An investor sentiment lies in real-time results, a consumer that brings repeat business and revenue that follows the metrics planned.
The broader narrative is that every day, consumers are being included in the digital economy; a reality that is less being realized, implemented and taken advantage of. Here are three substantial indicators that summarize consumer internet and its ecosystem well:
In short, Profitability is not the highest priority today. There is a sea difference between people coming online and transacting online. E-commerce, food delivery, cab hailing, and digital payments (numerous transactions) all come at the top of consumer internet pyramid, and, this is exactly where Internet users ability to pay, lie.
Consumers/users capacity to pay is also dependent on the following factors, i.e. when we go in broader macroeconomic trends.
Now the biggest question is: Will the customer pay for such real-time services, and how will clients/businesses monetise such a service?
Social Media and Consumer Internet means, integration of Psychology and Marketing.
Social Media is a place where the democratization of knowledge happens. Consumers today are controlling the conversations around customer service; social media channels have given them a megaphone to announce their frustrations to a rising connected population and their feedback (good or bad) have a long shelf life on the internet.
Since Social Media is a panel where game-changing consequences can come into effect, instantly, here are 5 ways in which consumer internet is changing:
Level Playing Field: The balance of power between the company and the consumer has dramatically changed. Call, chat, email; the number of communication channels available to the consumers has increased, which has somewhere made companies realize that a confident consumer is not necessarily high-maintenance, he/she is aware, who can become loyal if treated right.
User Ratings: Since Amazon put user-ratings, high-ticket products started selling. Recommendations are now filtered and are influenced by personal circumstances, which means that companies are now dealing with a more knowledgeable customer base. A transfer of power happened which directly influenced big purchasing decisions.
Organic-Customer Experience: Social Media has a certain authenticity to it. It is personal, unbiased, not corporate and controlled, and indirectly makes consumers as premium members of any company they are associated with. The insinuation of exceptional status reassures customers that they are special. But companies overlook this reality and cut costs rather than investing in it.
Less frustrated customers: Negative customers service stories are making rounds in the social media sphere every second, which naturally gets more attention or show. Since Social Media helps consumers stay more informed and connected, and offers instant gratification in the ability to vent out immediate error points, the outcome of the same can butcher the years of the earned reputation of the company in question.
The lesser the consumer frustration, the more the company’s vulnerability to immediate judgement and negative fame. Companies fail to realise this and generally engage with other costly and pointless marketing strategies, as a result, the right place to invest goes unacknowledged.
Connectivity is the Higher Priority: Elevating and prioritizing customer service is a fancy catchline in executive speeches and in annual reports, but in the backend it’s perceived as a place to cut costs, not invest. Consumer complaints are not restricted to calls anymore and the impact it is capable to make can expose companies.
To save the effectiveness of consumer interaction, it is necessary to pay attention to social media venues. The upsides and the downsides of which has to be measured in order to derive a correct marketing strategy.
This whole exercise through the article, of representing consumer service current trend, its integration with social media, and the cause and effect of neglected social media marketing, is to make small and big company owners realize the seriousness of Internet sensibilities.
Alwaysinfotech understands that the benefits of Social Media and other relative online reputation techniques are required and relevant in making companies prepared so as they can interact with their customers in a more transactive way. Our implementation of digital media strategies ensures that your new client becomes your returning client. With a correct digital optimization at a place, your offline, as well as an online presence, can make any business more acknowledged, widely accepted, and give your business a more sustainable edge so as overall profit is boosted.