The Market, The Business, and Everything In Between

Written by Business Success on . Posted in Competitive intelligence and analysis, Customer satisfaction, Opinions survey company

Market

Every single year, business owners assess their advertising and marketing and try to determine whether or not their actions are helping to contribute to the overall success of their business. Understanding how to properly and efficiently utilize advertising and marketing is incredibly difficult. This is why the people who work in this line of work spend four years in college studying to perfect their work.

There are so many factors that play into boosting a brand, having success with branding, as well as pleasing the customer that buys the product. These types of processes, which can include product evaluation, can help the business owner understand what needs help in terms of their approach to the open market. Here are all of the facts that can help businesses owners find success on the open market.

Brand recognition can be increased by up to 80% by using a specific color scheme in an advertising campaign. This is because people will begin to associate a color with a brand and this helps people feel as if the business has an identity.

It is important to know that 64% of all people believe that they have a relationship with a brand because they have shared values. Nearly 70% of all consumers have stated that they believe content marketing makes them feel closer to the company that is marketing a product towards them. So there are two facts that reveal how customers react to businesses advertising on the open market.

One of the most important aspects of finding success on the open market involves the experience of customer service. Customers truly value customer service abilities from the businesses they interact with and that is often overlooked by most business owners. However, the average business will end up hearing from nearly 4% of all unhappy customers.

Any business that does not take customer loyalty serious is a business that will never find success. Understand that experts believe customer loyalty can be worth 10 times more than a single purchase. Furthermore, experts also believe that it is 7 times more expensive to get a new customer as opposed to keeping a current customer.

Studies were recently conducted about the customer service experience provided to consumers. It revealed that half of all customers believe the most critical time to gain their loyalty is when they first make their purchase or begin a service. Also, this study revealed that nearly 80% of all customers did not make an intended purchase because they had to deal with a poor customer service interaction.

In the United States, it has been determined that 90% of all customers would pay more money if it meant they would have a better customer service experience. Keep in mind that 91% of all customers will not do business again with a company that they had a bad experience with. Furthermore, research has revealed that it will take 12 positive experiences in order to fix an unresolved negative experience.

Social media and the expansion of the internet make it easier for customers to hold business accountable as well. For instance, just about 25% of all people will post a review online about a product that they have bought. This is important because over half of all people in the United States have performed research online about the products and services that they are going to purchase. As of 2014 in the month of January, nearly 75% of all adults use social media sites and there can be posts found pertaining to customer service experiences.

In Conclusion

Any business owner that overlooks how important good customer service experiences are for a customer will have a hard time ever finding true success in the world of business. Customers really value being treated well by representatives that work for customer service sections of a business. If a customer ever has a bad experience with a product, the right type of customer service representative can easily take care of the issue and can even help keep the customer with the business.

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