One of the key ideas behind BKV’s 60 Second Marketer is that we do some of the hard work for you.
By that, I mean that we read and analyze lengthy articles and white papers, then distill them down to 60-second summaries on your behalf. That way, you can get in, get out, and get back to work.
With that in mind, here’s a 60-second summary of an article from Harvard Business Review called Social Media and the New Rules of Branding.
Consumer behavior models are evolving. Today, consumers engage with brands after purchase almost as much as they engage with brands before purchase. Brands that understand this can use these third-party endorsements to grow market share and improve their marketing ROI.
More than 60% of consumers of facial skin care products conduct online research after their purchase. This is a touch-point entirely missing from the classic consumer behavior models.
60 Second Article Summary:
- The old consumer behavior models were based on a process where consumers evaluated many products, considered a handful and then purchased one
- The old model puts too much emphasis on the consideration and the purchase phases
- New research shows that consumers have an extended evaluation phase where they continuously add and subtract brands from their considered set of alternatives
- Most importantly, consumers can become valuable advocates for your brand post-purchase, thereby becoming an important third-party component of your sales and marketing process
- Most brands under-leverage this phase of their purchase cycle
The Bottom Line:
Consumers purchase products by first going through Consideration, Evaluation and then Buying phases. After purchase consumers Enjoy, Advocate and Bond with products. You can use the Enjoy, Advocate and Bond phases to help grow your market share via third-party endorsements.
Action Steps for You:
- What are you doing to actively connect with your customers post-purchase?
- What are you doing to reward customers for their endorsement of your product?
- How are these post-purchase engagement programs integrated into your overall marketing plan?