Energized?

This week I will be discussing the impact that energizing the Groundswell has on a company, why individuals choose to use energizing as a mean of boosting business, how a company would go about using energizing as a tool, and lastly followed by an example of a company in the financial industry who uses this tool.

 What Is Energizing The Groundswell And Why Would Individuals Choose To Use It As A Means For Boosting Business?

Energizing is about: “Finding your most enthusiastic customers, and use the Groundswell to supercharger the power of their word of mouth” (Bernoff, Li, 2010). This is a marketer’s ideal situation. Promoting a product or a service that individuals are already buzzing about. For instance, when I go out to eat, or go for a drink and want to change up my location, I ask my friends for advice. When they give their suggestions on where I should go it’s because they most likely enjoy that restaurant and want me to have the same kind of experience they had when they went. For that company they are being talked about using word of mouth. Word of mouth is a powerful way to generate new sales on your product or service you provide at no cost. You aren’t paying these customers to discuss about your product, however your generating business through energizing your loyal customers.

How Word Of Mouth Succeeds:

It’s believable: Having testimonials coming directly from people who use your products and services is far more credible than coming from a media source.

It’s self-reinforcing: Hearing about the product from one person makes the product intriguing. Hearing it from multiple people, even if you hadn’t heard of the product prior and it has to be true (Bernoff, Li, 2010).

It’s self-spreading: If a product is worth using, people will be talking about it. If it’s a really good product, word of mouth generates more word of mouth and now everyone is talking about that product.

A Few Techniques For Energizing Individuals

Tap into customer’s enthusiasm with ratings and reviews: This works best with retail companies and others with direct contact with customers. If you have a bunch of products and a lot of people that are using these products, having them rate and review the product can help you listen to your customers demand. See what people are liking and disliking about your products and make improvement when possible. When people read positive comments and see high ratings they are more likely to also purchase and use your products.

Create a community to energize your customers: “This works best if your customers are truly passionate about your product and have an affinity for each other, especially in business to business settings (Bernoff, Li, 2010)”. This is where you could create a forum or place where members can post and blog about your product that they already have a strong affiliation with. They can talk with other loyal customers and can spread a positive word of mouth.

Participate in and energize online communities of your brand: If you can interact and engage with your customers they will feel strongly about the connection in which you share. They will feel as though the comments and ideas they posted are valued, in turn creating value for both the company and customers.

An Example Of A Company Who Uses Energizing In The Groundswell

bmoo

Source: http://www.glassdoor.ca/Reviews/BMO-Financial-Group-Reviews-E3765.htm

As you have read from my other blogs, I would like to work in the financial industry, so I try to keep my examples relevant to the financial industry. BMO has used one of the techniques above in energizing the Groundswell. They have set up a place where people can rate and comment about BMO. They have ratings and comments on working for BMO, as well as customer’s who suggest pros and cons of using BMO as a financial institution. There is over 600 reviews!

Reference

Kaplan, A., & Haenlein, M. (2010). Users of the World, Unite! The Challenges and Opportunities of Social Media. Business Horizons, 53(1), 59-68.

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