By Ioana Good
Published in the New York Law Journal (subscriber-based)
Why do people make the decision to buy a service or product? They are bombarded with a multitude of choices every day; however, the choices they make are not random; they are deeply influenced by many factors. Your brand, your voice, and your exposure all factor into whether someone chooses to select you as the one they want to do business with.
Humans are inherently social creatures and often look to others for guidance when making decisions, a phenomenon referred to as social proof. When people see others endorsing a product or service, they are more likely to do business with that company. Firms can harness the power of social proof through media efforts. Consumers are more likely to trust a product or service when they see that it has garnered approval and support from others, and media coverage goes a long way in establishing this trust. But it takes consistent effort because we live in a world where new information is constantly available. It’s a little like playing King of the Hill; the goal is to be at the top of the hill, but you can be displaced instantly. Successful firms, however, know that they must always be fighting to maintain or regain control of the hill if they are going to win and grow. According to Forrester’s Vision Report titled “2024 Planning: Don’t Let Modest Budgets Create Complacency,” 2024 is the time to prioritize what creates customer value, cut inefficient complexity, and experiment aggressively to create differentiation.
To read the article in full, click here (subscriber-based).