Bladewatch.com

Finextra

A poll of 2095 people from YouGov for the virtual bank shows that 79% of Brits regularly use social media each month. A quarter of respondents who share online use social media to tell the world how good a company is and 56% use the Web to help make purchasing decisions.

Not only do customers use social media to find and share information on firms, they want the companies themselves to do the same.

Over three quarters of Brits are more likely to buy from brands that are open and honest and one way to engender trust is to share customer feedback online – cited by 72% of respondents as a way to increase their faith in companies.

It’s not just the social media part, the blogs, the facebook comments and reviews that people write, it’s the end user experience, whether it’s a PC from PC World, a Server, a digital camera or a car, what the end users say (as Richard Branson has said many a time) underpins your market, your revenue potentials and your brand. All too often brands spend millions on their product development, their branding and communication but not so much on the front lines – as one of my colleagues experienced when he tried to buy a new car on finance – the advert said one thing, what the dealers would offer him was different, his perception that the brand was rubbish due to in essence about £40 a month for three years – a small amount of money, potentially massive cost if he becomes an ‘enemy’ customer, telling everyone his experience.

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