Consumer

4 important lessons “The King’s Speech” teaches entrepreneurs

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4 für Unternehmer wichtige Lektionen aus “The King’s Speech”When I read Joy Tanksley’s post about “The King’s Speech” on Copyblogger, I had to laugh. The reason being that, when I watched the movie, I thought a lot of the same ideas she exposes. According to Joy, especially small entrepreneurs, have 4 important lessons to learn from Lionel Logue, the speech therapist portrayed in the movie.

First lesson: quality without any compromise

During the course of the movie Lionel always remains true to his principles and methods, even though they are being questioned time and time again, because he is convinced that he is offering a worthwhile and above all functioning service. As an entrepreneur one is often tempted to stray from the original business model in order to achieve short-term benefits and satisfy the wishes of a particular client. Or one might grant a significant discount, selling oneself at less than fair value. Such behavior, however, tends to backfire. By compromising one’s principles, one loses one’s USP and sooner or later business. Additionally, in the age of social media it has become ever more important to consider the ramification each action might have on one’s reputation. (more…)

9+ tips to improve your e-commerce conversion rate

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E-CommerceEconsultancy has conducted a small study of the factors that influence a customer’s purchase decision on e-commerce sites. The obtained results correspond to other studies as well as my personal experience and can lead to significant improvements of your conversion rate.

1) Delivery Costs

Which kind of delivery is preferred and how much it should cost was different for each person. There was, however, unanimity that the delivery costs should be displayed and transparent from the start of the purchase process. There is nothing more unpleasant for a consumer – and I’m speaking from personal experience – than discovering delivery costs at the end of the checkout. Indeed it makes little sense to put in place a last obstacle (i.e. additional costs) just before successfully closing a transaction. Common sense alone dictates not to do so. The only reason I can think of that would warrant withholding these extra costs is the intention to increase one’s margin a bit, but if higher delivery costs are necessary for that, one should, perhaps, reflect on one’s business model.

Ein Plus konnten auch die Sites verbuchen, die ab einem bestimmten Betrag Lieferung frei Haus anbieten. Alle Teilnehmer merkten an, dass sie dies sicherlich motivieren würde mehr auszugeben.

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Two examples of successful, interactive Facebook campaigns

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Ikea LogoThe first example is a Facebook campaign Ikea did in 2009 to accompany the inauguration of their new store in Malmö. The main goals were to generate interaction with their target clientele as well as a viral effect.

The campaign consisted of the Store Manager creating a profile and uploading 12 showroom pictures. The first Facebook user to tag an object on one of these pics would subsequently win it. The trick was that in order to be able to tag a user first had to “like” the page, which, as did the act of tagging itself, invariably appeared in the user’s newsfeed/wall, thus informing all of his/her friends of the campaign. The media echo not only on Facebook and the web, but also in media world-wide was tremendous. (more…)

F-commerce or how to use Facebook effectively as a marketplace

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FacebookFacebook has over 500 million active users. 50% of which log in at least 1x a day. These users have over 900 million objects (such as pages, groups, events etc.) at their disposal and on average each user is connected to 80 objects. These are some figures one first has to let sink in.

An interesting study incl. Best Practics Guide by Econsultancy demonstrates how much the use of this impressive potential is still in its infancy. (more…)

11 crucial consumer trends for 2011

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Check out the article 11 crucial consumer trends for 2011 by trendwatching.com! They have some, in my opinion, very interesting suggestions.

My personal favorite trend is R.A.K. aka Random Acts of Kindness. As an example, they cite Interflora in the UK which has launched a social media campaign via Twitter.  The campaign consists in monitoring user accounts and if they happen upon a tweet à la “alarm clock didn’t ring & missed my flight” or “my boyfriend forgot our anniversary”, Interflora will offer to send you a flower bouquet to brighten up your day.

A great idea!

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