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Customer Acquisition - Trust as an acquisition tool


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Presentation given to Econsultancy workshop participants - October 2008

Presentation given to Econsultancy workshop participants - October 2008

Published in: Business

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  • When a sales manager said - ‘People buy from their friends - so be a friend’, I thought - no-one is going befriend a cut-throat sales representative! In essence, what they are saying is that if you’re a seen as friendly and approachable, you will build trust. But you also need to target your customers carefully, and let them know who you are. What is it that makes your customers tick? Can you exploit that knowledge of your customers? Are you developing products and services that are of use to the customer profile? The famous advert, I think, sums it all up - “So, what was it you wanted to sell me?”
  • When I was a salesman, my boss told me that people bought products or services from their ‘friends’. I have yet to meet a salesman that I could call a friend – not whilst they were trying to get my money, anyway! Trust is the basis for building loyalty which in turn will increase interaction – it is up to you to turn this interaction into profit. As a personal example – I am an Apple McIntosh user at home, but have to suffer PC’s at work. Think about the customer loyalty Apple has – most Apple users can be identified by two main attributes – they are fiercely loyal to the brand, and they are poor, because the loyalty costs so much! I have used Michael Porter’s value chain model to demonstrate the trust-focused value chain, culminating in ‘trust’ in a brand, product or service. It is no fluke that trust occupies the same space that ‘profit’ does in Porter’s model, indeed I could have extended it with another field to the right called profit. Being trustworthy is profitable.
  • The normal trust lifecycle curve shows that a customer will start in an untrusting state - they are unaware of the brand’s reputation. During the transaction, the customer will build a view of the company, trusting the relationship as they go. Over time, and [hopefully] with repeat transactions, this trust will be confirmed, and then maintained. Advocates, as we highlighted before, will reduce the time required to build trust, because if you trust the advocate who recommended the company to you, you will adopt some of that trust.
  • Be Trustful: Recognise customers want to do business with a company they can trust; when trust is at the core of a company, it's easy to recognise. Trust defined, is assured reliance on the character, ability, strength, and truth of a business. Keep An Open Mind: For continuous improvement of a company, the leader of an organisation must be open to new ideas. Ask for opinions and feedback from both customers and team members and your company will continue to grow. Meet Obligations: Regardless of the circumstances, do everything in your power to gain the trust of past customer's and clients, particularly if something has gone awry. Reclaim any lost business by honouring all commitments and obligations. Have Clear Documents: Re-evaluate all print materials including small business advertising, brochures, and other business documents making sure they are clear, precise and professional. Most important, make sure they do not misrepresent or misinterpret. Become Community Involved : Remain involved in community-related issues and activities, thereby demonstrating that your business is a responsible community contributor. In other words, stay involved. Maintain Accounting Control: Take a hands-on approach to accounting and record keeping, not only as a means of gaining a better feel for the progress of your company, but as a resource for any "questionable " activities. Gaining control of accounting and record keeping allows you to end any dubious activities promptly. Be Respectful: Treat others with the utmost of respect. Regardless of differences, positions, titles, ages, or other types of distinctions, always treat others with professional respect and courtesy.
  • Transcript

    • 1. Customer Acquisition Trust as an acquisition tool Thom Poole Managing Consultant
    • 2. Agenda
      • Trust and reputation in customer acquisition
      • Integrated marketing to build trust
      • Digital tools
      • Ethics and customer management
    • 3. Why I am here A quick biography
    • 4. Thom Poole
      • Web & digital marketing trailblazer in international, blue chip companies since 1992
      • Taught digital marketing for 9 years
        • e-Commerce
        • Web design for marketers (and the terrified!)
        • CRM
      • Written papers on ‘Data Privacy’, ‘The Marketing Art of the Opt-in’ and ‘Trust in Business and Marketing’
      • Written a book on ‘ethical digital marketing’ called ‘Play It By Trust’
      • Held senior marketing positions at O2, Black & Decker and Hilti
      • A Fellow of the Chartered Institute of Marketing, and Chartered Marketer. Former Chairman of the West Surrey branch & member of the South East Regional Committee
      • Consultant & business mentor for digital marketing strategy and implementation
    • 5. Trust & reputation How this affects customer acquisition
    • 6.
      • What makes customers tick?
      • Marketing = exploitation!
      • Develop and sell products/services that are relevant to customers
      Be visible “ I don’t know who you are, I don’t know your company, I don’t know your company’s products, I don’t know what your company stands for, I don’t know your company’s customers, I don’t know your company’s record, I don’t know your company’s reputation, Now – what was it you wanted to sell me?” MORAL: Sales start before your salesman calls – with business publication advertising
    • 7. Trust
      • Customers will deal with companies they trust, or who appear to be trustworthy
      • Testimonials are no longer the tool of service companies
      • Companies who reward advocates fare better
      • Reputation management is vital to develop competitive advantage
    • 8. Friendship = Trust
      • ‘ People buy from their friends’
      • Trust builds loyalty
      • Trust will drive profit
      Trust-focused value chain (adapted from Porter, 1998), © Poole - 2002
    • 9. Trust lifecycle Time Level of Trust Unaware Build Trust Confirm Trust Maintain Trust Register/Transact/Confirm Consider/Validation/Assess Browse/Search/Compare Trial Threshold Purchase Threshold Habit Threshold Untrust phase Extrinsic Intrinstic Recommendation © Poole (2005), adapted from Reynolds (2000)
    • 10. How to build trust
      • Be relevant
      • Keep your promises
      • Don’t always try to SELL, SELL, SELL
      • Listen and engage
      • Remember who they are, & what they’ve bought/done
    • 11. Trust Tornado
    • 12. Integrated Marketing Consistency
    • 13. Trust
      • Trust is all about
        • A consistent message across all media
        • Keeping promises
        • Being accessible to customers
        • Being proactive in your relationship
        • Delivering what your customer wants
    • 14. Integrating Marketing
      • Integrated Marketing is a holistic discipline that involves the whole organisation in developing high-value brand experiences for all stakeholders
      • Almost any firm or brand could achieve a 10-25% improvement in marketing performance
      • It includes message/image integration on- and offline
    • 15. Before you start
      • Ensure colours work on- and offline
      • Messages are as potent on- and offline
      • Images are consistent (not necessarily identical)
    • 16. Integrating
      • In marketing terms we have:
        • Online marketing
        • Offline marketing
        • Pubic Relations
        • E-mail marketing
        • Direct mail
        • Advertising
      • But to classify them in this way, to separate them into different groups is incorrect.
    • 17. Rules for integrated marketing
      • Accept that not all customers will see or want to see all channels
        • Consistency
        • Multi-channel response mechanisms
        • Be a trusted partner on- and offline – being trustworthy is profitable
        • Define the rules, and then bend them as far as they will go where necessary
        • Make online as simple as possible – accessibility isn’t just for DDA compliance
    • 18. Integrated marcoms
    • 19. © Jack Marketing Solutions 2008 All rights reserved
    • 20. Tools for Trust Building What can help you achieve your goals?
    • 21. Search Engine Optimisation
      • People tend to trust organic listings more
      • SEO is ‘free’
      • SEO is ‘complex’
      • You need to choose your target Search Engine
    • 22. Search Engine Marketing
      • Paying for top listings
      • Check keywords incrementally
      • Multi-variant testing for advertising
      • Needs careful planning to build trust & customer engagement
    • 23. Customer Relationship Marketing
      • More often associated with customer retention
      • Understanding customers / profiles
      • Great for acquiring customers from prospects
      • Can provide timely communications and responses to customers
    • 24. Web 2.0
      • Invite customers to participate in a forum, bulletin boards and communities
      • Build advocacy
      • Give customers the notion that they are being heard / control the relationships
      • Increases your understanding of customer aspirations
    • 25. Ethics And Customer Management
    • 26. Ethics & Morals
      • Ethical & moral codes differ
      • Most are seated in religion
      • You generally trust people who share & uphold your ethical and moral standpoint
      • Who is ethical?
    • 27. Who is ethical?
    • 28. Ethics in business
      • Be consistent
      • Keep your promises
      • Build trusting relationships
      • Engaging correctly and legally with customers, employees and stakeholders
    • 29. Ethics and CSR
      • An organisation's core ethical values and standards should underpin everything that it does and the way its employees conduct their everyday business.
      • Business ethics is about "doing things ethically".
      • How an organisation approaches the social and environmental impacts of its business operations and its voluntary contribution to the wellbeing of the global and local communities in which it operates, is often known as Corporate Social Responsibility (CSR); it is often about "doing ethical things".
    • 30. 7 Principles of Admirable Business Ethics
      • Be trustful
      • Keep an open mind
      • Meet obligations
      • Have clear documents
      • Become community involved
      • Maintain accounting control
      • Be respectful
      Philippa Foster Black Director of The Institute of Business Ethics
    • 31. Quick Summary A few things to remember
    • 32. Trust tool
      • Customer Relationship Marketing
      • Get the information you need to understand the customer
      • Exploit your knowledge of the customer
      • Extrapolate this knowledge
      • Be relevant
      • Be person
      • Be profitable (for both parties)
    • 33. The future is about … Relevant Choice Me, Me, Me Me, Me, Me Me, Me, Me Me, Me, Me I want to be unique I want to be unique I want to be unique I want to be unique Give me a choice Give me a choice Give me a choice Give me a choice I want to be in control I want to be in control I want to be in control I want to be in control Be relevant at the right time Be relevant at the right time Be relevant at the right time
    • 34. Thank you For your interest and attention Questions? [email_address]