Part II: The Superhero Impact on Your Business
Welcome back! In "Part I: The Origin of Business Superheroes, we explored who business superheroes are and what their origin story is. Today, we explore what the Superhero Impact means for your business. But first, a recap to bring you up to speed:
In the past, Customer Satisfaction was the apex of the Customer Experience (CX). It was thought that Customer Satisfaction that delivers a brand's promise and fulfills its obligations to consumers was enough. In modern marketing, we know it's not.
Today - and in sharp contrast - true thought leaders advocate for Customer Delight (CD). CD considers satisfaction as the CX bare minimum! CD surpasses simple Customer Satisfaction and pulls the customer into an emotional state that drives differentiation from competitors, increases loyalty, and exceeds expectations. This loyalty - in combination with the heightened state of the consumer's positive emotions toward the brand - encourages these customers to spread the gospel of your business.
We return now to our adventure...
In optimal circumstances, harnessing the power and the reach of superheroes enables us to increase our margins via lowering the cost of operations. We can accomplish this by retaining our existing consumers and by earning their positive word-of-mouth to potentially tap previously unreached prospects that transform into additional future clients without investing additional marketing dollars.
Put another way: Say you lose an existing client for whatever reason, but by spending marketing dollars, you are able to pick up a new one that spends the same amount to replace the one you lost. The scales are balanced without consequence right?
Your marketing dollars were used to acquire a replacement customer for the lost one. Both ModernComment and Forbes state that the true cost of bad customer service is that it, "costs five times more to acquire a new client than to grow an existing one.
Conversely, if you were able to retain the first consumer plus use marketing dollars to acquire one new one, then - in the simplest terms - 1 + 1 = 2. Your marketing investment has served the role of growing your organization, instead of the role of rebuilding it.
If existing clients also have a positive experience with a brand and begin to tell their networks about it (and so forth and so forth), this word-of-mouth cascades and becomes what I call, "The Wave of Opportunity. This wave grows in strength and size with each new positive word-of-mouth interaction that occurs for your brand. As your brand's superheroes increasingly feed into the Wave of Opportunity, it more often than not leads to increased sales, repeat business, and a rising brand reputation, as a greater number of people in the market learn of the superhero's positive interactions.
Consider the previous example with this new information: If you have an existing customer that is retained, and earn an additional one through a marketing investment, you have two customers. Simple right? 1 + 1 = 2
If each of these customers has a delightful experience with your brand and proceed to each let 2 of their friends know about it, your marketing dollar has just been enhanced with no additional marketing spend. How?
1 + 1 + 2 + 2 = 6 existing customers/potential customers experiencing favorable views of your brand. If both of your customers share their positive interaction with 5 of their friends, your brand will now have 12 favorable impressions (1 + 1 + 5 + 5 = 12).
But this example dealt with an extremely small scale and didn't take into consideration modern Word-of-Mouth Marketing. Did you forget about social media? You shouldn't! Your superheroes sure haven't!
Consider: Your two customers each have a Facebook account with 2000 friends between them, plus Twitter accounts with 1000 followers apiece, plus they post to Yelp regularly, and they each blast texts to friends, family members and colleagues about their delight regularly... it gets exponentially silly.
Ladies and gentlemen, delighting a mere two customers can create Word-of-Mouth Marketing that provides a Wave of Opportunity for your business - quite literally tens of thousands of possible touch points to which to sell and drive revenue.
This Wave of Opportunity is so tremendous that any business leader worth his or her salt recognizes these brand evangelists for exactly who they really are superheroes!
Superheroes: The Under-Tapped Greatest Asset
Considering the global reach that superheroes have, it's easy to assume that every business large and small invest marketing dollars to reach these powerful influencers. Unfortunately, this isn't true.
According to a joint study by the American Marketing Association (AMA) and the Word-of-Mouth Marketing Association (WOMMA) released in 2014, only 26% of respondent organizations have a major marketing spend focused on online social media, while only 21% have a major spend in offline word-of-mouth. Put a different way: 74% of respondent businesses do not currently have a major online social media spend, while 79% do not for offline word-of-mouth!
That is a Golden Opportunity for your businesses to step in and reach those untapped superheroes to evangelize your products and services! Differentiate your marketing investment in this way could be Kryptonite to your competitors' businesses.
In a strange twist, a full 70% of respondents in the same study noted that "their company will increase spending on social media, more than any other marketing channel.
Yeah, I doubt it also. There aren't many marketers out there that are willing to admit that they won't support a marketing channel that has the power to radically shift a brand's conversation when pressed.
Strangely, this same study revealed that 64% of respondents believe that word-of-mouth and social media marketing are "more effective than traditional marketing (which is 54% higher than Berger's assertion!). But they, you know, just haven't gotten around to doing it for whatever reason.
Personally, I suspect super villains are probably involved in this criminal lack of action, but that's just me. I probably read too many comic books.
Don't make the same mistake as these (woefully) behind the times marketers and put it off. The opportunity is there now! It's time to light up the Bat Signal, invest marketing dollars and reach those superheroes immediately!
That's it for Part II. In the third and final part, we will explore the game-changing power set of superheroes, why these powers matter to your business and explore how your organization can delight its own masked men and women to fight on your behalf!