According to a study done by Edelman Digital in February 2011, the new generation has an incredibly high level of brand loyalty.
- 70% of Millennials feel that once they find a company or product they like, they will keep coming back
- 58% are willing to share more personal information with trusted brands
- 86% will share their brand preference online
- Nearly 20% of Millennials attended a brand-sponsored event in the last 30 days
- Of those who attended, 65% purchased the featured product
Ignore them at your own peril. Watch your slow demise.
The moral of the story is that when businesses underestimate the power of the "connected consumer", it’s only a matter of time before “the end of your business.” Consumers go online for everything they need today. They review books on Amazon before they purchase, they look at movie reviews, they go on Yelp to see if a restaurant has great reviews or not.
The effects of these shared experiences on social media are extremely powerful. If you do not gather enough good reviews, consumers won't bother spending their hard-earned money. Why throw money out of the window, when you work so hard and that you have so many choices out there?
For example, here’s what one airline executive discovered in an online conversation where customers were talking about his brand:
This airline sucks. When I checked in, I was told, “I’m sorry, there’s nothing we can do about bumping you off this flight or losing your luggage.” Really? Well not only did you just lose a customer, I’m going to go out of my way to ensure that no one I know flies with you again.Here is another one about a restaurant:
No Stars because I am a local who knows better. In fact, I do know better so I don't know why I stopped by today to pick up a few things at their market-deli today. Yet again I watched a client, a Black female client, receive horrid customer service even though she remained so sweet about it. Last time I was there I saw them close the front door on a disabled Black female client to keep her from entering the premises while pretending they didn't know she was there. As if all the customer service abuse isn't enough then the sandwich guy sneezed real hard and wet into his hand, wiped it on his thigh, and kept on serving food to customers. That is when I just left my items at the counter because my Moms always said if food isn't prepared with LOVE don't eat it. . .and I add on to that today: and if its made with BOOGERS, then call the health department please!!!
When such experiences are shared on social networks and everywhere else (both online and offline), they act as guides for other consumers seeking input and direction from peers and experts. Today businesses have a choice. You either ignore your customers or use them to spread the good word that you want more from them. They can be your friends for life, if you can just valid their request for a great product or service that will enhance their lives. Smart companies will engage with consumers and will design products and services through the customer sharing and customer reviews.
If you don't, you'll be heading towards the iceberg. You know what happened to the Titanic. It sank!
Andre Plessis
Restaurant/Hospitality Consultant
AP Consulting