Howard Tullman is a brilliant thinker, and I knew that before we interviewed him on September 8, 2008 at the Four Seasons Hotel in Chicago for How They Did It: Billion Dollar Insights from the Heart of America.
Recently, Howard gave a presentation on social media at the Ace Convention in Las Vegas. I’ll highlight two points he makes:
(1) We are moving from a search culture to a peer recommendation culture.
(2) People are coming to trust a friend or contact’s recommendation rather than independent third party information.
Very interesting. Does that mean that people are starting to become somewhat weary of online search engines? Even user review services such as “yelp”? I can see how we are moving into somewhat of an information overload…even with a plethora of sites out there that provide you with peer reviews and recommendations of restaurants or beauty salons, I guess people still long for referrals from trusted friends. It just can’t be replaced, especially when there is so much out there to “weed through”. Another great point Howard makes: build a deeper experience with your current customers rather than attempting “conquest” marketing – the pursuit of new customers – or attempting to retrieve lost customers. Howard says the wasted effort on lost or new customers far surpasses gains from serving current customers.
Great presentation, Howard!