How Do You Get Shoppers to Open Their Wallets in Today’s Economy?

Consumers are spending less.  That’s hardly a novel headline in this economy, but just because spending is down, it doesn’t mean wallets are completely sealed shut.

Bazaarvoice commissioned a survey of 800 U.S. consumers to learn about what factors have the greatest impact on shoppers during the decision-making process.  Not surprisingly, 61% of respondents acknowledged that online resources can sway them as they’re making purchases.  Factors like “user ratings and reviews (77%), and recommendations based on other consumers’ purchasing or browsing behavior (66% and 65%, respectively)” played heavily into their final decisions.  This data reflects that word-of-mouth is alive and well online – even among people who may not even be on the same continent.

What does all of this mean for your site?

Make sure you’re allowing online shoppers to get involved!  Make it easy for them to leave reviews and ratings.  Incorporate systems that intuitively know when to suggest products or link to purchase histories of other shoppers.  Brett Hurt, founder of Bazaarvoice, explains it simply, “companies have a tremendous opportunity to provide online shoppers with authentic, user-generated content that is proven to build confidence, increase satisfaction, and drive sales.”

It’s an easy step that can have a far-reaching impact.  Work with your web designers to find ways to incorporate more user-friendly features and you may just find that you’re creating a loyal (and growing) consumer base.

The Right Mix: Experiments in Marketing

It can be difficult to find the right fit for your company’s marketing plan, but that doesn’t mean you should succumb to a one-size-fits all mentality. Marketing your product or service requires a certain amount of finesse – especially when branching out to a new segment of consumers. Give your plan some wiggle room for testing and experimenting. These are a few guidelines we follow when tweaking marketing plans:

• Always keep your goals at the forefront of the plan. If you’re moving in the direction of your ultimate goal (increasing sales, response rates, awareness, etc.) then you’ve got the right momentum – you may just arrive at it a differently than anticipated. When you keep your goals in mind, it’s much easier to hone in on what’s effective. Sometimes the most creative (and effective) marketing comes by taking a roundabout path… just don’t get too distracted by the new territory, always keep an eye on the final destination.

• Nuances can make a world of difference. If your email marketing campaign isn’t producing the results you want, don’t scrap email marketing. Instead, look at your message. Is your tone appropriate? Are these customers looking to you for a light-hearted message or do they want a just-business rundown? If the tone’s right, consider calls to action. Does the customer know what to do? Subtle changes and guiding directions can make any tool more effective.

• Try new techniques, but know when to move on. There’s a careful balance to strike when testing new methods. You don’t want to bail too early before giving the process a chance to eek out results, but also you don’t want to be caught stubbornly pushing along an effort that’s not gonna budge. When you’re not seeing results, use your best judgment and don’t be afraid to redirect your efforts.

• Have realistic expectations. While you may be primed and ready for customers to start knocking down your door within 24 hours of implementing a new marketing tool, recognize that most plans work on a slow-build concept. While things may start out slow at first, committing to a plan that’s producing results is likely develop into a steady, long-lived stream of business.

Keep adjusting your plan until you find the combination that maximizes your marketing dollar’s impact. Testing new methods and refining messages can be frustrating, but it’s essential for creating the right marketing mix.