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Earlier today I sat in on a webinar called, "Turning Multi-Channel Complexities into Revenue Opportunities" by Don Peppers (Peppers&Rogers Group) and Tony Compton (Infor). While a lot of the webinar geared towards retail companies, I did learn some interesting statistics and other information that I thought I would share. Less than 10% can name a brand advertised in the show they just saw (down from 35% in 1965).
Email purchase rates are at .22% and continue to decline (down as much as 25% in recent years).
Response rates to traditional direct mail have fallen as low as 1.6%. By the end of 2010, Gen Y consumers will outnumber Baby Boomers. 96% of Gen Y consumers belong to a social network. In the absence of communication among your customers, advertising rules. But when customers talk to each other, it’s the customer experience that counts! Only 14% of consumers trust advertising. 50% trust online recommendations from complete strangers. 83% of consumers trust the recommendations of their friends. (Forrester survey) 4 Step Process (classic framework for customer relationships)
Identify, Differentiate, Interact and Customize Identify... customers as unique addressable individuals.
Differentiate... by value, behavior and needs.
Interact... more cost-efficiently and effectively.
Customize... some aspect of the company's behavior, offerings or communications. Consider your customer value proposition.
A customer creates the most value for you when you create the most value for him. But when does this happen? Maximizing the value customers create requires you to earn their trust. Two requirements for earning customer trust:
1. Intention to act in the customer's interest
2. Competence to carry out that intention Three issues in multi-channel success:
1. The Strategy Issue: A company's objectives for its customer-oriented programs should be aligned with its basic competitive strategy.
2. The Information Issue: Point solutions often disappoint, because they create an immediate need for "backward integration."
3. The Adoption Issue: Many different players at the firm are involved in customer-oriented programs, and they all have to buy in. I hope some of this information was helpful to you and your multi-channel marketing success. Kristina Kerns, Graphic Designer.
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