The True Value of Fans
Product Development with Fans
The Drivers of Growth and Guarantees for Success
Everybody wants to turn customers into fans! However, most companies focus solely on customer satisfaction, whereas turning customers into fans is mostly just an exercise in lip-service. Only those that understand that real fans need to be the basis for any strategy are rewarded with economic success and sustainable growth.
This has been proven by our research and practical experience from more than 25 years of market research and consulting. This series of articles illustrates how valuable fans are for your growth.
Fans Are THE Boost for Growth with Current Customers & New Products
Do you want to expand your product range to grow and become more successful? Do not do so without your fan customers.
Fans are the first to purchase, use, and at best also recommend new products. We know from many studies that fan customers have a particularly high propensity to cross-buy. Around two-thirds of all fan customers freely proclaim they intend to extend their customer relationship to other products or services from their favorite provider. Fan customers are receptive to cross-selling or up-selling. This willingness is not surprising, but an absolute fan-typical behavior. Fans – whether in sports, culture, or business – are willing to spend large sums of money. And they are willing to put up with inconvenience, as well: Just think of the long lines in front of Apple stores on the first day of the new iPhone.
The connection that fans feel is not only reflected in their loyalty. Fan customers are also highly involved – owing to their intensive relationship with the provider, they are anything but indifferent to how the company behaves on the market. Whether the company is successful or not, what products are developed, how it is perceived is important to fans. Fans are interested in their provider and their actions – and, therefore, follow their favorite company with a particular intensity. Fan customers do not remain passive but want to have “their say” – and have the necessary expertise to do so.
Studies show that one in two fan customers believe that they can help their provider to further develop products and services. In fact, fans often know more about products and services than the company’s employees themselves.
Companies should factor the great expertise of fans into their growth strategies: They can improve products and processes in a very needs-oriented and efficient manner by involving their fans in optimization and (new) product development. Many companies now make targeted use of their fans know-how via various channels and platforms.
Conclusion: The cross-buying willingness of fan customers, their product expertise acquired through involvement, and their willingness to share this publically and create buzz from non-customers, makes fan customers valuable supporters in the growth strategy of product development.
The Fan Principle (according to Becker/Daschmann, Springer-Gabler-Verlag) segments customers into 5 types: opponents, captives, mercenaries, sympathizers and fans. Fans are the most valuable among them, because they are not only highly satisfied (such as sympathizers), but emotionally connected as well.
Your Strategy for Growth
More Success with Fan Customers
Fans as Ambassadors and Marketers
Fans are THE boost for growth with new customers & existing products!
Fans: THE Boost for Growth
Fans are THE boost for growth with current customers!
Fans as Innovators and Further Developers
Fans are THE boost for growth with new customers & new products!