It’s the 21st century and we are all glued to our phones. Between Facebooking, tweeting, and emailing, we generate 2.5 quintillion bytes of data daily. Because of this, consumers are forcing companies to perform in new and innovative ways. And with that comes big data.
The right price is something of a moving target for many companies. You may need to change the tag on a given product multiple times during the period of time you offer it and the more detail you can offer on the decisions to do so, the happier your customers will be.
My problem is that so-called “data from customers” is rarely truth. Data gathering is plagued with problems of research design, random lists, skewed questions, half truth and innuendo disguised as data.
There is a general rule in the market that customers will generally only offer feedback when they either have a really bad experience or great one. If you believe that customers rarely say a word when their experience falls somewhere in the middle you are missing some valuable information.
At the end of the day, adhering to industry, and government compliances makes you competent to do business within your category, but it does nothing to differentiate you. You are simply on an equal footing with your compliant competitors.
Social media is an ever-increasing facet of everyday business. Companies large (Starbucks) and small (your local car shop) are using social media to expand their exposure and reach a broad base of prospective consumers.
Social media has the unfortunate side effect of making us focus on metrics that don’t matter. Of course, whatever you measure tends to improve (The Hawthorne Effect). So if you want more followers, then by all means, measure your follower count daily!
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