Opinions expressed by Entrepreneur contributors are their own. Tesla owners can give you numerous reasons why they believe their vehicle is superior to other makes and models, many a diehard Apple user would simply never switch to an Android device… and you’ll likely never catch a Starbucks enthusiast skipping their morning Caffè Misto or Pike Place ritual. The results of such brands of customer engagement can seem over the top to some, but all business owners should take resulting lessons on the importance of attracting and developing raving fans. These loyal customers not only generate recurring revenue, but also positive buzz around products and services, and so influence other consumers’ buying habits. Why are raving fans critical to success? We all want customers to say nice things about our company, brand, products and services, but most business owners don’t understand how much of an impact that makes on the bottom line. Word of mouth drives approximately $6 trillion in global spending and roughly 13% of all sales. A majority of marketing experts ( 64% ), meanwhile, agree that word of mouth is the most effective (and inexpensive) form of marketing, especially when customers become brand ambassadors by sharing experiences […]
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