consumers Archives - Spinnaker Marketing

The recent (2012) Search Engine Land’s Local Consumer Review Survey shows that since 2010, consumers are more likely to use the Internet to find local businesses, and they are doing it more often. They are also just as likely to turn to the internet, and trust online reviews as they are to ask for personal recommendations about local businesses.

85% of consumers surveyed have used the internet to find a local business in the past 12 months. This number is up from 79% in 2010.
The majority of consumers surveyed use online reviews to make spending decisions. 27% of consumers are regularly reading online reviews, while another 49% are occasional readers.
65% of consumers (up from 58% in 2010) are reading between 2-10 reviews when researching local businesses.
72% of consumers trust online reviews as they do to personal recommendations.
58% of consumers trust a business which has positive online reviews (up from 55% in 2010)
52% of consumers are more likely to use a local business if they have positive reviews
28% of consumers cite location &/or price as main decision making factor (down from. 38% in 2010)

If you own a business, the statistics are clear, you need a strong online presence, you also need to monitor reviews and be proactive in following up with reviewers in a positive and constructive manner.

Reviews, even negative have always been opportunities to learn, to improve and create fans, do not ignore them, acknowledge reviewers, make things right if you can, pledge to improve, be transparent and truthful

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In a world where brands are constantly fighting for attention, many marketers are asking themselves a key question: What is the best way to impact purchase decision and brand loyalty?

The IBM Institute for Business Value found that 60-65% of business leaders who believe that consumers follow their brands on social media sites because they want to be a part of a community. Only 25-30% of consumers agree. The top reason consumers follow a brand? To get discounts – not exactly ideal for a company’s bottom line.

On top of trying too hard to engage with consumers via social media, marketers are generally pushing out too much information, causing people to over-think purchase decisions and making them more likely to change their minds about a product, be less confident in their choice and less likely remain loyal to the brand.

So what should marketers do? Here at Corporate Executive Board, we surveyed more than 7,000 consumers and interviewed 200 marketing executives across consumer brands and industries to find out. The answer: Simplify the decision-making process, so much so that consumers actually think less about the decision. Marketers can do that in three easy ways by helping consumers:

Trust the information they receive
Learn effectively without distraction
Weigh options confidently

When used together, this approach is known as Decision Simplicity.

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