When an executive from one of the biggest consumer products manufacturers in the world advises "letting go" control to consumers, you have to acknowledge that the game has changed. As reported in DM News, P&G's Kent Oldham, speaking at the 2006 National Center for Database Marketing Conference at the Caribe Royale Orlando Resort, gave fellow marketers the following advice (which, incidentally, dovetails nicely with our most recent post):
“Now more than ever, consumers are owning our brands, and we not only have to understand that they are owning our brands. But we also have to embrace that idea and understand the implications of [it].”
Mr. Oldham went on to talk about the key trends influencing this change as well as the opportunity for marketers to glean information from consumers at every touch point, leveraging this access to feedback to increase relevance (and sales). "Letting go" also helps to build trust among an increasingly skeptical audience and encourage consumer feedback and participation. According to the article:
Another point Mr. Oldham made was that the implication of not learning from every touch point a consumer has with your company or product or service can be costly.
“No matter how much great brand-building work you do, and how much equity your brands have, all it takes is one negative consumer experience to destroy all of it.”
Are you ready to "let go" and learn the good, bad and ugly about your brand? It's not too late to start engaging your customers and make them partners in your growth and success. Means you have to make an even bigger commitment to satisfying them. But you already knew that, right?
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