers, operate beyond marketers’ control and have significant power to shape consumer opinion, behavior and spending. This is a new fight for consumer influence, and companies that do not have adequate battle plans are at risk of being seriously wounded.

To do better, marketing executives and corporate leadership teams should work to understand all sources of influence on consumers and the impact those sources have on buying behaviors. They should consider their organization’s existing aptitude to exert influence through those sources and then decide on the most appropriate tactical approaches to positively affect their customers’ behaviors.

Consider the source:
Companies need to understand the different ways that the Internet and new media have changed how customers find and absorb information about their organization’s reputation and products. What’s most critical is for companies to take a comprehensive approach to understanding social media’s impact on customers—an approach that considers all major sources of influence.

This chart illustrates the new and enhanced sources of buyer influence that can sway consumers. Companies should be aware of where customers are currently getting their information, and determine the extent to which each source of influence motivates their customers to make a purchase or, on the other hand, how it might be a demotivator. What is the primary influencing factor? Are typical customers looking for trusted advice, credible expertise or broad consensus about quality and reliability?

Four responses:

For each source of buyer influence noted in the chart, marketing departments should decide on the set of actions right for their company’s goals. Central to the effort: an assessment of their organization’s capabilities to exert influence through different sources, including social media.

Four options—engage, redeploy, learn or monitor—should form the core of a marketer’s tactical playbook in the new battle for consumer influence.

More details: http://www.accenture.com/us-en/outlook/Pages/outlook-online-2012-winning-the-new-battle-for-consumer-influence.aspx?c=outlk_outlkdcmpy_10000021&n=smc_0512

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