MKTG Principal: What is eWOM (Digital Word-of-mouth) & how to implement it?
MKTG Principal Series
What is eWOM (Digital Word-of-mouth) & how to implement it?
Converting customers into loyal customers who advocate your brand and urge others to enjoy your products online is essentially what “eWOM” means.
Successful companies capture the power of digital word-of-mouth advocacy through these 8 Rules.
1. Virtual relationships: The world works on 24/7. The consumers with the most disposable income have the least amount of time. But they have Internet at home and at work. And they want to buy what they want to buy when they want it.
2. People do Judge A Book By Its Cover: Consumers use their eyes in every purchase and they carry the image in their subconscious. Visual brilliance costs a lot, but its value is priceless. Your digital marketing must also be brilliant.
3. Show your customers what they want: Success requires curiosity and courage, instinct, and persistence. It requires you to look beyond simple answers and impulsive consumer rejection (the customer does not always know what they want...we must show them). Digital marketing allows you to show them.
4. Focus on biggest fans: Research supports the “rule of 2-20-80-150.” The 2 percent of customers are personally responsible for 20 percent of sales. However, when they advocate to friends and acquaintances they are responsible for 80 percent of sales (and up to 150 percent of a company’s profits). Companies often waste time generate losses chasing the remaining 20 percent of sales. In your digital marketing micro-focus on the biggest fans the 2%.
5. Welcome customer’s complaint: A complaint is a gift (according to Toyota). 'Complain once, let me fix it. Complaint twice, shame on me. Complaint three times, and I should be replaced'. When the complaints are really bad, listen and get ready to change. Also, find out not only what your customers really, really want, but also when and why they really want it. Digital engagement allows you to find out these things ASAP.
6. Employees as passionate disciples: Passion equals knowledge. Knowledge equals solutions. Solutions translate into sales. It’s so simple but so infrequently exercised. Engage your employees in the digital marketing journey.
7. Dream Big: Continuous improvement, incremental advances, and consolidation never changed the world. To change the world, you must show foresight, fearlessness, and fortitude. Big wins require big dreams. Think big in your digital marketing.
8. Embrace change: Relationship with customer is always changing. Brands are always moving—up, up, up or down, down, down. Therefore, companies must learn how to use quantitative metrics, track customers like the third leg of the P&L—revenues and profits, share of the properly defined universe, and advocacy. 'If you are not improving, you are in decline'. Digital marketing analytics must be fine tuned and honed to get effective results.
Successful digital marketing is based on converting customers into loyal customers, who in turn advocate your brand, and urge others to enjoy your products or services.