Here at Khoros, we have the benefit of working with more than 2,000 global brands on their digital marketing, care, and community strategies, and we’ve aggregated that experience into top trends every brand should know in 2020. Below we share three of these trends — to learn more read the full trend sheet.
Online consumers value peer feedback above all
Interestingly, if two products have similar ratings, consumers are more likely to buy the product with more reviews. This goes to show the immense power of peer feedback in today’s market. Consumers trust each other more than brands, and in 2020, more brands will encourage and capitalize on peer feedback with solutions like online communities. One way to increase community engagement is to apply extrinsic motivation strategies like gamification.
Internal silos are short-changing brands
Eighty-six percent of brands believe it is important or very important to develop customer engagement strategies across functional departments, but only 40 percent believe they currently do it. Breaking down silos begins with developing a shared purpose, and in 2020 more brands will create avenues to streamline their customer-facing teams to provide a better customer experience.
Crises pose greater risk than ever before
A crisis for a brand can be any damaging or negative event that has the possibility of throwing the company’s objectives, reputation, and viability into turmoil. And while brands are aware of the disastrous effects crises can have, such as a long-term decline in sales, data shows they are underprepared, with only 38.7% of brands very confident in their organization’s overall ability to manage a potential crisis. One helpful tip is to make sure you’ve created an expanded staffing/resource plan for social media volume spikes.