Since the release of the first iPhone in 2007, technology has expanded beyond predictable heights. The expansion of technology has changed how we interact with the world around us and we handle our daily tasks. While some believe that technology is dangerous to human development, technology has been proven to help improve so many areas of life and business.
Business brands have been able to grow at impressive rates in a number of areas. Smart phones and social media have changed interactive advertising and marketing and people are now allowed to interact with brands and products all of the time. Thanks to technology, competitive intelligence and analysis have allowed brands to have more traffic and business more than ever before.
Competitive intelligence and analysis have helped business come across new statistics in terms of representing their brands. Brand recognition can be increased by up to 80% thanks to color. 74% of online adults use social media sites as of January 2014. Using marketing and customer appreciate can develop customer loyalty and is believed to be worth 10 times more than a single purchase in terms of value. These are just a start in terms of the data that competitive intelligence and analysis have developed.
The Content Marketing Institute revealed information proving that 70% of consumers say content marketing makes them feel closer to the sponsoring company. 64% of all customers attribute shared values as the number one reason as to why they have a relationship with a brand. 48% of all people believe that the most critical time to gain their loyalty is when they make their first purchase or begin using said service.
Out of all consumers that bail on a transaction, 78% said they did so because they were unhappy because of a poor service experience. A typical business will hear from around 4% of its dissatisfied customers by some form of feedback. This is important because if you fall behind with customers it is incredibly difficult to regain that trust. As a matter of fact, research has shown that it takes about 12 positive experiences to make up for one unresolved negative experience.
In terms of money spent, it is 7 times more expensive to acquire a new customer than it is to keep a current one. About 80% of all American citizens agree and believe that companies that are smaller place a greater emphasis on customer service as opposed to large business. 67% of all customers have hung up their phone due to anger or frustration because they could not talk to a real person during their customer service experience.
If you make a customer unhappy then 91% of them are unlikely to come back. 9 out of 10 United States customers said that they would pay more to ensure a nice customer service. Employees only ask for a customers name 21% of the time, it should be more. 58% of Americans perform online research about the products and services that they are considering purchasing.
In conclusion, competitive intelligence and analysis can gather data and will produce results and facts that can affect how you run your business and how you control the image of your business. Allow competitive intelligence and analysis to help make things easier because it is easy for a customer to damage your brand. As a matter of fact out of all American adults, 24% post reviews online of a product they use. Make sure you rely on technology to allow you to get the most for your business and your brand.