I remember a speech that Philippine Retailers Association Cebu Chairman Jay Aldeguer once gave, wherein he talked about the increasing power of instant customer feedback. He talked about how the customer now has so much tools to give instant feedback thru blogging, Tweeter, Facebook, Forums, Chatrooms, etc.

I believe that this has both a positive and negative consequence. The positive is that it gives starting entrepreneurs and new retailers an amazing opportunity to get recognized. Create a fantastic experience, sell a innovative product, provide exemplary service, and you know, somewhere , somehow, someone will write, blog , or tweet about it. Soon, more customers will read or hear about it and head your way.

The negative is that if you fail to do so or worse, you provide a bad service, an inferior product or a lousy experience, you can count on the fact that somewhere, somehow, someone will also write, blog, or tweet about it. Soon more customers will head the other way. Or worse, write, blog or tweet more people about their bad experience.

But lets assume, that we are able to do it right, we are able to provide a fantastic experience, sell an innovative product, and provide exemplary service, how do we get more customers to head our way or to become aware of what we do, especially when we are on a budget or have none.

There is a new trend right now, which measures how Word of Mouth and Digital Social Media affects brands. It is a growing trend that recognizes the increasing power of customer feedback thru word of mouth and social networking. There actually will be a conference about this on November 18 to 20, 2009 at Las Vegas. One of the goals of the conference will be to study the trend, and come up with ways on how to harness WOM (Word of Mouth) and Digital Social Media (Facebook, Twitter, Multiply. Etc.). The theme is “Creating more talkable brands…”

According to John Moore, a WOM enthusiast, in the United States alone, Americans generate 125 conversations per week that discusses products and services, and that specific brands are mentioned 90 times in these conversations, a result of these brands being “talkable”.

John goes on to describe what are the common traits of these brands:

1. Has a strong personality

2. Delivers great customer service.

3. Listens and learns from customers

4. Joins customers where customers talk

The ultimate benefit of being a talkable band is that it becomes top of mind for consumers. The lesson for the starter entrepreneur is that we can harness affordable alternatives that will allow our business to get recognized, we just have to create a talkable brand, a brand that gets people talking. Think about it. What are your ideas about creating a talkable brand?

On another note, a couple of young people have emailed me and reacted to my column, “The Power of an Idea”. I met with them and we threw around some ideas as well as combining other ideas. The end result is that they will be forming a youth entrepreneurship council composed mostly of students and young entrepreneurs that will seek to plant and grow the seeds of entrepreneurship. The group is planning to initiate a youth entrepreneurship summit this November as a debut activity.

This hopefully will be in cooperation with Childlink Learning Center led by Ms. Theresa Tio who has already been coordinating with several schools and universities. Childlink Learning Center has already taken the initiative and invited Bam Aquino, host of Start Up on ANC as well as a successful social entrepreneur, to be a primary speaker. Jay Aldeguer has also promised his support. We are inviting interested parties, students as well as other entrepreneurs to join us in making this a reality. Lets do our part in growing more young entrepreneurs.

Michael Simmons, author of The Student Success Manifesto, said "Too often we disassociate ourselves from people who achieve greatness. We forget that everything that lies within them lies within us." I always believe that a lot of great things do come from small beginnings, the secret is to believe, have Faith, and then start.

Let’s follow the examples of these ordinary individuals as they strive to make a difference. Each week, lets all get together and share knowledge, stories, experiences, information, all for the sole purpose of getting One Step Up.

For comments, suggestions or stories that you want to share, email me at
stirspecialist@gmail.com , or visit www.stirspecialist.blogspot.com .