A single version of loyalty… a single truth? Maybe not.
The idea of creating a definition of loyalty in marketing terms is the same idea as trying to come up with an agreed single proposition for what the term marketing means as well.
There are so many different interpretations that I believe that there is no ‘right’ one, it is very dependent on how the definition is applied to the type of marketing discipline in discussion. Thus, the same applies for the marketing meaning of Loyalty.
In effect, I believe that as with all drivers of ‘meaning’ that a definition or context of a word does and will change over time. It is just the nature of the English language and our ongoing usage of the language. So, I have predictably retrieved from the web a dictionary description to start. In know this is old hat but like all good debate you have to start from a solid base or meaning.
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Word of Mouth marketing or WoM is an Australian first…
Well believe it or not Word of Mouth Marketing is believed to have originated in Australia in the early 1980’s!
Word of Mouth (WoM) is defined as passing information from person to person with no intermediary or media channel delivering the message, such as a newspaper advertisement. Or you could say it is the most trusted form of business recommendation or the most trusted advice not to choose a business, it works both ways.
A blog like Integrati Marketing can be considered a WoM opportunity for a business and can drive new customers to the business. But there is a key caveat with WoM – your business has to have great products and services to be endorsed by a trusted friend, family or associate.
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Web 2.0 and the Network Effect.
The network effect is the value an exchange medium has (such as, Facebook) by supplying usage (your time) and your information to the service. You must of course, as a ‘user’ receive value from the usage of the service in return. Effectively, the more people who use the service such as; Facebook the more benefit the users will receive from the network. This can be with virtual groups, associations, friends and family. The difference here is again the WWW as you can now connect anywhere in the world with friends or virtual friends.
And wherever there are large numbers of users, business and marketers look to use the medium to engage and interact with the ‘users’ to sell their products and services.
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Connect or Die, what will your business choose?
Well, we have all seen the rise and rise of Google and the importance of being able to find ‘stuff’ on the world wide web. Many of you may not remember the WWW before Google when you had to go to portals and lists of links like boards to find ‘stuff’ you were interested in.
Today we search sites like Bing and Google and we use these site to serve up paid links/ads on these sites to drive targeted traffic to our own sites. This model is what has made Google billions of dollars. It works, I am not denying this at all and I happily use Adwords and love all the reporting which you receive as part of the service on the dashboard.
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