If the lifeblood of any business is customer cash, then perhaps we can consider customer satisfaction the heart and soul.
As a CEO, you likely are well aware of the value of a satisfied consumer. They stick around, spend more, and often become fierce advocates for your company, its products, and services.
But what if we could quantify the impact of that third value — “package it” into a measurable resource that can help your business scale and grow?
I believe this is absolutely true — I call it the “V-FACTOR” — a means of using digital channels to catalyze and engage customers — then amplifying their fervor in a way that is more impactful, and far less spendy, than other attention-getting methods. In fact, a dose of “V-Factor” goodness can multiply the impact of your paid marketing campaigns — adding a third dimension to a 2D program.
So what is this magical force that I’ve coined the “V-Factor”? Let’s take a deeper look.
When someone loves your product, you want them to tell someone else. But most people don’t like to be salesy or feel like they are pushing products on their friends. The easiest situation for sharing occurs when someone asks your customer, “Hey, where did you get that? How does it work? I would really love one of those right now. How do I get it?”
The concept of amplifying your marketing efforts by creating network effects or asking customers to share reviews has been around for a long time. There’s even been a way to measure this product virality – a gauge known in marketing circles as the “K-factor.”
But that old-school measure doesn’t take into account what created the “viral-ness” in the first place. That’s where the V-FACTOR comes in. Short for Viralness FACTOR, the V-Factor, for Harley enthusiasts, is not a motorcycle component. It’s the accelerant that is going to get people naturally talking about and sharing your brand.
V-FACTOR taps into natural goodness that can develop word of mouth fast and can encourage sharing by introducing the least amount of friction. The sooner you figure out what it is, the further ahead of your competition you will be.
So, how do you encourage “viralness” to happen? Though it varies depending upon your product or service, the basic steps are as follows:
At this point, you may have generated a healthy list of ideas to consider when identifying and developing your product/service V-FACTOR. As you filter, prioritize and test ideas, here are some considerations to keep in mind:
As I’ve learned through my work with client companies — the most efficient way to set a company up for rapid, cost-effective growth is to cultivate situations where customers will do the selling for you just by being your customers and make it easy for them to share the love for your product, service or brand.
What’s your V-FACTOR?